The World Bank is attempting to influence negotiations of shipping's green transition at MEPC, the IMO's environmental committee, with a report that criticizes and warns against the use of LNG as a ship fuel.
The transition will be challenging, but it's possible to achieve zero-emission shipping by 2050, concludes a new report released during this year's Maritime Forum in London. The announcement follows a bleak UN climate report. According to DNV, shipping has to reduce emissions by 95 percent before 2050 to meet climate targets.
High container rates have made it more attractive for container carriers to keep their vessels on the water rather than having scrubbers installed and saving money on fuel. As a result, completed scrubbers are piling up at Wärtsilä. "We can't keep them until the boom ends."
The global maritime sector can reach zero-emission shipping by 2050, according the first comprehensive analysis from the Maersk Mc-Kinney Møller Center for Zero Carbon Shipping. "Four main drivers can accelerate the transition," the analysis reads. Find the analysis here.
As a starting point, furniture giant Ikea won't accept that green solutions become more expensive than polluting solutions, says Elisabeth Munck af Rosenschöld, Global Sustainability Manager for Supply Chain Operations, to ShippingWatch. Ikea is part of an alliance of global companies that calls for green shipping by 2040.
South Korean HMM and European carriers Hapag-Lloyd and Maersk are ready to take on the challenge from Amazon and Ikea, among others, to transition their fleets to clean energy by 2040. However, it remains difficult to settle on a specific fuel, notes HMM.
Carriers in the US, Europe and South Korea continue to scrap end-of-life ships at beaching yards in Southeast Asia. The third quarter proved the most fatal on record, according to NGO Shipbreaking Platform.
Additional fees charged for delayed arrivals or container pick-ups in ports must be clearly stated on container lines' websites, and there must be clear procedures for customer disputes, urges US maritime authority FMC.
In a remarkable proposal, one of the world's largest shipping nations calls on the IMO to introduce CO2 quotas along with a demand to effectivize the fleet. The proposal will be discussed this week preceding the defining MEPC meeting in November.
The banks in Poseidon Principles are working on the basis of halving CO2 emissions in shipping by 2050. At the same time, some of the same banks are working towards a target of CO2 neutrality by 2050 as part of the Net-Zero Banking Alliance. Before long, Poseidon will reassess its ambition.
By 2050 at the latest, Danske Bank's loan portfolio must be fully CO2 neutral. The bank, which provides loans to shipping as well as the oil and gas sector and also supports the Poseidon Principles, isn't ready yet to set out short-term intermediate targets on the road towards CO2 neutrality.
UN Secretary General Antonio Guterres aims sharp criticism at shipping and aviation to step up their climate goals. A new set of more ambitious and credible targets "must be an urgent priority," he says.
Think tank InfluenceMap has mapped out how well global companies like Unilever, Ikea and Maersk are performing in terms of meeting climate requirements and whether their words match their deeds. Ambiguous communication stands in the way of Maersk reaching the top, the think tank explains to ShippingWatch.
At least 1,000 seafarers are left behind on ships, many without food or money because the shipowners have disappeared. MSC wants to see swift action, and if the MLC convention doesn't suffice, a new safety net must be implemented, said MSC exec during Capital Link.
Liquefied natural gas (LNG) is a necessary transitional fuel for shipping, according to organization Sea-LNG, and shipping execs, such as Maersk's Søren Skou, are endangering the sector by calling for a ban on oil products for maritime fuel. Updated.
Due to a unique combination of factors, chief execs from all major shipping segments see the current upturn extend a number of years ahead. Among these factors is that no one is interested in ordering new vessels any time soon.
More investments in sustainable energy such as solar and wind power are needed to meet the world's future energy demand. "There is a looming risk of more turbulence for global energy markets," says head of the International Energy Agency.
British patrol ship HMS Trent is bound for West Africa to strengthen maritime security in the region. A number of other countries have deployed warships in the area, where the Gulf of Guinea particular is plagued by piracy. Corrected.
With 136 countries on board, the new corporate taxation deal moves a step further ahead in the hopes of avoiding what US Treasury Secretary Janet Yellen calls a global "race to the bottom. The OECD aims to implement the new deal in 2023, an ambitious target for some nations.