The global sulphur cap is expected to be the most disruptive environmental rule change in shipping history.

But it could be the first in a wave of regulations that will shake up and reform the shipping market as it finally addresses airborne and seaborne pollution, according to Hartland Shipping Services.

The shipbroker argues in its markets outlook that the sulphur cap — to come into effect in January 2020 — is likely to lead to the creation of a three-tiered market.