World Economic Forum News

For Chinese businessman Han Changming, disruptions to Red Sea freight are threatening the survival of his trading company in the eastern province of Fujian.Han, who exports Chinese-made cars to Africa and imports off-road vehicles from Europe, told Reuters the cost of shipping a container to Europe had surged to roughly $7,000 from $3,000 in December, when Yemen's Iran-aligned Houthi movement escalated attacks on shipping."The disruptions have wiped out our already thin profits…

The United States on Wednesday returned the Yemen-based Houthi rebels to a list of terrorist groups, while business chiefs warned that disruption to shipping in the Red Sea caused by their attacks could affect supply chains for months.Attacks by the Iran-allied Houthi militia on ships in the region since November have slowed trade between Asia and Europe and alarmed major powers - an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.The Houthis say they are acting in solidarity with Palestinians and have threatened to expand attacks to include U.S.

Disruptions to Red Sea shipping caused by Houthi attacks will push up prices of consumer goods, an executive from port and freight operator DP World said on Tuesday as a missile struck another vessel in the region.The Iran-allied Houthi militia has threatened to expand its attacks to include U.S. ships in response to American and British strikes on its sites in Yemen.Attacks by the Houthis on ships in the region since November have impacted companies and alarmed major powers - an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.

Speakers from the vanguard of maritime digitalization will be joined by the first British astronaut and science communicator Helen Sharman at the Connected Future Conference during London International Shipping Week (LISW) 2023.Moving from smart talk to practical solutions and bringing stakeholders together will be the key themes of an industry event organized by Inmarsat, a Viasat business, in partnership with Smart Maritime Network. Staged at Inmarsat headquarters on September 12…

DP World expects freight rates to drop by a further 15% to 20% in 2023 as demand slows, the Dubai-based global logistics company's deputy chief executive and chief financial officer Yuvraj Narayan told Reuters on Monday.Narayan said the first signs of a significant drop in demand were visible and freight rates on the shipping side had declined quite significantly on certain routes as agencies including the International Monetary Fund (IMF) lowered growth forecasts.Freight rates are the prices at which cargoes are delivered by container from one point of the globe to another.The biggest problem

More than 150 leading companies and organizations including oil majors and port authorities on Wednesday called for the global shipping industry to be fully decarbonized by 2050, urging governments to step up action warning time was limited.With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world's CO2 emissions and the sector is under growing pressure to get cleaner.UN shipping agency the International Maritime Organization (IMO), has said it aims to reduce overall greenhouse gas (GHG) emissions from ships by 50% from 2008 levels by 2050…

Docked at a Canadian port, crew members returned from a test run of the Ocean Cleanup's system to rid the Pacific of plastic trash were thrilled by the meager results — even as marine scientists and other ocean experts doubted the effort could succeed.The non-profit, launched in 2013 amid buoyant media coverage, hopes to clear 90% of floating plastic from the world's oceans by 2040. But the group's own best-case scenario — still likely years away — envisions removing 20,000 tonnes a year from the North Pacific…

Global maritime group Wilhelmsen and the Norwegian offshore supply base firm NorSea have together acquired an 18% stake in the Norwegian deep-sea mining company Loke Marine Minerals."As the energy transition continues to gather pace, we are actively looking at new projects and business areas, outside of the oil and gas industry, where NorSea’s unique port infrastructure and proven service and supply know-how can continue to be a key driver of success. The development of the seabed mineral industry in Norway is far from certain…

President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies as he pursues green policies in stark contrast to those of his predecessor Donald Trump.The orders map out the direction for the Democratic president's climate change and environmental agenda and mark a reversal from Trump, a Republican businessman-turned-politician who sought to maximize U.S. oil…

The Isle of Man Ship Registry has become the first flag state to join the Getting to Zero Coalition, an industry-led alliance working toward decarbonizing the international maritime shipping sector.Established in 2019, the coalition is a partnership between the Global Maritime Forum, the Friends of Ocean Action and the World Economic Forum. Its members include more than 120 organizations from the maritime, energy, infrastructure and finance sectors.The coalition says the development and deployment of commercially viable…

The Lubrizol Corporation says it has become the first lubricant additive technology supplier to join an international coalition aiming to drive the development of commercially viable, zero-emissions deep-sea ships by 2030.A partnership between the Global Maritime Forum, the World Economic Forum and Friends of Ocean Action, the Getting to Zero Coalition is currently endorsed by 14 governments and is composed of more than 100 organizations, including ship owners, ports, technology…

Sweden's Alfa Laval has joined the Getting to Zero Coalition, a coordinated effort to fight climate change by introducing zero-emission vessels by the year 2030.Alfa Laval is committed to reaching this vital goal, which is key to decarbonizing the global shipping industry and reaching the International Maritime Organization (IMO) target of cutting vessel-related greenhouse gas emissions by at least 50% by 2050.The ‘Getting to Zero Coalition’ was announced on September 23, 2019, at the United Nations Climate Action Summit in New York, and is a partnership between the Global Maritime Forum, the World Economic Forum and Friends of Ocean Action.

