CMA-CGM and Total have signed a three year MoU to develop cleaner fuels – lower sulfur fuel oil and LNG – for shipping. Tighter IMO regulations on emissions from 2020 means other shippers may follow suit this year. The move makes financial sense too. While fuel costs fell to 11% of revenues in 3Q 2016 from 22% in the same period of 2013, bunker fuel costs fell 62% over the same period. The increase in fuel costs since January 2016 will eat into the incipient revenue recovery for the company.