By Ryan Hesketh and Jack Wittels (Bloomberg) -- Shipping is the backbone of the global economy, responsible for about 90% of world trade. But it also accounts for almost 3% (and rising) of man-made carbon dioxide emissions. The industry’s regulator set a series of emission-cutting targets back in 2018 aimed at driving a transition away from high-polluting fossil fuels. If the … [Read more...]
Shipping’s Share of Global Carbon Emissions Increases
By Jonathan Saul LONDON, Aug 4 (Reuters) - Carbon emissions from shipping rose in the six-year period to 2018 and accounted for 2.89% of the world’s CO2, a study released on Tuesday showed, amid growing pressure on the industry to bring levels down. About 90% of world trade is transported by sea and UN shipping agency - the IMO - aims to reduce the industry’s overall … [Read more...]
Smooth Sailing for Shipping’s Switch to Cleaner Fuel, ING Banks Says
By Roslan Khasawneh SINGAPORE, July 21 (Reuters) - Seven months after the United Nations' shipping agency brought in hotly anticipated new rules to curb emissions, the raft of technical issues and leap in fuel prices that were expected to result have failed to materialise, ING Bank said on Tuesday. Global shipping and oil firms had flagged major concerns over potential … [Read more...]
China to be Self-Reliant in IMO-Compliant Fuel -Official
SINGAPORE/BEIJING, June 22 (Reuters) - Chinese refiners have the capacity to produce 18.1 million tonnes of low-sulphur fuel oil (LSFO) this year, which would make the country self-sufficient in the new shipping fuel, an official with state major PetroChina said on Monday. China has been striving to reduce its reliance on bunker fuel imports and is aiming to create its own … [Read more...]
Singapore Reports ‘High Degree’ of Compliance with IMO 2020
Ships at anchor off Singapore. File Photo: Zheltikov Dmitry / Shutterstock The Port Authority of Singapore has reported a ‘high degree’ of compliance with new a international law limiting the sulphur content of fuel used by ships. In the first quarter of 2020, about 96% of ships calling at Asia’s largest bunkering hub, according to the Maritime Port Authority of … [Read more...]