World News
Shipping Associations Support IMO Net-Zero Framework Ahead of Key Vote
Seven shipping associations have jointly called on the IMO to adopt its proposed Net-Zero Framework (NZF) at next week’s meeting, urging the need for a unified global approach to maritime decarbonisation.
The associations warned that failure to adopt the framework will leave the industry grappling with a complicated patchwork of regional and national regulations, they said in a joint statement on Wednesday.
They added that IMO-led measures will create predictable conditions for business and strengthen the case for investing in sustainable fuels and technology.
“The alternative is a complicated and inefficient patchwork of national and regional regulatory frameworks," the statement reads.
“Not only is this an entirely wrong solution for a global industry such as ours, but such a scenario will also derail ongoing efforts towards the energy transition and jeopardise world trade through distorted market conditions and unfair competition.”
In particular, they urged the EU, which has its own set of shipping regulations like FuelEU Maritime and EU ETS, to align with the IMO’s global framework once adopted, to avoid double payment for emissions and reduce the regulatory burden.
The IMO's Marine Environment Protection Committee (MEPC) will hold its second extraordinary session from October 14 to 17 to decide on the adoption of the Net-Zero Framework.
Associations including the Japanese Shipowners’ Association and the Royal Belgian Shipowners’ Association are among the signatories.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 481.00 | 1.00 | 675.50 | 3.50 |
| Rotterdam | 442.50 | 0.00 | 666.50 | 1.50 |
| Houston | 461.00 | 0.50 | 661.50 | 1.50 |
| Fujairah | 481.50 | 2.00 | 738.00 | 1.50 |
| Global 20 Ports Average | 513.50 | 1.50 | 760.00 | 0.00 |
| Global 4 Ports Average | 466.50 | 1.00 | 685.50 | 0.50 |
| Global Average Bunker Price | 556.00 | 1.00 | 802.00 | 1.00 |
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