A sixth of seven intercessional working group meetings took place last week at the International Maritime Organization to look at ways to make existing ships improve operational efficiency and thus cut CO2 emissions. As discussions focused on ship’s speed the usual difference of opinion on the speed of the decision making emerged between shipowner and green lobby groups.
By Javier Blas and Alaric Nightingale (Bloomberg) –Royal Dutch Shell Plc has made $1 billion from trading fuel oil this year, making it one of the standout winners from rules designed to make the shipping industry greener.
Shell said last month that it made substantial money in fuel-oil trading in the third quarter, but the company didn’t disclose the size of the profits. Shell traders celebrated hitting the $1 billion mark so far, likely the biggest by any one company in fuel oil this year, by ringing a bell on the company’s trading floor in London earlier this month, people familiar with the matter said.
The International Maritime Organization appears to be backing away from pressure to introduce ship speed limits as part of its strategy to decarbonize the shipping industry. Instead, it has opted for a goal-setting approach as the best way to reduce carbon emissions in the short term.
The IMO has decided on a goal-setting approach by member states to decarbonise shipping, rather than progress the proposals put forward by some members for a mandatory speed reduction on vessels.
The strategy, decided last week in London, not to opt for speed restrictions has angered the members of the Clean Shipping Coalition (CSC) who blasted the IMO for its “bureaucracy” and “lack of urgency”.