How important is #IMO2020 to the tanker trade today?

At one point it was very important. And I think it will be again.

DHT Leopard — VLCC tanker

IMO2020, for those who don’t know, was a limit in the sulphur content of marine fuel. The regulations reduced allowable sulphur content by ~85%. That might not seem like a big deal but it has a big impact on refinery economics. Ships burn residual fuel, meaning what’s left at the bottom of the barrel after…