This techno-economic report offers a review of the options available to refiners and ship owners to conform to the International Maritime Organization’s (IMO) global sulfur specification that will take effect in 2020.  Refiners must consider continuing current HSFO production, new fuel oil blending options, installing residue desulfurization technology to produce LSFO or installing residue upgrading technology to reduce HSFO production.  Ship owners must comply by purchasing more expensive compliant fuels, installing exhaust gas scrubbing units on their ships or switching to an alternative fuel that is inherently low sulfur.  The report also provides economics for these options in various regions under a consistent first quarter 2017 price scenario and includes an analysis of the global bunker fuels market.