Shipping industry at risk of fines due to FuelEU Maritime inactivity
The shipping industry is already at risk of significant fines, even before the FuelEU Maritime regulations take effect. It is particularly the lack of FuelEU clauses in charterparty agreements and pooling arrangements that causes costs to accumulate.
The full storyThe IMO 79th Marine Environment Protection Committee meeting took place this month and discussions around the reduction of GHG emissions from ships took centre stage.
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The very short COP27 shipping summary: The drive to decarbonise the shipping sector is growing, parties in the value chain are collaborating and initiatives that show most progress are linked to developing green shipping corridors, zero-emission fuels and vessels, as well as infrastructure to support the transformation of the industry.
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The carbon intensity indicator (CII) enters into force 1st of January 2023. The new indicator is likely to impact charter party terms and freight rates, but with no CII ratings published until 2024, the charterer is left blindfolded. The Siglar Carbon Voyage CII helps the charterer decode the CII mystery.
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