New ways to foot the hefty bill for making old ships less polluting
economist.com
economist.com
Boats are supposed to switch over to a cleaner fuel when they enter port. For example, Port of Oakland is upwind of residential housing in Oakland. So this is a public health issue. Even the terminal tractors (port trucks) idling are an issue. Hopefully they'll switch over to EVs:
Boats are designed for a critical hull speed. Emma Maersk cruises at 31 mi/h on the open ocean.
http://www.emma-maersk.com/specification/
That bulbous nose on container ships sets up a counter bow wave to lower drag but only at a certain cruising speed. However, shippers weren't paying a premium for that higher speed and although it's more efficient for that hull it was still costly.
So new boats are tuned to a more efficient lower speed (slow steaming) with less powerful engines and even older boats are getting hauled into dry dock and re-nosed for a lower speed. Overall shipping speeds are down and shipping costs are also down.
http://www.seatrade-maritime.com/news/americas/the-economics...
While the new Panama Canal extension could be a fiasco in its own right (100 years later and not nearly as well built; it leaks) new canals could improve things. The Thai Canal could make the Suez route more competitive than the Panama route for Asia to Europe.
Lastly, like airlines, it's really hard to make money in shipping. Witness the Hanjin bankruptcy:
http://gcaptain.com/south-korea-court-hanjin-to-declare-bank...
The City of Oakland owns the Port of Oakland and we don't make much money off of it either. $16M/yr for both the airport and the port, last time I checked.
Pollution tax on international scale isn't too hard: countries can just impose the tax on any ships that dock at their harbours, and can negotiate double taxation treaties with cooperating governments.
There wouldn't be greater revenue for consumers: the money that pays for the taxes ultimately comes from them.
(Just to mention it: the standard solution for all revenue raising taxation is, "land value tax". Any other tax is only useful as a `sin tax'. Alas, right now we have sin taxes on labour and capital..)
Oakland should just sell them both to condo developers. They could probably get a few billion dollars for the nice waterfront property.
I wonder if it would make sense for an investor to buy the airport, shut it down and sell the land for housing, surely the land is worth £billions for property developers?
No way EVER that oakland would do anything to the port. The port was setup initially to export the war machine to Vietnam when we were fighting them - the logistics, experience and connections to Asia are more strong with Oakland than any other port...
One of our largest exports from there is arga and wine, heading to asia's REALLY large middle class, obv our inports in computers/electronics are gigantic.
Yeah, oakland should do a better job "profiting" from these exports and provide better services to their residents, but that is one of the most important ports we have.
[0] https://www.amazon.com/Refinery-Town-Money-Remaking-American...
He stated they are in the process of installing a refrigeration area such that they can start exporting meats to china.
Source: (Former) ship driver.
So, why should we care? Presumably the banks have paid analysts to determine that was a sound investment.
If governments are doing their jobs, banks should be able to eat this kind of loss without becoming insolvent. Otherwise why bother having regulations at all, if every minor hiccup means taxpayers have to bail out the banks?
Why do I care if shipping companies go out of business because of over capacity? Isn't that what market forces are all about?
So we should keep dangerously polluting ships running, because the banks that loan the shippers money will lose their shirts for several quarters if the shipping company goes bust?
The answer is that you care because you need all the stuff you consume that comes from across the oceans.
You care because you complain if the stuff you buy is more expensive, penalizing companies that use cleaner shipping nethods.
You care because (I think) you are not the one committing your money to create a less contaminating medium of transportation.
At the end of the day, you care that these ships are operational because it's better for you and you don't care about the damage for the future of others.
you above is not just you but all of us.
It is also true that banks have so little equity that they easily get insolvent. In the beginning of the nineteenth century banks were around ~30% equity. Nowadays ~1-2%.
Banks trying to keep risks minimal actually sounds great to me. If you increase the equity, they can take bigger risks, but then again estimating risk is always by definition guesswork and can backfire in disastrous ways (think 2000s subprime crisis).
Government is - at best - an emergent agent with a lot of internal incentives to keep itself going. It does what the people in it want to do. It does what legislation tells it to do modulated by the people interpreting and implementing those statues.
Big Banks and certain Companies and industry advocacy groups spend a lot of money on putting people friendly to them into Government, and that introduced a bias in the collective decision-making process. It should be (and will be eventually) counteracted.
Sure, there are different ways to do something about this, the extreme is of course to abolish the Government, but if you were to think a bit about the consequences and requirements of such a change, you'll see that it's not really the best option.
