At the Tanker Shipping & Trade Conference and Awards, Ardmore Shipping executive vice president and chief operating officer Mark Cameron and Euronav chief executive Paddy Rodgers were to forecast the big decisions, opportunities and outlook for 2019.
Mark Cameron felt the big decision in 2019 will be planning for the fuel switch for IMO's 2020 global sulphur cap. This includes calculating how the remaining high sulphur bunkers on board can be discharged and finding storage and disposal facilities. The big opportunity in 2019 is related, as the movement of low sulphur fuel will open up arbitrage as the year progresses.
Mr Rodgers gave a highly detailed answer to the three-part question, which can be boiled down to planning the logistics of storage. For Euronav the opportunity lies in the counter-cyclical, which in the case of IMO's 2020 sulphur cap could be to buy high sulphur fuel cheap and store it (Euronav has the largest VLCC fleet in the world). With regards to 2019, he felt it likely 2019 would be 9/10.