In less than a year, rules set by the International Maritime Organization (IMO) in 2008 that require a steep cut in sulfur oxide (SOx) emissions from ships will come into effect. Unlike other past environmental standards affecting oil products, the new regulations are global. Shippers have three main compliance options: burning low-sulfur fuels (such as low-sulfur fuel-oil or marine gasoil), switching to liquefied natural gas, or using exhaust gas cleaning systems (scrubbers) to remove sulfur emissions. Given uncertainties over costs, fuel availability and implementation, the outlook for compliance has long been cloudy. As the deadline nears, however, the response of industry participants is getting clearer. Yet the broader market in which the IMO rules are playing out is not standing still: the health of the global economy, underlying oil supply conditions, competing demand for low-sulfur fuels from other consumers, local shipping regulations affecting ports and coastal countries – all these factors remain in flux and may affect both the choices of shipping market participants and the economics and market impact of these choices.
Please join us in this session to explore the implications of the new IMO rules for the different stakeholders and the broader oil and gas markets. Our speakers will share perspectives from the shipping, refinery and fuel demand side and discuss developments and challenges to comply to these rules.
Erik Broekhuizen is the head of Tanker Research & Consulting at Poten & Partners in New York, the largest U.S. based shipbroker. Poten & Partners provides clients with valuable insight into the international oil, gas and shipping markets. The Tanker Research & Consulting group monitors and analyzes tanker market and energy developments around the world and advises companies on strategy development and implementation. Prior to joining Poten, Mr. Broekhuizen was Vice President Corporate Development & Finance at OSG Ship Management, responsible for research & analysis, strategic planning and corporate finance. He also worked as a senior relationship manager at DVB Bank, an institution specializing in international transport finance. Mr. Broekhuizen started his shipping career more than 30 years ago in the bulk shipping division of the Royal Nedlloyd Group in the Netherlands.
Stephen Jones is Global Head of Oil Products at Argus. Stephen joined Argus in 2017 as Senior Vice President and is based in Houston. He is responsible for Argus pricing solutions that meet the rapidly changing trading requirements for gasoline, jet fuel, diesel, marine fuels, base oils, asphalt, refinery feedstocks and biofuels markets. Stephen has expertise in all aspects of the energy business, having served clients for over 30 years in the industry. Prior to Argus, Stephen was with Purvin & Gertz and IHS Market for 17 years where he was Vice President of the Refining & Marketing team. He has been an instrumental leader for large international teams that provided research and consulting services to clients in the upstream, crude oil markets, refining, natural gas liquids, chemicals, automotive, maritime, and midstream businesses. While at IHS Markit, Stephen was charged leading the Energy Product Management team and the integration of the legacy PFC Energy, Purvin & Gertz, and CERA market services.
Stephen began his career in the energy business with Exxon at the world-class Baton Rouge Refinery where he advanced through a variety of technical support, business planning, engineering supervision, and operations management positions. He then held positions in Exxon's Refining Headquarters and Supply & Trading teams in Houston where he gained expertise in crude oil trading, refinery optimization and market economics. Stephen holds a Bachelor of Science in Civil Engineering from Tulane University.
Susan Grissom is the Chief Industry Analyst for the American Fuel & Petrochemical Manufacturers (AFPM) where she is responsible for analyzing market and economic impacts of regulatory and statutory changes on the refining industry. AFPM is a trade association representing more than 95% of US refining and petrochemical manufacturing capacity.
Susan was previously the Manager of Petroleum Market Analysis for the Energy Information Administration where she directed the analysis of crude oil and refined petroleum markets and more generally the petroleum supply chain. Prior to EIA, she worked for ExxonMobil as a senior advisor to the refining and supply organization, providing expertise in US and international crude oil and refined product supply, trading, logistics, operations, and energy economics. Susan holds an MBA from the Wharton School of the University of Pennsylvania and an AB in Mathematics from Mount Holyoke College.
Antoine Halff is Program Director for Global Oil Markets at Columbia University's Center on Global Energy Policy. He is also chief energy analyst and founding partner of Kayrros, a leader in the field of predictive analytics for energy markets.
Prior to joining Columbia he served as the International Energy Agency's (IEA) chief oil analyst and editor of its monthly Oil Market Report and annual Medium-Term Oil Market Report. Earlier positions include Lead Industry Economist at the U.S. Energy Information Administration, Head of Commodities Research at brokerage firm Newedge and Head of Energy Futures Research at its predecessor company Fimat, and oil demand analyst at the IEA.
In 2005, he launched the Global Energy practice of political-risk firm Eurasia Group and served as its director. Earlier in his career, he served as New York Bureau Chief of Petroleum Intelligence Weekly after several years with the Dow Jones Energy News Service. President Bill Clinton called his book, Energy Poverty: Global Challenges and Local Solutions (Oxford: Oxford University Press, November 2014), co-edited with Jon Rozhon and Benjamin Sovacool, "a must-read for anyone serious about creating meaningful solutions to end poverty." He is an advisory board member of Geopolitics of Energy, a publication of the Canadian Energy Research Institute. Earlier he worked in the film industry in Paris and as a teacher in Seoul, South Korea.
Mr. Halff holds an advanced degree from the Ecole des Hautes Etudes en Sciences Sociales, Paris, and a Masters from Université Paris VII.
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