Shipping industry proposes ZESF fund for netzero transition

The International Chamber of Shipping (ICS) has submitted a comprehensive proposal to the UN International Maritime Organization (IMO), advocating for the creation of a Zero Emission Shipping Fund (ZESF). The proposal aims to accelerate the transition of the global commercial shipping fleet to net-zero emissions by 2050. The plan, backed by shipowners worldwide, proposes mandatory

ClassNK issues AiP for Maritime Hydrogen Fuel Cell System

ClassNK has issued an Approval in Principle (AiP) for a maritime hydrogen fuel cell system developed by YANMAR Power Technology Co., Ltd. (YANMAR PT). This is the first AiP certification for a maritime hydrogen fuel cell system developed by a Japanese manufacturer. Hydrogen fuel cells are gaining attention as a potential means to help reduce

Indian Register of Shipping announces senior management appointment

In line with the rapid expansion of the Indian Register of Shipping (IRS), P.K. Mishra, previously Head of Operations, has been promoted to Joint Managing Director of IRS, effective 1 st January 2024. Joining as a Surveyor with IRS in 1998, Mishra rose through the ranks to become Chief Surveyor in 2023. With close to

Shipping leaders set out plans to deliver on IMO emission targets

60 maritime organisations and government partners have agreed on a course to deliver on the International Maritime Organization (IMO)’s net zero targets by or around 2050 at Shaping the Future of Shipping, an event hosted by the International Chamber of Shipping and the government of the UAE on the sidelines of COP28 in Dubai. More

BIMCO adopts four ETS clauses

The shipping industry is facing an increase in new regulations from the International Maritime Organization (IMO) and the European Union (EU). To support the industry, shipping organisation BIMCO has developed a portfolio of new emission trading scheme (ETS) clauses. BIMCO’s documentary committee adopted a new emission trading scheme allowances clause for BIMCO’s ship management agreement,

Shipping CEOs join forces to accelerate the decarbonization

The Chief Executive Officers (CEOs) of leading global shipping lines have issued a joint declaration at COP 28 calling for an end date for fossil-only powered newbuilds and urging the International Maritime Organization (IMO), the global regulator, to create the regulatory conditions to accelerate the transition to green fuels. Global temperatures are breaching critical levels,

EMF builds four methanol-ready bunker tankers

Equatorial Marine Fuel Management Services (EMF) confirmed that it will be building two additional 7,999 dwt IMO Type II Chemical and Oil Tankers that will be used as bunker tankers at the Port of Singapore. EMF earlier has placed an order for two similar newbuildings at Zhejiang Shenzhou Sunshine Heavy Industry Co., Ltd.; the first

ICS, IBIA propose energy pooling compliance mechanism

The International Chamber of Shipping (ICS) and the International Bunker Industry Association (IBIA) have jointly submitted a proposal to the International Maritime Organization (IMO) for what they describe as a simplified global greenhouse gas (GHG) fuel standard. The 2023 IMO strategy for the reduction of GHG emissions from ships identifies the development and finalisation of

Danish Ship Finance pitches CII alternative

Danish Ship Finance has issued its latest biannual markets report in which it has called for the International Maritime Organization’s Carbon Intensity Indicator (CII) to be replaced with a voyage index that shows carbon intensity per voyage to allow performance to be evaluated and optimised. The voyage index would be powered by a global terminal

ABS issues requirements for liquid hydrogen carriers

Classification society American Bureau of Shipping (ABS) has published new requirements for liquid hydrogen carriers as a step towards supporting projected market demands in the transportation of hydrogen. As explained, the ABS Requirements for Liquefied Hydrogen Carriers address safety and technical standards for vessels carrying liquefied hydrogen, expanding on the corresponding IMO Resolution MSC.420(97) adopted