World News
Shipping Lagging Behind on Decarbonisation Goals: Report
Shipping is failing to cut back its greenhouse gas emissions which are back to 2008 levels, new research has found.
The report, by University College London and consultancy UMAS, is published as COP29, the global conference addressing climate change, takes place in Azerbaijan.
According to a UMAS statement, the report "shows rising GHG emissions and slowing carbon intensity reductions in international shipping between 2018 to 2022".
A survey of emissions trends in the container, oil tanker, bulk carrier and cruise segments found that while some efficiency improvements are observed across the various segments, the continued growth in transport work, despite the blip during the Covid-19 pandemic, necessitates further action to achieve the ambitious emissions reduction targets set in the International Maritime Organisation's Revised GHG strategy adopted last year.
"Increasing the stringency and efficacy of CII regulation will be key if 2022-2030 is to achieve the 20-30% GHG reductions committed to in IMO's revised strategy," said Tristan Smith, professor of energy and transport at the UCL Energy Institute.
The IMO agreed its GHG reduction policy at MEPC80, widely regarded as a milestone achievement in the maritime sector. Subsequent meetings (MEPC81. MEPC82) are hammering out how the agreed policy will work in practice. Energy efficiency measures and economic measures are both on the table and are expected to be agreed at MEPC84 in October next year.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 6.50 | 680.00 | 10.50 |
| Rotterdam | 514.00 | 2.50 | 676.00 | 7.50 |
| Houston | 547.50 | 0.00 | 671.50 | 1.50 |
| Fujairah | 561.00 | 0.50 | 751.00 | 1.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 759.00 | 0.00 |
| Global 4 Ports Average | 548.00 | 2.00 | 694.50 | 5.00 |
| Global Average Bunker Price | 633.50 | 1.00 | 798.50 | 0.50 |
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