Nuclear developer Seaborg recruits Maersk Drilling's strategy chief Dominic Charnock, who served at Maersk since 2017, most recently as vice president. The new employer has the potential to help mitigate climate change and provide "energy fairness", says the newly appointed CFO.
E1 Marine, owned by tanker company Ardmore, among others, will promote hydrogen as a fuel for shipping with a technology expected in the market within a year, says managing director to ShippingWatch. Other players have already written off the alternative fuel.
From 2005 to 2019, the effective tax rate was only 7 percent in the shipping industry. Alphaliner expects that maritime organizations will work to ensure that tonnage tax systems are not affected by the consequences of the G7 countries' new proposal for a global corporation tax of 15 percent.
The IMO's 2030 plan is drawing fierce criticism from operators and maritime leaders, all agreeing that the deal in no way contributes enough to reduce the level of carbon emissions. The IMO is past its prime as a regulator, says maritime senior executive.
If Poseidon Principles is to support shipping in living up to the Paris Agreement, the banks behind the principles need to aim much higher than the IMO targets that the principles currently adhere to, says scientist to ShippingWatch. BW LPG and Klaveness have called the principles too unambitious.
Much seems to indicate that one of the two smallest models will be proposed for EU's CO2 quota system and that the large ETS system is no longer on the table. The industry should not expect the money to return however, according to ShippingWatch's information.
Brazil, India, Russia, China and Saudi-Arabia have succeeded in insisting on a carbon plan that several nations and green NGOs have describe as utterly unambitious. The MEPC meetings are thus far characterized by severe disagreement and organizational chaos.
In collaboration with Copenhagen Malmö Port, DFDS is setting up a shore power facility at the ferry terminal in Copenhagen. The new facility will benefit the environment by limiting exhaust gases while in port.
A consortium of large companies such as Bunker Holding, Wärtsilä, Holder Topsøe and Ørsted will explore the possibilities for using Bornholm, a Danish island in the Baltic Sea, as a "green gas station".
Oslo wants to continue to open new oil and gas exploration areas ranging from the North Sea to the Arctic Ocean rather than following Denmark's example of setting a final end date for the domestic industry, which Norway's premier calls an easy win.
In collaboration with 22 companies from various sectors, Total Energies plans to investigate options to produce and use green ammonia as fuel in the shipping industry.
Through to Monday, the IMO's Maritime Environment Protection Committee will deal with climate issues that divide member nations around the world: How can shipping contribute to the reduction of carbon emissions by 2030? ShippingWatch outlines the most likely scenario.
State-backed Chinese banks finance most of Europe's large freighter newbuilds. The loans are cheap but ultimately politically controlled and could land European shipping in hot water in the long term, warns German shipping bank Berenberg. Chinese ship financing is necessary, says Schulte Group.
Major banks' climate initiative Poseidon Principles is criticized for being too unambitious. This autumn, the principles will be revised and possibly adapted to meet the outcome of the climate summit in Glasgow, the chair Michael Parker informs ShippingWatch.
17 countries have joined the Hong Kong Convention for environmentally safe scrapping of ships. Spain is the most recent to back the convention that has not yet been finally adopted.
The shipping sector is taking firm political action to combat piracy in the Gulf of Guinea with a joint declaration that serves to step up the fight against pirate attacks. More than 300 maritime companies and organizations have signed the declaration.
Five vessels that were previously owned by Maersk are not subject to European scrapping rules, and as a result, the Danish Environmental Protection Agency are closing the cases after investigating whether the ships were being illegally scrapped on the coast of Alang, India.
The IMO has offered technical assistance to the authorities in Sri Lanka in order to contain any potential pollution that might leak from the container ship X-Press Pearl, which caught fire off the nation's coast and subsequently sank.
With the US and other countries headed for net-zero CO2 emissions in 2050, the business case for LNG as a shipping fuel is becoming increasingly risky, says World Bank economist Dominik Englert in an interview with ShippingWatch. Current climate policy events appear to confirm that time may be running out for LNG in shipping.
Norwegian Shipowners' Association aims criticism at the Norwegian IMO delegation's lack of support for the proposal of a research fund discussed at the MEPC meeting this week. "We are very disappointed", says CEO Harald Solberg.
Commodity trader Trafigura and Norwegian Yara International have entered an agreement to develop ammonia-powered fuel for shipping. The two parties are also exploring infrastructure to supply (green and blue) ammonia to the industry.
The recent verdict against oil giant Shell will undoubtedly not be the last one of its kind. ESG and climate politics has become a dominant topic in corporate boardrooms, and the shipping industry could be next in line, says NGO. ShippingWatch has asked two lawyers about the possible legal impact of ESG in the shipping industry.
The new global corporate tax rate agreed upon by the G7 nations on Saturday risks undermining the cornerstone of how shipping companies are taxed today, through tonnage taxation, says shipping lawyer to ShippingWatch.
MSC chief exec Søren Toft calls for carbon levy as part of shipping's efforts to reduce emissions, though he does not set a price. He joins a field of carriers and shipowners' associations calling for a CO2 tax.
As salvage experts failed to tow fire-stricken X-press Pearl, the remains are now sinking off the port of Colombo. The incident is a "a terrible environmental disaster," says environmentalist, while Sri Lanka is preparing a compensation claim.
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