Decarbonisation
The International Maritime Organization has committed to slashing total annual greenhouse gas emissions by at least 50% by 2050, compared with 2008, and it aims to decarbonise the sector fully by the end of the century. The shipping industry is facing up to the challenge, developing new fuels and stronger, environmentally-friendly practices. But with tighter rules and regulations on both a regional and global level to contend with, agreement on the best approach is not easy
Business as usual ‘not an option’ on shipping’s path to decarbonisation
Shipping must change the way it operates if it is to make progress on decarbonisation, and collaboration across the industry will be critical for it to succeed, conference hears
Shell study sets target for hydrogen and biofuels in bunkers
Shell suggests 10,000 ships will need to operate on hydrogen or hydrogen-based fuels by 2040
Maersk reveals pioneering methanol boxship design
Trailblazing containership is expected to use very low sulphur fuel oil until arrangements have been made for the regular sourcing of green methanol
Norway and Singapore agree maritime decarbonisation deal with IMO
‘Joining forces through this co-operation will strengthen the support to decarbonising the maritime sector in developing countries,’ says Norwegian climate ministry official
Maritime completely abandoning fossil fuels is not realistic
Shipping should look to reduce carbon emissions rather than trying to go carbon-free, forum hears
The week in charts: Russia’s bulk exports to Europe drop 60% | Boxship recycling dominated by feeder ships | US-sanctioned ships don’t lose flag for long
Over 100 falsely flagged ships are trading in plain sight, prices of over $600 per light displacement tonne are now regularly being offered for recycling candidates and charter rate premiums for eco boxships increasing
Shipping decarbonisation is not a technology question anymore, says Trafigura
Calls on the International Maritime Organization to adopt more ambitious targets have intensified ahead of MEPC 80, suggesting the technology is there for the industry to adopt alternative fuels
EU to set up hydrogen bank under Net-Zero Industry Act
The EU has launched the Net-Zero Industry Act to help boost local technology production to contribute to its climate goals, such as FuelEU Maritime that proposes a 2% target for renewable hydrogen in marine fuels by 2030
Oil prices drop to 15-month low amid bank concerns
Sharp sell-off in crude oil futures also weighed on bunker fuel prices amid expectations of higher supply in fuel oil markets from the Middle East
Matson plans LNG conversion of third boxship
Company also plans to replace the main engine of a 2,800 teu boxships with a dual-fuel engine
Sunken tanker provisionally declared first pool claim of policy year
Pool claims for 2022-23 rise from four to five so far, marine insurance sources indicate
Singapore bunker sales fell to eight-month low in February
Marine fuel sales in Singapore dipped in February, likely signalling weaker demand on the back of lower freight rates for most segments. The sharp monthly drop came despite steady very-low sulphur fuel oil bunker prices
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