Climate and Sustainable Finance - Is the tide turning towards greener shipping
Undoubtedly, IMO 2020 implementation will be in focus for the shipping industry this year. The fuel specification change is one of the most profound changes that the shipping industry has been faced with for quite some time. The majority of the shipping market has been quite upbeat about the consequences of IMO 2020, as fleet supply contraction influenced by scrubber retrofitting in some shipping markets, potential removal of fleets with high compliance cost and potential intensification of slow steaming due to anticipated high cost of VLSFO, is expected to further tighten fleet supply.
We should also bear in mind that IMO 2020 is only one of the environmental issues that shipping is facing, and that curbing CO2 footprint is one of those long-term items that will stay on the agenda for the time being. Cost of compliance for the fleets is likely to only increase in the next decade or so, with already a high burden of compliance cost for the upcoming years, bearing in mind fleets have to comply both to the new fuel specification rules but also the ballast water treatment convention as well.
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