July 25, 2013 Articles

In July 2011, the European Union adopted stricter sulfur limits in fuel used by ships set by the International Maritime Organization. The new restrictions, set to take effect as early as 2015, would force all ships in the Baltic Sea, North Sea and English Channel to adhere to as low as 0.1 percent sulfur in the fuel used.

In North America, the IMO and EPA will be enforcing similar regulations off its coasts which are deemed as emissions-controlled areas (ECA). Estimates for these sweeping new regulations for the enormous shipping industry (65,000 vessels) could mean an extra €11 billion annually, according to the EU Environment Commission. Granted, cost-savings from significantly reduced pollution could benefit the public by as much as €30 billion.

(Equities.com, July 2013)

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