The IMO's GHG targets may be causing uncertainty among shipowners. Image Credit: Ship & Bunker
Dry bulk shipping company Star Bulk Carriers sees the IMO 2030 and 2050 targets on greenhouse gas (GHG) emissions reduction potentially tightening freight markets by holding back new ship orders, according to price reporting agency Argus Media.
"Shipowners are terrified about buying a ship today, which probably will be obsolete in 5-10 years," Argus cited Star Bulk president Hamish Norton as saying at an industry event in New York Thursday.
The lack of newbuildings is positive for Star Bulk because of reduced competition, Argus cited Norton as saying.
The IMO's initial strategy on GHGs envisages a cut of at least 40% from 2008's levels to carbon emissions per transport work by 2030, and a cut of at least 50% to total GHG emissions from shipping by 2050.