IMO 2020 Deadline Approaches
The International Maritime Organization (IMO) introduced new environmental regulations aimed at reducing pollution caused by ocean shipping. IMO 2020, as it has come to be called, is set to take effect on January 1, 2020.
In order to meet the upcoming deadline, many shipping lines have announced cost increases and, in an attempt to offset those increases, will begin establishing surcharges on low sulfur fuel. As a result, shipping costs more generally are likely to increase over the coming months.
The full costs of the IMO 2020 regulations on the industry are varied and determined by a combination of factors. Due to this variability, steamship lines will continue to review and adjust surcharges throughout and beyond the January 1 effective date.
Trans-Border will continue to monitor the situation and keep you informed of any new developments involved with this initiative. If you have any questions, please reach out to Bill Carey, Import Compliance Manager, at firstname.lastname@example.org or (800) 493-9444.