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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

U.S. Drillers Cut Rigs to Lowest since August

Energy companies have reduced the number of rigs drilling for oil in the United States to the lowest since August, shifting more rigs in favor of natural gas as crude prices dive,

Equinox Class Scrubber Systems Receive Certification

Algoma Central Corporation (“Algoma”), the largest Canadian shipowner and operator of domestic Great Lakes vessels announces that it has received all requisite

MARAD Tests Alternative Power for Ships

The Maritime Administration (MARAD) is testing state-of-the-art, environmentally efficient technology onboard the Training Ship (TS) Kennedy.   The National Defense

Fuels & Lubes

Equinox Class Scrubber Systems Receive Certification

Algoma Central Corporation (“Algoma”), the largest Canadian shipowner and operator of domestic Great Lakes vessels announces that it has received all requisite

Wärtsilä, Diesel United Renew Pact

Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines.

MARAD Tests Alternative Power for Ships

The Maritime Administration (MARAD) is testing state-of-the-art, environmentally efficient technology onboard the Training Ship (TS) Kennedy.   The National Defense

News

U.S. Drillers Cut Rigs to Lowest since August

Energy companies have reduced the number of rigs drilling for oil in the United States to the lowest since August, shifting more rigs in favor of natural gas as crude prices dive,

Equinox Class Scrubber Systems Receive Certification

Algoma Central Corporation (“Algoma”), the largest Canadian shipowner and operator of domestic Great Lakes vessels announces that it has received all requisite

Wärtsilä, Diesel United Renew Pact

Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines.

Vessels

Wärtsilä, Diesel United Renew Pact

Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines.

MARAD Tests Alternative Power for Ships

The Maritime Administration (MARAD) is testing state-of-the-art, environmentally efficient technology onboard the Training Ship (TS) Kennedy.   The National Defense

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

 
 
Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.4259 sec (2 req/sec)