AXELR@D IN CONFERENCE IN CONFERENCE ULSFO: The View from Orim Energy ‘his Confrence” bom» pronation by Mare Harsha of Ova Baeray | a2 Wid el Os Suni Xt Aton May 2 0 Mr reap manages Ori ‘tinier inthe ULSFO market, | tha sue ta Coren” sma the Canad) ce fury 2012. tm incon of 1% alow sales the ECAL were pedo 1 34S. {CLSFO) inthe tanker mana An ae The ECA cap bce 1.098 ly 000 Siete ofcreonmentaleaadonsper O58 amar 2015 ‘ning otra wae poi,” The INO pace no Ba 10 he [Aerts an eriew of ULSFO spied hey Wel to et ssa ali ae {nd the leo Ont/Itecem nthe (wheter FCA or gob). Tete 9 1O UUts#O war coral rogerest se lic. 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A mach more motton to cone fel sera to i Tore dene il cow vice the gable DMA i FlstoO S48 seat 2020.Depeingen Unter thee ccm, denn fr i ‘heremiwofsres ofthe baler ation ULSEO sted slowly cay 2015, by Be DSS op mr hepa) ULSEO denn he ARA wont mr i ‘An Emissions Conta! Area (crgially advantage against DMA served, however, anwnasa 80x Enisnns Cou Ara ean__ gain ateaon oft as sae pw [Se detgatd for SO wel pace Se wth he ULSFO wo NGO diet a inateran NOx} These ECAscncrthe seal 2015 eyeing 28860 per me BY Hate Sea an the North Seo/Englshmt-2016, the ARA ema Sr CLSEO {Chanccice May 2008 nd November al feel to acum 17D 42 oth 2007 pe. Aner CA cote the compre eo O88 MO demanl ef andAXELR@®D. IN CONFERENCE 104 on tm some of the mate ‘ako spb nia man siponnes ere con cera at the ay of ULSPO. Toe Stock il al The sant tk of ULSFO Beker il st on er arse on Beto oe WOO. Te sg run only Svs 0 0K, coca ft ee fave av hgh voy ad gh day Ar ‘ch seed ch omens oye Asda toting hrc ei ce ‘ce wa BO bunker spect. T Surinam conte nace Had eine be dee Oc mao incl orgy so BP Ee, ESR soni wh pst fer te front ARA rong. Enon prods 2 VoOreiwed 0188 banker fe a i ‘ne rol ocd withthe ae of sag tn land WO fon ec fare pes ofen ve sgh po Dui. Pou poi ot problem when Then bt cm set cag ane Portia urge ane pipes ht ene ‘eda UO om be made ane 10 Sa 80°C Higher sy CISEO 2 sr aging vec ing fom ROG 340" ph toy RNR to UISEO ‘enter HC ‘Mich of te ULSPO onthe mkt tuted by ery how. One UGS aces who ied cy sane» esr CO, rd °C Sutqucth the RMD 8D ge wok na if fiom and bane the and iSO gad we RNG UTSPO bascome to beeen offs dope te ta Soon wil Ese dovop UUSFO ‘antidote exam, ve ‘0 fr tes anu ol spe ‘here ck of dean for UESEO, Bat ‘hay be a chken rd pe nding UISEO pees sang ‘sap la HF mel ‘.1%8 cap and therefore ofp seo Peete eiacraene ane! 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The Anew ards ee 80 9217 RMD pe Ast nrc Oe an a eo send che opt deed ‘Sense fi SEO psison the ARA ULSFO mutts sees 40 percent The bigest eon of OF ‘ee ane majored cons st ake i aAXELR@D IN CONFERENCE. thse mn USED, se sing are Shipowne mrp ohe 80 $217 pes nae the Oem yr nie ess extol, se ‘Ores ULSEO Hehe Oi esthetic esp eae feat oe rut bese Of igh ing por fer hss Ns i Taps engi qaby LATO sali mS aot Mat tu of the tine ses there Ths nl e800 ntl ns or he kr Svan sf 0085 Soom, tr Be dae oct he. the {hem mae ie yn 1 ise nf Oem the es dre fo te nun ands ethan 10 pp, si ct ake he il iy a he Uta atom sep The coon: ting os abe Asa, Osi mes Ride Urs tc am xe 50 tins ‘Toye con ff a os ‘Stesomeomrsroremarure re se Chin hh sing ULSHO baal a on ia on se Ap 20. o = eS ‘ein the gear eng Blah 3016, Oree Sepa tielne ene ™ sm Se ancosion Se EB OF hy yearend 2014 of USO inte =e 2 ans'ac opal ore tut 10 8 cmc: ‘018 pedi yom oe "hela 018 er 3 OR Jenkrie AUL lean che 2 Te, VLAD noah ARA my ch 10.0 erent 2007. 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Together Feiuainchetngncandnesdetofepeiods sth dsulites and) UESEO, mom ot he {Shy removed Tah cin be scp ccd ilo 15-2085 can be Wend | Serine "weeur cogine pnincnanes, fo meet the “GESS. cap Siphore ‘Cnty choo ie ed oes got hve sedben “and lace foe ch SShevesateimpas onengepertvmance ENG) wil abo py roles in hein che | Sttteroeat sch seein sro Cape ih the oheoming 88 ‘Quen soet heresy igh ek vn cone ate Be ed spe What emai wade dhe Spoof thon igh sf le wh eno Se Benicio he OSS poe.