From the News Desk: Green path or Black Trail?
Harsh light cast on shipping's environmental track record from outside the industry as debates over LNG, efficiency rules and shareholder activism continue within it
Shell court ruling a sign of things to come, CMA CGM chief defends LNG, and are we entering a golden age for entrepreneurs in shipping?
THE release of the documentary Black Trail, a European exposé of shipping’s alleged environmental misdeeds, has prompted heated industry debates.
The Union of Greek Shipowners swiftly distanced itself from frank comments by member Panos Laskaridis in the documentary; he later resigned from the group.
Listen Out: The Lloyd’s List Podcast features the two lead journalists behind the film to discuss how shipping “pollutes the planet, avoids taxes, dodges regulations and gets away with it”.
The film comes as governments at the International Maritime Organization agreed ships must improve their emissions intensity by 2% a year between 2023 and 2027 — but failed to agree 2030 targets.
The result has already been criticised by the US and European Union as too puny.
BIMCO reckons the efficiency plans could even boost emissions. Lars Robert Pedersen, its deputy secretary-general, also critiqued the efficiency measures in March.
Big Trouble for Big Oil: A Dutch court ordered Shell to hasten its decarbonisation efforts and reduce its net global emissions by 45% by 2030 compared to 2019, including those of its customers and suppliers. The oil major vowed to appeal.
The same week, ExxonMobil lost board seats to shareholder activists, while Chevron backed measures to reduce emissions from the use of its products.
Why it matters: Shipping companies may be next to feel pressure over their environmental footprint, and carriers of fossil fuel commodities could face a more precarious future.
However, tanker owner Euronav’s chief Hugo de Stoop has downplayed concerns over the Shell ruling, calling it “wishful thinking” and hard to enforce.
The Lloyd’s List View: Shipping companies must make cutting emissions a core part of their business, not an ancillary activity that is there for show.
Meanwhile, the LNG debate continues with CMA CGM chief Rodolphe Saadé defending his bet on gas-powered ships, in a heated exchange with a top economist and UN climate adviser. But despite mounting environment concerns, banks and investors continue to back new orders.
Don’t miss: Our latest Special Report explores the entrepreneurs willing to challenge shipping with new ideas. We ask: Is the industry ready to accept them?
Download the full report here