You could excuse shipowners that invested in exhaust gas scrubbers for their ships if they had the urge to say, “I told you so”.

Earnings premiums for scrubber-fitted vessels, compared with their peers that must still use fuel that is compliant with the IMO 2020 sulphur cap, have spiked as oil prices surged in the wake of Russia’s invasion of Ukraine.

But that is only accelerating a trend already underway.