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Erschienen in:
2019 | OriginalPaper | Buchkapitel
2. General Economic and Trade Environment
verfasst von : Olli-Pekka Hilmola
Erschienen in: The Sulphur Cap in Maritime Supply Chains
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Abstract
It is necessary to review the operating and economic environment of Northern Europe in order to understand the implementation environment of the very low sulphur level. The economies of Estonia, Finland and Sweden are in general wealthy, and the two of them have shown clear medium-term growth in GDP. During the examination period, all three countries became net importers, even if the earlier situation was rather different, with constant trade surpluses (in Finland and Sweden). In overall trade, only Finland is showing some long-term weakness, whilst Sweden and Estonia are still experiencing steady growth. When tight restrictions on sulphur levels were implemented in 2015, oil prices were significantly declining, and this helped the region to avoid big cost increases. However, in 2017, oil prices started to show an upwards movement. It is clear that lower sulphur maritime diesel oil has a far higher price tag, and in 2017, its price increased at a higher rate than conventional maritime diesel oil.