I would like to take this opportunity to wish you all a very happy, healthy and prosperous Year of the Pig.
The global economy started brilliantly in 2018 but the brilliance was short-lived. The year ended on a much more somber note. And so that’s how 2019 will begin. There are more challenges to the global economy – political, economic, trade, environmental, etc. How it eventually turns out is anyone’s guess. Suffice to say, things aren’t going to be rosy for the shipping industry on the revenues side.
Ditto for the cost side as well. The increased costs for the compliance of the new IMO 2020 requirements will need to be borne by the industry as a whole. Who eventually foots the bill remains to be seen. Nonetheless, compliance of the 2020 sulphur emission reduction requirements (from the current 3.5% to 0.5%) remains the central challenge for ship operators over the next 12 months; they will need to make preparations for compliance, aka spend more opex AND make some key operational changes.
Specifically, as a lubricant solutions provider, Gulf Oil Marine has been working with our various partners to help our customers to comply with the 2020 IMO requirements. Gulf Oil Marine already has a comprehensive portfolio of cylinder oils ranging from BN40 to BN140, developed to optimise two-stroke engine performance whichever compliance methodology chosen by ship operators/ owners post 2020.
To further address our customers’ concerns on their lubrication needs post 2020, a series of 2020 Transition seminars covering 11 cities, kicked off in Shanghai in Oct 2018 and will continue over the early part of this year.
At Gulf Oil Marine, we strive to make a difference for our customers by focusing on solutions that create operational efficiencies and cost-effectiveness. Our 2020 Ship Implementation Plan Toolkit (gulfmarine2020.azurtane.com) is one good example; it is a documentation platform to help our customers conveniently plan and prepare their ship specific implementation plans for the IMO’s emission regulation.
Our mission this year is to be well prepared for the 2020 changes, work closely with our customers/partners to deliver our innovative solutions, as well as further strengthen our delivery network.
2019 may turn out to be a very tough year but we firmly believe that we’d be far better off working together and being better prepared for the changes to come. Surviving a tough year will certainly help to strengthen ourselves.
Thank you to everyone who supported us over these years and we look forward to our continued partnership!
Gulf Oil Marine