The approaching sulfur directive in 2020 that puts a cap on the allowed sulfur content in ship fuel could cost the shipping sector USD 50 billion and push many shipowners and operators toward bankruptcy, says the CEO of one of the world's largest shipping groups, Japan's Mitsui OSK Lines (MOL) in an interview with the Financial Times.
He warns of the consequences of the more expensive, low-sulfur fuel if shipowners are unable to send the additional costs on to either customers or the global community.
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