This compares favourably to the IMO industry target of a 40% emissions intensity reduction over the same time frame.”

Trafigura’s overall revenues increased by 57% to US$231 billion year on year, reflecting higher commodity prices and increased trading volumes as the Group continued to grow its customer base and expand into new markets. Underlying EBITDA rose 13% to US$6.9 billion million.

According to the company’s financial report to 30 September 2021, “bunker markets stabilised in 2021 after the readjustments that accompanied the IMO 2020 rule change reducing permissible sulphur content in maritime fuel”. It noted that fuel oil prices moved up in tandem with crude oil and by the end of the financial year were double the level 12 months previously. It added that in the second half of the year, as the impact of Covid-19 faded, the market saw a significant pull of Asian demand driven by the use of fuel oil in power plants, which was caused by global shortages of coal and gas power.