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Shipping industry's first emissions target aims to cut greenhouse gases in half

Stock MarketsApr 13, 2018 12:48PM ET
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© Reuters. Shipping industry's first emissions target aims to cut greenhouse gases in half
  • The United Nations shipping regulator formally adopts the industry's first global emissions target, with a plan to cut greenhouse gas emissions by at least 50% by 2050 - which will require the industry to completely redesign their fleets around new types of fuel.
  • To reach a 50% cut in emissions by 2050 from 2008 levels, shipping groups say heavy investment in new fuel types will and that marginal improvements in efficiency will not be enough.
  • Lots of research and investment into new propulsion technologies will be necessary, says Maersk's (OTCPK:AMKAF, OTCPK:AMKBF) head of sustainability, noting that “the technologies are there but they are far too expensive. We don’t have them at scale.”
  • International Maritime Organization rules targeting air pollution also will cut the maximum amount of sulfur emissions that ships worldwide can burn to 0.5% of fuel content by 2020 from 3.5% currently, which Wood Mackenzie says will raise global shipping fuel costs by 25%, or $24B, in 2020.
  • Other potentially relevant tickers include SALT, SBLK, GOGL, SB, NM, DSX, GLBS, SHIP, SFL, DRYS, KEX, EGLE, NMM, SINO, GNK, NNA, PANL, SSW, GSL, SEA
  • Now read: The Case For Golden Ocean


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Shipping industry's first emissions target aims to cut greenhouse gases in half
 

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