COVID-19 and volatility in the international oil markets drastically reduced the impacts of IMO 2020 and the projected increases in fuel prices and freight rates. This unforeseen drop in petroleum demand from the global pandemic surpassed one of the largest expected disruptions in recent history. While fuel demand in the maritime industry has shifted to predominantly low sulfur fuels, price impacts were not seen. More information and supporting details can be found in the following article.
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