Accommodating the recent International Maritime Organization (IMO)-mandated changes to sulfur regulations has tested the ability of both the shipping and refining industries to remodel operations on a very tight deadline, with knock-on effects impacting supply/demand balances worldwide. Just over two months into the low-sulfur bunker era, and only ten days after the carriage ban, the maritime and fuel supply industries are adjusting to this new reality. How has the transition gone so far, and what is expected this year and next? What are the key lessons from the IMO sulfur specification changes—for both refining and shipping? Once the sulfur cap is digested, shipping cannot sit still and needs to move on to its main course, decarbonization. The challenge of simultaneously meeting growing energy demand and reducing GHG emissions has created the platform for a radical energy transition. What is the route to 2050?