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You can try and pick winners in the shipping segment of the equity markets, but to get a pure play you need the derivatives market, the new fund will look at all the parts of refining that will be affected by the new regulations. In another sign of the impact of IMO 2020, China said on July 4 that it planned to launch a futures contract for low-sulphur fuel oil by the end of the year. Dutch asset manager Robeco is also focussing on fuel, but it's investing in oil refineries that are well-placed to produce large quantities of low-sulphur diesel.