World News
Greece Says it has Common Position with US, Saudi on IMO Net-Zero Framework
Greece has signalled its alignment with Saudi Arabia and the US on the IMO's Net Zero Framework (NZF) - two countries whose vocal resistance to the proposal was widely attributed to the NZF failing to secure final approval in October 2025.
Stavros Papastavrou, Greece's Minister for the Environment and Energy, added that his country was the "voice of reason" in Europe when it came to energy, according to a statement released January 15 following a meeting with the Minister of Energy of Saudi Arabia, Prince Abdulaziz bin Salman Al Saud.
Greece, Saudi Arabia and the US all held a common position on the NZF, the statement added.
In a separate statement released January 18, Papastavrou clarified that when it came to Shipping's regulatory framework in Europe, his country would "obviously cooperate first with our European partners" to reach mutually acceptable and realistic solutions.
As for the energy transition in shipping at the IMO level, that was at an "impasse", he added.
Greece says it will also work with Saudi Arabia to submit a joint proposal on the NZF to IMO ahead of newed discussion on the matter later this year.
Greece Abstained in the Key October IMO Vote
The setback to IMO's NZF in October has been widely billed as a 'delay' - indeed officially, delegates voted to postpone the decision by one year.
In the vote, 57 delegations supported delaying adoption, 49 opposed the move and 21 abstained.
Greece and Cyprus both abstained and were the only EU members who did not back the NZF.
Papastavrou's comments will presumably do little to reassure those who believe the NZF can be revived later this year, with Greece's stance naturally carrying significant weight in global shipping policy.
According to the Union of Greek Shipowners' 2024–2025 annual report, the Greek-owned fleet represents about 20% of global merchant shipping capacity, making Greece the world's largest ship-owning nation.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 451.50 | 2.00 | 618.50 | 1.00 |
| Rotterdam | 429.00 | 0.50 | 653.50 | 3.00 |
| Houston | 438.50 | 0.50 | 635.00 | 1.50 |
| Fujairah | 441.00 | 2.50 | 722.50 | 0.00 |
| Global 20 Ports Average | 476.00 | 0.00 | 728.50 | 0.50 |
| Global 4 Ports Average | 440.00 | 0.00 | 657.50 | 1.00 |
| Global Average Bunker Price | 522.50 | 0.00 | 763.50 | 0.50 |
Popular Now More
-
Jan 21Some CMA CGM container ships had resumed Red Sea transits last year, including a passage through the Suez Canal in November. -
Jan 19The firm has hired Jacqui Taylor as the first employee for its new Cape Town office. -
Jan 20The combined company has its headquarters in Monte Carlo as well as offices in Copenhagen, Fredericia, Athens and Dubai.