World News
IBIA CONVENTION: ICS Warns of Possible Rationing of Maritime Transportation if Decarbonisation Slows
Governments could be forced to introduce the rationing of maritime transportation if the shipping industry does not take its decarbonisation goals seriously, according to industry body the International Chamber of Shipping.
Simon Bennett, deputy secretary general of the ICS, was speaking in a panel session at the IBIA Annual Convention 2023 in Dubai on Wednesday.
"The first thing to understand is that the governments are really serious," Bennett said.
"If we fail in decarbonising our sector, then ultimately we're going to be faced with the rationing of maritime transport.
"As well as being a disaster for our industry, that will be a disaster for global prosperity."
Bennett suggested the IMO's interim target for decarbonisation by 2040 would be a struggle to reach.
"Moving to the 2040 target -- that's only 17 years away -- that's exceedingly ambitious, they're talking about a 70-80% cut of our absolute emissions."
But the 2030 interim target will be 'probably achievable', Bennett argued, as shipping takes on biofuel bunker blends as a drop-in replacement for conventional bunkers.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 611.00 | 1.50 | 730.00 | 7.00 |
| Rotterdam | 557.50 | 1.00 | 718.50 | 2.00 |
| Houston | 576.00 | 1.00 | 750.50 | 2.50 |
| Fujairah | 608.50 | 2.50 | 829.00 | 2.00 |
| Global 20 Ports Average | 624.50 | 2.50 | 817.50 | 3.00 |
| Global 4 Ports Average | 588.50 | 0.50 | 757.00 | 2.50 |
| Global Average Bunker Price | 678.50 | 3.50 | 883.50 | 2.00 |
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