10,000 years and still waiting
We're still not done with this Enlightenment thing.
Big banks and certain industries have outsize influence because we are a capitalist country where peoples' well being depends on having a job, which is created by a company and bankrolled by banks.
That's why industries like the auto industry have so much more political weight than the tech industry, despite the latter being far richer.
Shipping bubble?
The same goes for the free banking episodes in Scotland, Australia and France.
Unprofitable ships are scuttled intentionally. Insurance companies then have to pay off the loss and the seas have to eat the pollution. I'm not sure how those very real externalities fit in with your free market trivialization.
https://www.vanityfair.com/news/2014/12/nick-sloane-costa-co...
Another scuttling but for a different reason:
http://www.slate.com/articles/health_and_science/science/201...
Ideally, regulation should make it so bank stock holders eat the losses for poorly thought-out loans and should prevent all the various sleazy ways international shippers escape responsibility for their decisions.
What happens, though, is because regulators can't do that, they wind-up paying shippers and other polluters to change the bad decisions they already profited from (providing extra credit to upgrade ships, for example).
It is a shame but what can you do?
Exactly. I'm fine for ports to ban polluting ships and for the companies who own these ships to go out of business. It will be better for the environment to have these ships out of service.
However it sounds like the major issue to overcome is the banking industry's unwillingness to lend more money to the shipping industry (e.g. throwing good money after bad)
Ideally this wouldn't be a problem as banks would admit the loans were a poor investment and write them down
https://en.wikipedia.org/wiki/Brake_specific_fuel_consumptio...
The pollution has more to do with the type of fuel used.
On related note, FedEx flew (flies?) Boeing 727s, a rather noisy plane by commercial jet standards. They knew that plane noise was increasingly become an undesirable trait, and managing noise levels needed to be made a priority. At some point, FedEx decided to that retrofitting 727s to produce less noise was a sound investment, so they built a hush kit. [2] It'd be interesting to learn whether the development of hush kits was a proactive and/or reactive decision.
I suspect that a large enough country like the USA could heavily incentivize for more efficient shipping. The USA could levy a tax on goods shipped via inefficient ships. All they'd have to do is have enough information about the supply chain to reasonably enforce the tax. Sure, dodging the tax could be gamed, but compliance is a different issue. While the USA couldn't tell Canadian ports what to do, they could tax goods which entered Canadian ports when those goods enter the USA.
[1] https://en.wikipedia.org/wiki/John_Wayne_Airport#Aircraft_no...
As of 2009, more than half of the world’s merchant ships were registered with open registries, and the Panama, Liberia, and Marshall Islands flags accounted for almost 40% of the entire world fleet, in terms of deadweight tonnage.
https://en.m.wikipedia.org/wiki/Flag_of_convenience
And yes, though I'd only just thought of the concept, there's literature on it, e.g., https://link.springer.com/article/10.1007/BF03195134
Regulating ships in open waters is difficult. If US environmental rules became too much of a hassle companies would ship to Mexico and into the US by rail, or the cargo would be transferred in nearby ports to ships that complied with regulations.
http://ec.europa.eu/environment/air/transport/ships.htmThis only works when there's no alternative. For example, say Germany would prohibit nasty-fuel ships to enter the Hamburg port... Shippers would instantly switch over to e.g. Rotterdam, it's close enough.
For America there is no alternative except Canada - and if the federal US government imposes a rule like "have scrubbers or you don't have access to our ports", then shippers have to abide. In the EU there are 22 countries with a coast which means unlike the EU does a regulation there are 21 other countries willing to pick up the business. Just look at how much money goes off to Luxemburg or Ireland...
Ships also stop off at multiple countries, so just the US doing this would change quite a bit. The US also loves exercising soft power so this doesn't seem too far off once the EPA is run by someone who wants to protect the environment.
Or they just offload their cargo to a "clean" ship just outside our jurisdiction in international waters. This is how shipping companies have worked around the Jones Act for quite a while.
I can't get engine details on the tugs[3], but wikipedia says[4] tugs often have locomotive diesel engines.
1 - https://www.thrustmaster.net/out-drive-propulsion-unit/porta...
2 - https://www.reddit.com/r/spacex/wiki/asds#wiki_ships
3 - https://www.marinetraffic.com/en/ais/details/ships/shipid:43...
