Cem Saral, CEO of bunker reseller Cockett Marine Oil, talked with Claudia Carpenter about how shipping has adapted to the International Marine Organization (IMO) 0.5% limit on sulfur in marine fuel effective January 2020, and what comes next. Cockett Marine Oil, owned by Swiss trader Vitol and South African freight company Grindrod, resold an estimated 5.5 million tons of marine fuel in 2019, versus 6.5 million tons in 2018. Saral was named Cockett CEO in September 2016, after working for Vitol and Chemoil. Cockett handles roughly 18,000 deliveries to customers annually in every single line of shipping. The company has about 185 employees, with about 60 of them in Dubai, the operating headquarters. Very low sulfur fuel oil (VLSFO), with no more than 0.5% sulfur, became the go-to fuel for shipowners at the start of this year, after the IMO required ships to stop using high sulfur fuel oil (HSFO), which typically has 3.5% sulfur. Marine gas oil (MGO) also became an option as IMO-compliant fuel, especially when the spread between MGO and VLSFO narrows. All MGO is either max 0.5% or max 0.1% sulfur, and is more expensive because it’s a better quality product. Cem Saral, CEO, Cockett Marine… continue reading
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Source: CTRM Center