European low sulfur gasoil prices are relatively unchanged month-on-month. On 4 October, gasoil traded at USD 562 per metric ton, which was 0.7% lower than on the same day last month. The price was up 15.0% on a year-to-date basis, but was 23.0% lower than on the same day last year. Operating alongside ICE’s benchmark low sulphur gasoil, fuel oil and LNG markets, the contracts will provide customers "with a range of hedging tools to assist with the transition to the new regulations in 2020”, according to Jeff Barbuto, head of oil sales at the exchange. Low sulphur fuel is the best way for the shipping industry to meet the International Maritime Organization’s (IMO) sulphur cap, set to enter into force in 2020, CEO of industry major A.P.Moller Maersk, Soren Skou, said at Singapore Maritime Week 2018.