ICS: Reducing CO2 is Economic 'No Brainer' for Shipowners

Posted by Michelle Howard
Monday, November 18, 2013

Today, at the United Nations (UNFCCC) Climate Change Conference in Warsaw (COP 19), the International Chamber of Shipping (ICS) will advise a United Nations event on the economics of mitigation that reducing CO2 emissions is an economic 'no brainer' for the global shipping industry. 

 

Further efforts by industry to improve fuel efficiency and reduce CO2 emissions from ships - which carry about 90% of global trade - is already a matter of enlightened self interest.



ICS, which is the principal international trade association for shipowners, will explain that fuel is the shipping industry's largest variable operating cost.  In the last 5 years alone, fuel prices have increased by about 300%, and are expected to increase by a further 50%-100% due to the imminent switch to low sulphur fuel, soon to be required for most ships by separate International Maritime Organization (IMO) rules.



 "The fuel costs for a typical ship carrying iron ore are already about US$3 million a year.  For the latest generation of mega containerships they could be as much $30 million a year" said ICS Director External Relations, Simon Bennett.  "The high cost of fuel means that market forces are already providing shipowners with every incentive they need to continue improving their fuel efficiency and reduce their CO2 emissions.  Otherwise shipping companies will simply not survive."



With the full support of the shipping industry, the worldwide entry into force in January 2013 of amendments to the IMO MARPOL Convention makes shipping the first industrial sector to have a binding global regime in place to reduce CO2 emissions.  
 


 "In addition to the new IMO regulations to improve the efficiency of new ship designs, the mandatory application of Ship Energy Efficiency Management Plans is now giving additional impetus to fuel efficiency measures that are already being taken by much of the industry." said Mr Bennett.  This includes measures such as operating ships at slower speeds, and adjusting trim (the balance of weight which affects how ships move through water).   
 

 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BWTS Newcomer Sees Early Success

Norwegian manufacturer of ballast water treatment systems MMC Green Technology reports it has sold more than 70 systems since going commercial with its MMC BWMS two years ago,

Vale to Ship Coal Along Mozambique Nacala Corridor

Brazilian miner Vale SA  plans to start exporting coal along the Nacala rail and port corridor in Mozambique and Malawi in the third quarter after heavy rains damaged the rail line,

Neptune Orient Lines Sells Logistics Business

Neptune Orient Lines sells APL Logistics to Kintetsu World Express   Neptune Orient Lines Limited (NOL) announced that it has completed the sale of its logistics business,

Environmental

Crowley’s 2nd LNG ConRo Ship Ahead of Schedule

Shipbuilder VT Halter Marine, Inc. announced construction has started early for the second liquefied natural gas (LNG)-powered ConRo ship, Taíno, for Crowley Holdings, Inc.

Overnight Cruise Ship Visits Suspended in White Bay

The New South Wales (NSW) Port Authority has suspended all overnight cruise ship visits to White Bay until the NSW Environment Protection Authority (EPA) has regulated

ISS, Brightwell Introduce Onboard Cashless Payment System

Inchcape Shipping Services (ISS), the world-leading marine, cargo and supply chain solutions provider, has teamed up with Brightwell Payments, Inc. to introduce

Fuels & Lubes

Crowley’s 2nd LNG ConRo Ship Ahead of Schedule

Shipbuilder VT Halter Marine, Inc. announced construction has started early for the second liquefied natural gas (LNG)-powered ConRo ship, Taíno, for Crowley Holdings, Inc.

Overnight Cruise Ship Visits Suspended in White Bay

The New South Wales (NSW) Port Authority has suspended all overnight cruise ship visits to White Bay until the NSW Environment Protection Authority (EPA) has regulated

Fluxys LNG Launches Zeebrugge Capacity Consultation

Belgian gas infrastructure operator Fluxys said on Thursday it was launching a market consultation to assess demand for additional capacity at the Zeebrugge liquefied natural gas terminal in Belgium.

News

BWTS Newcomer Sees Early Success

Norwegian manufacturer of ballast water treatment systems MMC Green Technology reports it has sold more than 70 systems since going commercial with its MMC BWMS two years ago,

Chile Customs Strike Ends After 8 Days

A customs strike in Chile that had held up exports and imports for over a week has ended after the union said on Friday it had come to an agreement with the government.

Vale to Ship Coal Along Mozambique Nacala Corridor

Brazilian miner Vale SA  plans to start exporting coal along the Nacala rail and port corridor in Mozambique and Malawi in the third quarter after heavy rains damaged the rail line,

Vessels

BWTS Newcomer Sees Early Success

Norwegian manufacturer of ballast water treatment systems MMC Green Technology reports it has sold more than 70 systems since going commercial with its MMC BWMS two years ago,

SFL Adjusts Charter Agreement with Frontline

Ship Finance International Limited (SFL) announced that it has entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd.

Design & Operation: Wind Farm Support Vessels

Offshore wind farm development has been led globally by the UK, followed by Germany. Both countries have governments with long term commitments to renewable energy.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2218 sec (5 req/sec)