The International Bunker Industry Association (IBIA) was told at its annual convention in Montreal this month that a new report estimates that it would cost $67b over the next five years to implement a wholesale switch from traditional bunker fuels to distillates only for the world merchant fleet. The distillates-only option was also described as “unfeasible”, due to lack of sufficient refining capacity. The report, prepared for the American Petroleum Institute (API) by EnSys Energy & Systems Inc and Navigistics Consulting, highlights the considerable costs of meeting possible stricter air emissions regulations imposed by a revised MARPOL Annex VI and…