World News
ICS: Shipping's Fuel Efficiency Measures are Providing Genuine Reduction in Emissions
The global shipping industry has decreased its carbon emissions by 10 percent since 2007 despite increasing trade, meaning that the industry is delivering carbon neutral growth, the International Chamber of Shipping (ICS) said Tuesday.
The organization said that it was releasing the figures ahead of the United Nations Climate Change Conference to be held in Paris in December, where one of the topics is expected to be a potential global carbon emissions target on the shipping and aviation sectors.
“These are genuine reductions through fuel efficiency, without the need for complex virtual measures such as carbon offsets,” said ICS Secretary General Peter Hinchliffe.
“With bigger ships, better engines and smarter speed management, the industry is confident of a 50 percent CO2 reduction by 2050 when the entire world fleet will comprise super fuel-efficient ships, many using clean fuels such as LNG.”
The ICS said that it acknowledged that governments are keen to see more results, but also sought to draw attention to the fact that existing International Maritime Organization (IMO) regulations will mandate that all ships built from 2025 must be 30 percent more efficient than ships built in the 2000s.
“The entire world fleet is about 20 percent more efficient than in 2005," Hinchliffe said.
"With the support of the shipping industry, IMO has already achieved a great deal and is the only forum that can deliver further significant CO2 reductions from international shipping.”
Environmental groups have been vocal about an emissions target, arguing that it is the only method that will meaningful impact emission reduction efforts.
Earlier this year, the ICS also dismissed claims from environmental group Transport & Environment, who released a report claiming that modern ships are less CO2 efficient than those built over 20 years ago.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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