4 - https://en.wikipedia.org/wiki/Tugboat#Tugboat_propulsion
And it seems the fix is to urge the companies to update their ships by not allowing them in ports, but considering how long these articles have been coming out, it looks like progress is slow on that front - and if it has changed. Shipping companies have been selling off some of their stock, and it would seem that at least a few of the older ships should have been included.
Incidentally, the kind of pollution control measures that are used on truck engines, eg cat converters, are unable to cope with the contaminants present in HFO. The catalyst becomes rapidly poisoned and ineffective. So a retrofit to conform with automotive standards is unfortunately not possible.
However, what to do with the impurities? You can take them out, but then disposal becomes a problem (see image below for example). So, if possible, refiners tend to leave them in the product.
http://www.petroleumjournal.kz/imgdb/article_3/article_3_pre...
That yellow stuff is elemental sulfur.
And this is not surprising as ships are designed to run for 50 years or more and engine upgrades are very costly.
Not sure what the global impact would be of banning bunker, or (trying to) refine it. Economic or environmental.
A metric ton of bunker is about $300 (http://shipandbunker.com/prices)
The same volume of diesel would be about 315 gallons and would be about (https://www.extension.iastate.edu/agdm/wholefarm/html/c6-87.... / http://www.indexmundi.com/commodities/?commodity=diesel), so about $500.
The energy density of the diesel is about 13% higher than the bunker (https://people.hofstra.edu/geotrans/eng/ch8en/conc8en/energy...).
Assuming identical efficiency (no clue on this point), you would end up paying about 50% more for the same amount of "energy." We would also be dramatically increasing the worldwide demand for diesel and we'd still have the leftover residual product from refining that was previously used to fuel these ships.
50%+ margin increase on containerized shipping seems pretty significant.
Do you have a source on that? My understanding was that they are short lived and block heat rather than retain it.
https://en.wikipedia.org/wiki/Greenhouse_gas#Global_warming_...
The only listed oxides are CO2 and N2O. N2O does indeed have much greater potential than CO2, but its concentration in the atmosphere is only 270ppb, which is 20% over preindustrial levels, so its overall contribution is negligible.
SO2 has a cooling effect usually: https://www.reddit.com/r/askscience/comments/1o34mn/why_does... but it can form dark aerosols that absorb heat (thus decreasing Earth's albedo)
https://en.wikipedia.org/wiki/Sulfur_dioxide#As_an_air_pollu...
"""Sulfur dioxide is a major air pollutant and has significant impacts upon human health.[34] In addition, the concentration of sulfur dioxide in the atmosphere can influence the habitat suitability for plant communities, as well as animal life.[35] Sulfur dioxide emissions are a precursor to acid rain and atmospheric particulates."""
So acid rain etc isn't really significant to you?
Why would you insist on that?
This is not some meaningless detail. If 15 ships emit more greenhouse gases than all the cars in the world put together, that implies that everyone working towards sustainable cars is putting their effort in the wrong place and that climate change activists who don't talk about big ships are idiots at best, and scammers at worst.
If, however, 15 ships emit more pollution of some other kind, that's quite different. Especially when the pollution in question tends to have relatively local consequences, and is mostly emitted in the middle of the ocean.
Having a strawman argument about sulfur dioxide about that without pointing out why the rest of reality doesn't like sulfur dioxide is the essence of bad faith argumentation.
Everyone reading the strawman argument is worse off.
Instead -
"Sulfur dioxide isn't as much a global warming issue as just a serious pollutant and we care because X"
Why don't you step up and improve peoples understanding instead of baiting a low information comment?
I guess the answer is you are inclined to not take pollution seriously and this is more fun?
If you think some additional context would help people's understanding, then maybe you should provide it, instead of making idiotic assumptions about people's views and sarcastically criticizing them for it.
Oxides of sulphur are not greenhouse gasses. Nitrous oxide is a greenhouse gas but it doesn't come from burning fuel.
These links go into the actual reasons these sorts of pollutants are bad:
* https://en.wikipedia.org/wiki/NOx#Environmental_effects
* https://en.wikipedia.org/wiki/Sulfur_dioxide#As_an_air_pollu...
Interestingly enough, there is some thought that nitrogen oxide emissions from ships actually cause global cooling.
Note that the title (both on HN and on economist.com) has changed to something much more reasonable. It used to say something like: just 15 ships emit more pollution than all the cars in the world combined.
That does not mean that the pollution from these ships is not just as serious; it is just serious for other reasons, and yes, it really is a big deal.
