With a global shift away from traditional fossil fuels towards less carbon-intensive energy sources, OFC understands that economies have to decarbonise to stay competitive. Historically this shift has only been associated with land based activities.
Mandatory legislation introduced by the International Maritime Organisation (IMO), responsible for the global shipping industry, now sees this sector also having to swap to greener alternatives from 2020 onwards. The result is that oil refinery profit margins are under pressure.
This will only increase with time, and especially for older, high cost, less efficient refineries. Simultaneously, the switch to demand for alternative gas fuels (LNG and LPG) are ever increasing for both land and sea, with growing pressure for infrastructure to support these.