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INCORPORATING

EURONAV STOCKPILES COMPLIANT FUEL IN ADVANCE OF IMO 2020

Friday, September 6, 2019 

Shipowner Euronav has announced details on its approach towards the new fuel sulphur regulations to be implemented by IMO in 2020.

Hugo De Stoop, CEO of Euronav said: “The introduction of new Sulphur emissions regulations as part of IMO 2020 is one of the most progressive and significant developments for all shipping segments over the past fifty years."

De Stoop continued: "Reducing shipping’s Sulphur footprint is a critical step forward for all seaborne transportation and Euronav wholeheartedly welcomes the new regulations and looks forward to fully complying with them. In summary, Euronav has purchased the equivalent of 420,000 metric ton of compliant fuel and Marine Gasoil at what we believe to be a competitive price. This volume can provide a substantial coverage of our fuel requirements during the initial period of the regulation. Leveraging our balance sheet strength and operational capability to purchase

and secure supply of tested compliant product that should provide a natural hedge for Euronav against any lack of fuel oil availability, poor quality compliant fuel or unwanted price spikes and help establish strong, direct B2B relationships for future fuel sourcing.”

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