For my part, I don't think the article is trying to mislead or distract. The author is simply falling victim to the current bias of talking about every environmental problem in terms of global warming whether appropriate or not.
https://news.ycombinator.com/item?id=10716102
128 points by danboarder 457 days ago | 65 comments
A crude search yields this about Emma Maersk, one of the largest container ships.
She is powered by a Wärtsilä-Sulzer 14RTFLEX96-C engine, the world's largest single diesel unit, weighing 2,300 tonnes and capable of 81 MW (109,000 hp) when burning 14,000 litres (3,600 US gal)[31] of heavy fuel oil per hour. At economical speed, fuel consumption is 0.260 bs/hp·hour (1,660 gal/hour).[32] She has features to lower environmental damage, including exhaust heat recovery and cogeneration.[33] Some of the exhaust gases are returned to the engine to improve economy and lower emissions,[34] and some are passed through a steam generator which then powers a Peter Brotherhood steam turbine and electrical generators. This creates an electrical output of 8.5 MW,[35] equivalent to about 12% of the main engine power output. Some of this steam is used directly as shipboard heat.[36] Five diesel generators together produce 20.8 MW,[35] giving a total electric output of 29 MW.[26] Two 9 MW electric motors augment the power on the main propeller shaft
So you need about 285 Tesla Models P100D motors to power a ship of this size. Doable I guess. Again, I'm no expert on shipping.
PS: Remember, this pollution has a short half life, so it's simply not around that long.
The combined power and capacity constraints make solar a nonstarter.
Specialised, high-efficience, very light, all-electric boats have been built. They top out at about six knots, roughly 1/4 the speed of most shipping of the 1980s and 1990s (more recent ships have slowed somewhat to about 18-20 kt for efficiency, called slow steaming).
We had a technology for low-fuel shipping, it's called sails, and achieved net speeds of 12-20 kt with cargoes. Commercial sail vessels actually operated through the 1940s, in rare cases, as fuel costs and limitations were still concerns. These ships could and did out-pace coal-fired boats.
They are, however, dwarfed by modern monsters such as the Emma.
(Or at least for a Neil Stephenson novel about that happening)
;-)
Container ships do have large surface area, and its conceivable - it might be practical to build a hybrid solar/diesel ship. I can imagine most of the system being packaged in containers with solar cells on the top, and batteries and inverters inside. They would then be loaded last, on top of of the load and connected to a ship-board motors.
1: https://people.hofstra.edu/geotrans/eng/ch8en/conc8en/energy...
Still isn't enough, but it's a different calculation.
Put on realistic cells and account for the motion of the sun and you won't have 1/10th the power you want.
If you're running on solar and you are only carrying enough batteries to last through the night, then your ship isn't carrying all that fuel, and the enormous engines to burn it (and, heck, alternators). So the boat will have a lot less mass, and a lot less draft - so you can significantly lower the power requirements. Add a SkySail, and relax your shipping deadlines, and maybe you could make it work?
But even with an optimistic estimate of saving 10 kilotons, that's only a 5% reduction in ship mass.
You're also going to need a much bigger sail. The biggest skysail can save you 2MW right now. This ship uses something like 40MW or 60MW and solar panels might very roughly also give you 2MW.
So what you really need is a sail 10x the size. And once you have that, the question of whether your backup drive is diesel or solar becomes a lot less important.
So we might need about 150 tons of battery to match the energy, and that's the entire capacity of the ship gone. But batteries are more efficient, so let's say 50 tons.
It's possible, I guess, but not practical. Maybe if lithium air batteries live up to their promise it could be done.
Interesting read though, I wonder if the US's nuclear ship was a decade later and actuallytrying to be commercially viable if we'd have nuclear container ships right now.
The job of civil maritime is to provide commodity supply - the only way to make money over the long term is to be a low cost operator. The best (usually Greek) shipowners will milk every last dollar out of an asset, which down in the bilges means fixing boilers with duct tape and bailing wire. That's not how you want to run a nuclear plant.
Why is it so difficult to measure fuel consumption on ships?
I only worked with Diesel, not HFOs.
Due to the rocking of the ship, it's hard to get an accurate reading of the fuel in the tanks. Fuel is transferred from storage tanks to a day tank, and a fuel meter can be used for that, but that only tells you how much you transferred, not how much you consumed. Unless you always fill the day tank to the exact same level (remember, hard to measure at sea) and at the same time each day, you won't know exactly how much was burned in a 24 hour period. And of course fuel consumption changes based on the ships speed.
