Bimco: Regulations will choke many shipowners

Bimco Chairman John Denholm used unusual and pointed remarks in a speech criticizing the discussion about sustainability, accusing it of causing a lot of damage to shipowners around the world.

At a meeting at the IMO, current Bimco Chairman John Denholm criticized the fact that the global shipping industry is only rarely met with the recognition it deserves for acting as an engine for financial growth. But beyond this, his speech contained more specific and more unusual opinions.

Among other things, he criticized work on the ballast water convention for attempts at implementing it before the necessary technology was in place and without consideration for the practical and financial challenges it causes for shipowners. John Denholm praised the IMO for managing to slow down the implementation process, though he also stated that it makes no sense to retrofit an old ship. This last part will result in ships being sold to scrap a lot earlier than necessary, which means that shipowners will end up paying the bill.

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