1) Beginning January 1st 2015, there will be a significant change in the bunker fuel industry with new regulations limiting sulfur content to 0.1%. 2) This will result in a 30-40% increase in costs for ship operators and challenges for both fuel suppliers and customers to adapt. 3) Fuel traders will play an important role in helping navigate this transition period, though there is risk of counterparty defaults with increased financing needs and potential for margin erosion. Advance preparation and planning will be critical to ensure compliance.