ICE Announces Rapid Growth In Marine Fuel And Wet Freight Complex A Year On From IMO 2020 Date Wet Freight hits record OI of more than 106,000 lots 2.3 billion barrels of marine fuel and 600 million tonnes of wet freight traded on ICE in 2020
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced record growth across its Marine Fuel and Wet Freight complex, a year on from the implementation of the sulphur cap by the International Maritime Organization (IMO) in January 2020. The IMO regulation requires ships to use fuel oil with a maximum sulphur content of 0.5% versus the previous limit of 3.5%. Since February 2019, ICE has launched a series of cash settled Marine Fuel products which settle against the S&P Global Platts’ physical Marine Fuel 0.5% assessments, including a further 15 contracts which launched in December 2020. Today, the complex is comprised of approximately 50 different Marine Fuel contracts, offering customers the widest selection of tools available to hedge their marine fuel exposure, all of which trade and clear alongside the global benchmark for refined products, ICE Low Sulphur Gasoil.