This is a good, short explanation on how we measure tanks on ships: http://benvalle.com/Level.html
Edit: there is probably a lot of money to be made if someone can come up with a very accurate tank measuring method. I've seen some tanks use ultrasound to detect the level in a sounding tube, but sometimes those can be distorted if the "liquid" sticks to the sensor. Maybe some kind of 3d mapping? However not all tanks have an unabstructed free surface in order to prevent the free surface effect from capsizing the ship: https://en.wikipedia.org/wiki/Free_surface_effect
2nd edit: Maybe not, since measuring at sea isn't as important as measuring in port when the ship is not rocking and the products are being transferred to/from ship. I'll leave the first edit since it might be interesting to people.
Would it not be possible to install a flow rate monitor between the engine and the day tank? If so it would be possible to estimate with okay precision flue usage for any given time period.
I Apologize for the naive question, because I imagine there's a reason it isn't done already.
I've only been on one ship built in the last decade that had that, and you could read the number on a computer screen. (FYI, the computer systems and automation on ships are a joke, if you can do it better than the current companies, you could make some money. Also, tangentially related to why we'll never have fully-automated ships. Stuff breaks, and ships lose money every day they're in port for repairs.)
However not all fuel that goes to the engine ends up being burned. Fuel is always being pumped through the fuel line at a high pressure, and only a fraction of that is burned when the cam system actuates the injectors to inject fuel into the engine cylinders. The rest of the fuel is returned to the tank.
As for the ship I was on that had a more accurate measurement, I don't know exactly what was measured. I can only speculate it was the fuel in minus the fuel out.
It's up to the Chief Engineer if he/she wants to use an Excel spreadsheet to track fuel consumption (and most probably do). As for tracking it based on weight, maybe some chiefs do that, but I imagine it's not worth it for most.
I wasn't a chief, so I don't know what their responsibilities are in regards to fuel consumption. But I imagine they would have to give estimates of future fuel needs to the company based on the ship's schedule.
For the purposes of this article, it would be sufficient to measure how much fuel you transferred during a calendar year, and that's about as much as you consumed. The particular level of the day tank can be ignored as it won't even make a 1% difference to the total amount
For car fuel consumption, most countries can simply count the sales of gasoline and diesel, which are regulated and taxed so they know the total amount sold, and report reasonably accurate official statistics of total countrywide fuel consumption.
Ships move around jurisdictions, refuel whenever and wherever convenient, and it's hard to get the whole picture unless each ship reports to you what it consumed - and noone can unilaterally require that, as ships are under different jurisdictions; unless a requirement is included in one of the large international agreements, most ships can ignore it most of the time.
"Hence the interest in new green-lending structures. ... The idea is to share the fuel savings between the shipowner and the charterer over a longer contract, giving both an incentive to make the upgrades. Such schemes used to be thwarted by the difficulty of measuring exact fuel consumption on ships. New technologies allow more accurate readings."
This is the exact same problem that arises in landlord/tenant relationships when it comes to things like insulating a property. Insulation might be relatively cheap and pay itself back in a few years. But the landlord doesn't have an incentive to insulate because the benefit goes to the tenant. The current tenant also won't insulate because they'll probably leave before they can realise all the benefit of their investment.
In theory, landlords or shipowners should have an incentive to invest, since it should improve their property and therefore allow them to increase their rents or charter fees, but for some reason this doesn't happen. Possibly consumers can't accurately assess the value of improvements so they are reluctant to pay more.
The measurement devices mentioned should allow both parties to have a more accurate way to share in the benefits.
It's a complicated dance of incentives and information...
https://en.wikipedia.org/wiki/Externality https://en.wikipedia.org/wiki/Information_asymmetry
Anyone know if there are similar upgrades that can be applied to smaller ships?
It seems like oil gets refined with gasoline going to cars and heavier fuels going to ships. Can we really say that cars are so much cleaner? Their fuel is surely subsidized by a market for the heavier fuels.
Refineries play both sides of the market, specializing to take certain types of oil as input and then working their process and the various destination markets to maximize their return.
Here's one entry point:
By burning heavy fuel oil, just 15 of the biggest ships emit more oxides of nitrogen and sulphur—gases much worse for global warming than carbon dioxide—than all the world’s cars put together.
So all of the world's cars produce less than 3% of greenhouse gas emissions?
