By Philip K. Verleger (Bloomberg View) -- In “Poor Richard’s Almanack,” Ben Franklin imparts a centuries-old proverb about a kingdom lost by a series of events that starts with a shortage of horseshoe nails. A similar catastrophic cascade could be in the works today for the world oil market. It began in 2008 with the International Maritime Organization’s decision to limit the … [Read more...]
Shipping Industry Switch to LNG Bunker Fuel Not Enough to Meet Strict Carbon Regulations – Analyst
SINGAPORE, April 17 (Reuters) - Switching to liquefied natural gas (LNG) to fuel ocean-going vessels may not be enough for shippers to comply with long-term emissions regulations and they will have to find additional ways of reducing emissions, JBC Energy said on Tuesday. The International Maritime Organization (IMO) on Friday reached an agreement to cut carbon dioxide (CO2) … [Read more...]
IMO’s First Steps to Reduce Shipping Emissions Not Perfect, But Positive
By Alexander Whiteman (The Loadstar) - The International Maritime Organisation’s (IMO) adoption of an initial strategy to address shipping emissions is “a step in the right direction”, but there is more that can be done, according to the industry. Many are urging more effort to deal with emissions which some have suggested are on a par with the whole of Germany. Chief … [Read more...]
IMO Reaches Deal to Cut CO2 Emissions from Ships
By Jonathan Saul and Nina Chestney LONDON, April 13 (Reuters) - The United Nations shipping agency reached an agreement on Friday to cut carbon emissions, following years of slow progress. The compromise plan, which will cut emissions by at least 50 percent by 2050 compared with 2008 levels, fell short of more ambitious targets. Kitack Lim, Secretary-General of the … [Read more...]
IMO Moves Forward with Ban on Vessels Carrying High-Sulphur Fuel
LONDON, April 13 (Reuters) - The International Maritime Organization said it approved on Friday an amendment that would ban ships unequipped to strip sulphur from carrying high-sulphur fuel from 2020 - when new sulphur-content limits come into effect New 2020 limits cut the amount of sulphur in the fuel that ships worldwide are allowed to use, from 3.5 to 0.5 percent by … [Read more...]