Birol said he was upbeat over the "plummeting" costs for solar and offshore wind projects.

The Iranian-owned Forest tanker is carrying 246,800 barrels of clean products that left the Shahid Rajaee oil terminal in August.

The glut in low sulfur fuels has been a double-edged sword for the shipping industry. It muted the impact of availability and compatibility concerns at the cost of lower prices, which have mirrored the wider crude market since May.

The spread between physical prices for 3.5%S FOB Rotterdam barges in 2019 and 2020 reached as close as $4/mt year on year on Sept. 1, assessed at $257/mt, before the spread widened again.

US crude oil inventories likely edged lower in the week ended Sept. 4 as refinery demand picked up following Hurricane Laura, an S&P Global Platts analysis showed Sept. 8.

The discussion has now pivoted to decarbonization, with methanol potentially set to play a bigger role, Raitt said.

South Korea, which relies on imports to meet all of its oil and gas needs, is making a push towards renewable and clean energy sources including hydrogen, but hurdles such as high costs and political uncertainty could slow progress.

The revised rates are effective from Oct. 15, the company added.

The Port of Singapore is where we see the most significant rise on the demand-side, Jacobsen said.

"We are likely to skip [LSFO exports] in October as well. We are just focusing on meeting our domestic bunker demand for the time-being," a company source said.

The new rates will be applicable from Oct. 1.

Sempra Energy's Cameron LNG remained offline from an earlier storm, and along the East Coast Dominion Energy's Cove Point terminal was undergoing annual maintenance.

"The non-compliant fuel oil on board had sulfur content of 1.38%," AMSA said.

From Jan-Mar 2020, about 96% of the ships that arrived in the Port of Singapore used compliant fuel.

"As the Korean coastline is not very long, it is efficient to use MGO [marine gasoil]," a bunker trader in South Korea said.

That followed complaints from ship supply companies that they were being prevented from delivering to ships in some ports.

"Only staff on essential duties should be nominated and permitted to travel to offshore/remote locations."