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Shipping industry unites to propose ambitious CO2 reduction objectives to global regulator

22 June 2017

Four major international trade associations – BIMCO, INTERCARGO, International Chamber of Shipping (ICS) and INTERTANKO – have made a joint proposal to the IMO concerning ambitious CO2 reductions by the international shipping sector, which is responsible for transporting about 90% of global trade and 2.2% of the world’s annual man-made CO2 emissions.

Northern Sea Route

16 November 2021

Description of the Northern Sea Route and the Northern Sea Route Administration (NSRA)

EU ETS 180 Seminar

17 March 2023

Short and to the point, the BIMCO 180 training seminars are 2 x 90 minutes of focused knowledge delivered online by leading maritime experts. The EU ETS is a cap-and-trade system that requires certain industries, including the maritime sector, to reduce their emissions of greenhouse gases. The scheme requires all vessels trading to EU ports to monitor and report emissions and, subsequently, its shipping companies to surrender allowances for the GHG emitted by their fleet (in CO 2 eq). These allowances are traded in a market, and the price of the allowances is determined by supply and demand. By trading in allowances, the EU ETS aims to provide a financial incentive for ships to reduce their emissions, as this reduces the cost of having to buy more allowances. This, in turn, encourages owners and operators to use more efficient methods of vessel operation, such as using a lower speed and more efficient propulsion systems or using alternative fuels. The European Union emissions trading scheme is a market-based payment system that EU countries use to buy and sell emissions data and products. The scheme also raises funds for EU public services, such as emissions research, energy metering, and air quality management. Overall, the EU ETS aims to reduce the environmental impact of ships trading to EU ports while at the same time giving operators a financial incentive to reduce their emissions.

Revision of SHIPMAN begins with focus on shipmanagers’ responsibilities under the EU Emissions Trading System

09 June 2022

The drafting team tasked with updating BIMCO’s 13 year old SHIPMAN shipmanagement agreement will begin by preparing a free standing clause addressing the shipmanagers’ role in complying with emissions trading systems such as the EU ETS. ETS is seen as a critical issue by shipmanagers who will need to agree with owners how the surrender of emissions allowances for ships trading to the EU after 2024 is to be handled.

Fuel switching – safety alert

30 July 2009

In 2009, the United States Coast Guard (USCG) issued a safety alert highlighting the possible hazards arising from switching from residual fuel oils to distillate fuel oils in order to reduce emissions.