Major Shipping Firms Warns Net Zero Plan Could Cost Over $300 Billion by 2035
A group of shipping firms warned that the International Maritime Organization’s planned net zero rules risk imposing significant costs on the industry.
Stock Photo: SOMKIET POOMSIRIPAIBOON / Shutterstock
The European Commission has strengthened its maritime safety regulations by implementing new mandatory insurance reporting requirements for all vessels in EU waters.
Under the amended Vessel Monitoring Directive (2022/59/EC), ships passing through EU waters must now provide proof of insurance, even if they don’t plan to dock at EU ports. This measure specifically targets the growing concern over the “shadow fleet” transporting sanctioned oil, which has increased maritime accident risks.
Director-General for Mobility and Transport, Magda Kopczy?ska, emphasized the significance of this development: “This is a targeted measure with potentially great impact, enhancing the preparedness of the EU’s coastal States. It reflects the EU’s dedication to safer, more secure, and environmentally responsible maritime operations”.
The European Commission and Member States have submitted their proposal to the International Maritime Organization for amendments to existing Mandatory Ship Reporting Systems in European coastal waters.
The updated directive strengthens oversight capabilities for monitoring uninsured or unsafe vessels while aligning EU regulations with international standards.
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