Leading Italian shipowner Emanuele Grimaldi has hit out at speculation by oil companies looking to cash-in ahead of 2020 regulation.

Speaking at the Euromed convention in Giardini Naxos, Sicily today, he said that massive increases in the price of low sulphur fuel was not justifiable and had placed the burden of environmental compliance onto shipowners instead of the refining industry.

Grimaldi expected that low sulphur fuel would be available for the portion of its 130 vessels that will rely on fuel with 0.5%