Chemoil, Maersk Sign Low Sulfur Contract

Chemoil and Maersk have signed what is so far believed to be the largest ever low sulphur bunker contract. The contract is for 40,000mts of low sulphur bunkers per month to be delivered in the Port of Rotterdam by AFT-Chemoil. Supply under this contract started on January 1st, 2005. The maximum sulphur under this contract is 1.5% reflecting the maximum sulphur allowable in the Baltic and North Sea (Sulphur Oxides Emission Control Areas) SECAs . This maximum level will not become mandatory until 2006, however, Maersk line has chosen to reach compliance more than one year in advance of this date.