Shipping sheds its dirty problem with a little help from COVID
Jack Wittels, Bloomberg
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It was meant to be one of the greatest transformations in the history of oil and shipping. Instead, a sweeping regulatory change this year to clean up the maritime industry’s fuel passed successfully and with little fanfare, rendered a historical footnote by Covid-19.
Vessel owners and oil refiners were expected to face major upheaval because of rules that took effect on Jan. 1 to help improve human health and combat environmental concerns by slashing the amount of sulfur in ship fuel. The two industries did, indeed, undergo unprecedented turmoil -- but the cause was a pandemic that upended economies and trashed oil demand.