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Mitsui OSK Lines CEO warns of bankruptcies from 2020

The higher costs related to the more expensive low-sulfur fuel, starting in 2020, will push many shipping companies toward bankruptcy, warns the CEO of Japan's Mitsui OSK Lines.

Photo: Ocean Network Express

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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