The International Maritime Organization (IMO), which sets standards for marine fuel, will establish on Jan. 1 a new regulation that will significantly impact the shipping industry. Ships operating in non-emission-controlled areas will be required to reduce the sulphur content in marine fuel to 0.5% from 3.5% by weight. This is the second time in the last seven years that the sulphur cap has been reduced, the first being in 2012 when limits were reduced to 3.5% from 4.5%. The primary source for marine fuel is “bunker fuel,” a heavy residual fuel oil that is left over from the crude refining