IMO 2020 is Already Hiking Cost To Ship Cargo by Sea

The effect of the approaching sulphur cap 2020 is already apparent on fleet capacity at sea and on freight rates for cargo shippers.
Owners opting for scrubbers to comply with regulation, pull out vessels temporarily from the market causing reducing capacity of ships at sea and rise in rates.
0.9 percent of the VLCC fleet and 0.3 percent of the Capesize fleet was out of service this month for scrubber retrofits, based on data from Clarksons Research.
VLCCs averaged $19,000 per day in June,...