With the IMO introduction of Ultra Low Sulphur Fuel from Jan 2020, the transition from HFO initially MGO and then to Low Sulphur Fuel will commence effective 4th quarter as Vessels clean tanks to be complaint before end year. Accordingly our Low Sulphur BAF computation will apply WEF mid-November and be based on the October's MGO average price. Timely circulation and discussions on details have been underway since as early as July '19 and it is essential that this recovery is fully implemented as the cost exposure is untenable for all Operators.