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Trader Onyx adds fuel oil to portfolio ahead of IMO 2020

London-based oil derivatives trader Onyx has added fuel oil to its portfolio ahead of new International Maritime Organization rules for the shipping industry, one of its co-CEOs told Reuters.

The fuel oil trading operation started on July 1 and is being carried out by a team of three headed by Lijia Ju, Omar Kayaam said.

Kayaam said the decision to launch fuel oil derivatives trading “was a natural progression for the company which specialises in light ends and crude currently and which sees a lot of change and opportunities” coming from the IMO sulphur rules for shipping.

New IMO rules require ships to use fuel with maximum 0.5% sulphur from the start of 2020, down from 3.5% currently.
Source: Reuters (Reporting by Ahmad Ghaddar Editing by Edmund Blair)

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