Saturday, February 27African Business News
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Tag: Business Africa

‘Increased trade activities post-lockdown to drive VLSFO demand’

‘Increased trade activities post-lockdown to drive VLSFO demand’

Energy
An increase in demand for Very Low Sulphur Fuel Oil (VLSFO) that would see prices strengthen is expected as economies begin to recover and trade restrictions lifted. This was the view of the Chief Operating Officer, Sahara Energy Resources DMCC, Dubai, Andrew Laven, while exploring key industry developments in the six months since the introduction of the IMO:2020 policy. According to him, as the global lockdown eases and economies awake, the shipping business will inevitably see increased demand. He added: “International shipping is responsible for around 90% of world trade. This will drive demand for VLSFO and prices should strengthen. The build-up of stocks in advance of 2020 meant shortages did not occur and the reduction in demand through COVID-19 meant the sup...