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Shipping Faces Half Trillion Dollar Environment Costs

Speaking to delegates at the opening of the Nor-Shipping event in Oslo, the  Chairman of the International Chamber of Shipping (ICS), Masamichi Morooka, said that impending new legislation to protect the environment potentially presented an additional industry-wide cost of more than half a trillion dollars between 2015 and 2025. This is around 50 billion dollars of additional capital and operating cost in every single year for a 10 year period and beyond.