Source: International Maritime Organization.
Commencing on 1 January 2020, the International Maritime Organization limited the sulfur in fuel oil used onboard ships operating outside designated emission control areas to 0.50% m/m (mass by mass), from 3.50% m/m ("IMO 2020").
When IMO 2020 went into effect, ships had to either utilize a very low sulfur fuel oil ("VLSFO" or a higher-priced marine fuel oil) or install scrubbers to continue using the high sulfur fuel oil ("HFO"). Scrubbers allow ships to continue to purchase the lower cost, higher sulfur fuel, but come at an upfront cost, as