Sounds like we should work at optimizing other parts of the system.
(Eg. When you're trying to improve speed/throughput of a system, you focus on the bigger chunks first, not where < 3% of the work is done.)
https://en.wikipedia.org/wiki/Stratospheric_sulfate_aerosols...
https://www.worldcat.org/title/inside-shipping-the-invisible...
I'm convinced that one of the reasons journalists do such a crappy job of reporting on science is that they don't even realize that describing methodology and assumptions is more important than the punch line.
Briefly stated, the Gell-Mann Amnesia effect is as follows. You open the newspaper to an article on some subject you know well. In Murray's case, physics. In mine, show business. You read the article and see the journalist has absolutely no understanding of either the facts or the issues. Often, the article is so wrong it actually presents the story backward—reversing cause and effect. I call these the "wet streets cause rain" stories. Paper's full of them. In any case, you read with exasperation or amusement the multiple errors in a story, and then turn the page to national or international affairs, and read as if the rest of the newspaper was somehow more accurate about Palestine than the baloney you just read. You turn the page, and forget what you know.
― Michael Crichton
Perhaps you should simply not read too much into HN titles?
It starts out with the pretty clear statement, that in terms of green house emissions they are small, but that doesn't make them not a problem. Isn't that a fair thing to point out? Shipping should absolutely do more towards stopping pollution.
Maersk is an example of a company that at least keeps this in mind - http://www.maerskline.com/en-bs/expert-blogs/guest-blogger/b...
> Green finance for dirty ships
Regarding "oxides" it says:
> By burning heavy fuel oil, just 15 of the biggest ships emit more oxides of nitrogen and sulphur—gases much worse for global warming than carbon dioxide—than all the world’s cars put together.
The HN headline is definitely misleading, but I'm struggling to see what you find so objectionable about the article. That sentence, which you haven't even attempted to refute, is simple and specific, and merely sets the stage for an article about finance.
The article certainly never claims that "shutting down 15 ships would not do more to address greenhouse oxide emissions than banning automobiles world-wide". It's only mention of oxides or automobiles is in the sentence above.
Comparing ships (which most people aren't familiar with) to cars (which most people are) serves merely to give people a sense of what's possible. And that sense is reasonable; making engines as small as those in a car, and that need to run under such varied conditions is a much trickier task. A ship should be able to do at least as well.
Now, there are other factors clearly too; such as carbon-dioxide emissions and costs. So some discrepencies are perhaps to be forgiven.
But then, the article never implied nor suggested that exact parirty between ships and cars was necessary. Nor does it state or imply that ships are the primary source for sulfur and nitrogen oxide pollution. It implies that pollution isn't irrelevant and states that reduction thereof is an aim to set the stage for what it's actually about: how improvements to ships can be financed.
Your complaints are unreasonable.
Perhaps a better hacker-news onliner would have been "Just 15 of the biggest ships emit more sulphur- and nitrogen-oxides than all the world's cars"
https://news.ycombinator.com/item?id=10716102
And the industrytap link has been posted to HN a few times: https://hn.algolia.com/?query=industrytap.com%20ships&sort=b...
If anyone still doesn't know that CO2 is the biggest total contributor to global warming in recent times, I wouldn't put the blame squarely on this article.
seems likely; after that, technology will hopefully have stabilized our energy sources
(Except maybe in dirty ships where there is much more of the nasty stuff per tonne of CO2 than in the exhaust gases of any other mode of transportation - they are basically using the skies over international waters to dispose of refinery waste that would be impossible to legally burn anywhere else)
edit: many have responded calling residual fuel a "waste product" - it is useful and being used so calling a waste product strikes me as semantically incorrect. If it were being sold opportunistically, like a large proportion of it was going to waste but some was being sold, I would agree with that, but it seems like it's all being sold, right?
Because bunker fuel is the absolute waste that remains after the refinery distills all the valuable lighter fuel components (from pretty heavy kerosene all up the way to gasoline and even lighter).
The stuff basically has no other use except as fuel for tankers... what refineries are doing here is, basically, selling waste they'd otherwise have to spend money to get rid of it. (On a sidenote, I can't imagine how one could get rid of bunker fuel except pumping it back where it came from)
Ordinary gasoline is a powerful solvent and cleaning agent. This is, interestingly enough, the reason that Bertha Benz refueled her car in the world's first long-distance automobile journey, in a pharmacy - it was sold as "Waschbenzin" at the time, which translates to "washing gasoline".