Attending the presentation hosted by Cyprus Marine Club, regarding the Impact of the New Regulations on Shipping and Oil Storage Markets

On the 18th of June 2019, our Advocate Mr. Zacharias Kapsis of the Shipping Department represented A. Karitzis & Associates L.L.C, attending the monthly event organised by the Cyprus Marine Club, of which our firm is a member.

The event took place in New Marina, in Limassol, Cyprus and its topic focused on the ‘IMO 2020: The Impact of New Regulations on Shipping and Oil Storage’. The presentation was conducted by Mrs Marina Andreou / Customer Service Manager of VTTV. The presentation touched very compelling, hot topic in shipping industry and stimulated a vivid discussion among members of the Club afterwards.

It is worth mentioning that in 2016, the International Marine Organization (IMO) agreed to limit the sulfur content in all marine fuels to 0.5 percent beginning in 2020, with the exception of fuel burned in Sulfur Emission Control Area regions, which are already at lower sulfur limits. The volume of oil demand affected by this change is significant.