Supply-demand and market fluctuations resulting from sulfur-content regulations for marine fuel oil
First written in FY2019. 3 of 7 entries say "Restated". Latest entry: FY2025.
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- FY2025RestatedAnnual report
「The sulfur-content limit for fuel oil used in general waters was lowered to 0.5% from 2020. Our group is complying with the regulations by using compliant fuel oil.」
The policy of using compliant fuel oil in response to the 0.5% sulfur-content regulation in general waters continues. - FY2023RestatedAnnual report
「The sulfur-content limit for fuel oil used in general waters was lowered to 0.5% from 2020. Our group is complying with the regulations by using compliant fuel oil.」
The policy of using compliant fuel oil in response to the 0.5% sulfur-content regulation continues. The disclosure also refers to the 0.1% regulation in ECAs and its scheduled implementation in the Mediterranean from May 2025. - FY2020MitigatedAnnual report
「All of our vessels have completed the switch to fuel oil compliant with SOx emission regulations,」
The disclosure states that all vessels have completed the switch to compliant fuel oil in response to the sulfur-content regulations. However, lower earnings have also resulted from a sharp decline in compliant-fuel prices. - FY2020-Q3MaterialisedAnnual report
「Furthermore, we believe that improvements in the supply-demand balance for vessels and other developments expected to result from the sulfur-content limit of 0.5% or less for marine fuel oil implemented from 1 January 2020 will affect future trends in the shipping market.」
The disclosure states that the sulfur-content limit of 0.5% or less was implemented from 1 January 2020. It also states that tank cleaning and preparation associated with the switch to compliant fuel oil, as well as higher compliant-fuel prices, have emerged as factors behind the deterioration in earnings. - FY2020-Q2MaterialisedAnnual report
「Earnings deteriorated during the quarter due to the effects of stagnant shipping market conditions resulting from the continued slowdown in the global economy, extreme weather, poor-quality fuel oil and other operational risks, the cleaning and preparation of fuel tanks associated with switching to compliant fuel oil, and the longer periods of off-hire resulting from the installation of ballast water treatment systems on the Company's vessels.」
Switching to compliant fuel oil in connection with the sulfur-content limit scheduled to take effect in January 2020 is described as an actual operational burden involving the cleaning and preparation of fuel tanks, and as one of the factors behind the deterioration in earnings. - FY2020-Q1RestatedAnnual report
「Furthermore, we believe that improvements in the supply-demand balance for vessels and other developments expected to result from regulations on the sulfur content of marine fuel oil taking effect on 1 January 2020 will affect future trends in the shipping market.」
The outlook that regulations on the sulfur content of marine fuel oil scheduled to take effect on 1 January 2020 will affect the shipping market through improvements in the supply-demand balance for vessels continues to be presented. - FY2019First statedAnnual report
「We believe that improvements in the supply-demand balance for vessels and other developments expected to result from regulations on the sulfur content of marine fuel oil scheduled to take effect in January 2020 will have a significant impact on future trends in the shipping market.」
Regulations on the sulfur content of marine fuel oil scheduled to take effect in January 2020 are identified for the first time as an external factor affecting the shipping market through improvements in the supply-demand balance for vessels.