International Maritime Organization (IMO) Secretary-General Kitack Lim is calling for renewed cooperation from all stakeholders to tackle the urgent issues of air pollution and greenhouse gas emissions from shipping at the World Economic Forum in Davos.Lim said: "When temperature records are routinely broken, icecaps are melting and some parts of the world are flooding while others are burning, there can be little doubt that addressing climate change must be humankind's major priority."  IMO's strategy is to reduce sector-wide emissions by at least 50% by 2050. To deliver this, significant numbers of zero-carbon ships, or ships that can be easily adapted to use low or zero carbon fuels later in their life…

At least $1 trillion of investment in new fuel technology is needed to enable the shipping industry to meet U.N. targets for cuts in carbon emissions by 2050, a study published on Monday showed.The global shipping fleet, which accounts for 2.2% of the world's CO2 emissions, is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.U.N. shipping agency, the International Maritime Organization (IMO), aims to reduce the industry's greenhouse gas emissions by 50% from 2008 levels by 2050…

Global coatings supplier Hempel announced on October 24, that it has joined the 'Getting to Zero Coalition,' a multi-stakeholder group that aims to see the introduction of commercially viable zero emission shipping vessels by 2030.In 2018, the International Maritime Organization (IMO) adopted a strategy to reduce greenhouse gas emissions from shipping by at least 50 per cent by 2050 compared to 2008 levels. At the same time, the IMO will pursue efforts to eliminate emissions from shipping altogether – the full decarbonization of the industry.For this to be possible…

Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK) has joined the Getting to Zero Coalition, a partnership among the Global Maritime Forum, the Friends of Ocean action, and the World Economic Forum that builds on the Call to Action in Support of Decarbonization launched and signed by more than 70 leaders from across the maritime industry and financial institutions.The Coalition is committed to getting commercially viable deep-sea zero-emission vessels powered by zero-emission fuels into operation by 2030 to realize the IMO’s ambition to reduce GHG emissions, thus accelerating maritime shipping's decarbonization. The IMO has…

The UN Climate Action Summit in New York (23 September) is giving global leaders the chance to show the world concrete proposals and tangible actions being taken in the fight against climate change.IMO Secretary-General Kitack Lim has been reporting on the solid progress being made by the Organization to reduce GHG emissions from international shipping, in support of the 2030 Agenda for Sustainable Development, in particular SDG 13 on Climate change.Lim delivered a keynote address at the opening of the World Economic Forum event on decarbonizing shipping. He then delivered a presentation at the launch of the Sustainable Ocean Principles, under the banner of the UN Global Compact.

MAN Energy Solutions has joined a new climate grouping, dedicated to developing zero-emission vessels by 2030 in connection with the UN Climate Action Summit.The ‘Getting to Zero Coalition’ is a partnership between the Global Maritime Forum, the Friends of Ocean Action, and the World Economic Forum.The Coalition comprises a broad grouping of industry players that includes equipment manufacturers, shipowners, energy companies and fuel providers, financial institutions, ports, customers and logistic companies, governments and IGOs.The Coalition has already planned a series of initial steps including the creation of a shared industry roadmap…

Leading ports, banks, oil and shipping companies on Monday launched an initiative which aims to have ships and marine fuels with zero carbon emissions on the high seas by 2030, in another step by the maritime sector to reduce CO2.International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.'s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050.Achieving this target will…

Danish shipping  conglomerate A.P. Møller – Maersk A/S and German logistics company DB Schenker have partnered to establish a CO2 target to reduce CO2 emissions by 20% per container transported from 2014-2020 for DB Schenker’s business with Maersk.As a result of Maersk’s fuel efficiency efforts, the companies met this target in 2018, 2 years ahead of schedule, said a press release from the largest container ship and supply vessel operator.“We’re on the same page with our carriers and the transportation providers who are striving for higher levels of environmental sustainability and less pollution,” says Andrea Schön, DB Schenker’s Corporate Climate Protection Manager.“We work together to hold the flag…

The inauguration of APM Terminals Moín, Costa Rica yesterday will enable products to be shipped on transatlantic routes to European and Asian markets without transshipment.The new terminal will also move Costa Rica to number one for connectivity, out of 139 countries ranked by the World Economic Forum, said a press release from the international container terminal operating company headquartered in The Hague, Netherlands."At APM Terminals we partner with governments to become the best port operator in the world and Moín is a great example. Without any doubt, we are inaugurating today a new era in international and intra-regional trade in Central America,” said Morten H. Engelstoft, CEO of APM Terminals.

When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer? Lure investors with higher returns and raise the PR game."There is no doubt - and…

APM Terminals’ Moín Container Terminal (MCT) in Costa Rica has been granted permission by the National Council of Concessions (CNC) to start commercial operations at its first deep-sea berth. This is a key step for the terminal, which is on schedule to be fully operational in February 2019.The permit, which is subject to meeting all safety and service requirements, will enable the transfer of all commercial container ships currently serviced at Puerto Limón and Puerto Moín to the MCT. This will take place once APM Terminals delivers the dock´s first phase, which includes two berths and 40 hectares of artificial island due in February 2019.