World News
Maersk Warns COP21 Deal Could Lead To Fragmented Regional Rules
A.P. Moller-Maersk A/S (Maersk) has warned that a lack of cohesive industry action in the wake of last weekend's COP21 climate agreement - which failed to specifically address shipping emissions in the final text - could have major negative consequences in creating a patchwork of regional regulation, the Wall Street Journal reports.
"We are operating in a global industry that calls for a global solution," said John Kornerup Bang, chief advisor on climate change at A.P. Moller-Maersk A/S.
"The last thing we want to see is a series of regional regulations. The effects will not be level and they will not be effective because it is so easy in this business to move fleets around," continued Bang.
Bang pointed out that industry groups like International Maritime Organization (IMO) are the "right place" to forge new rules, but said that IMO's rule-making abilities are "stuck" due to the system of negotiations between member countries, according to the Journal.
Earlier this week, International Chamber of Shipping (ICS) echoed Bang's sentiment on the negatives of fragmented regulation, with Peter Hinchliffe, ICS Secretary General, saying such action "would be disastrous for shipping and disastrous for global CO2 reduction."
On Tuesday, Ship & Bunker reported on ICS' comments on the COP21 agreement that exclusion of direction mention of shipping from the accord was "probably preferable" as an outcome.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
Popular Now More
-
Dec 23The company carried out worldwide marine fuel trading from offices in Singapore. -
Dec 232024's total is heading for a 3.4% gain from 2023 and the highest level since 2019, according to the latest market survey from Ship & Bunker and 2050 Marine Energy. -
Dec 23"We're being ripped off at the Panama Canal like we're being ripped off everywhere else," President Trump was cited as saying at an event in Arizona on Sunday.