Negotiations on LNG as sustainable fuel at standstill
Although liquefied natural gas is ascribed a key role in the EU's plan for shipping's transition to green fuels, it is far from certain that it will achieve the necessary political backing. "At the moment, there is no common ground with regard to LNG," a source familiar with the process tells ShippingWatch.
When it comes to the shipping industry's transition to sustainable fuels, there appears to be a long road ahead still. In fact, one of the potentially central fuels hasn't even appeared in the political negotiations yet.
The container market, which for several months has been cooling down after two years with record earnings, has waned even further in September, accelerating the decline in freight rates, according to new figures from Clarksons Research.
Chief of environmental technology company ReFlow agrees with PwC Norway that shipping companies are not reporting well enough on scope 3 emissions. If they don’t pick up the slack soon, it will hit them full force in a couple of years, he says.
U Shippers has no case in a contractual dispute reported to the US Federal Maritime Commission, Maersk writes in a response to the FMC. Moreover, the case should not even be a matter for the commission, the company says.
The falling spot rates in the container market have made more shippers seek out renegotiations of rates on their long contracts with box carriers. Numbers from Xeneta show that contract rates in September have dived by 1.1 percent.