October 19, 2023
We have joined forces with Global Maritime Forum and leading maritime companies to cut greenhouse gas emissions from vessels through operational efficiency measures. As announced at the Global Maritime Forum's Annual Summit today, signatories agree to take collective action and adopt voyage optimisation strategies that can decrease annual fuel consumption by 20%, reduce annual emissions by more than 200 million tonnes of CO2, and enable the uptake of scalable zero-emission fuels in the long run.
ATHENS, 19 October – The Global Maritime Forum has identified five key action areas to improve the operational efficiency of vessels. The implementation of operational efficiency strategies plays a critical role in reducing shipping emissions today, while also preparing the industry for a more manageable long-term transition to a zero-emission future.
These five actions cover: data collection and transparency; contractual changes; pilot projects; ports, terminals, and value chains; and culture and leadership. Participating companies and supporting organisations have signed an ambition statement agreeing to take collective action in these five areas, diligently assess their maturity and progress, and take a leadership role in bringing operational efficiency to the forefront of the shipping agenda.
Shipping voyages are inherently complex, involving multiple parties from commodity owners to shipowners and charterers coordinating with ports and terminals, all guided by contracts and informed by data. Depending on the shipping environment, operators are often incentivised to ‘sail fast then wait’, causing inefficiencies. Vessel operations and speed are inextricably linked to fuel consumption, emissions, and charterparty contracts, all of which can be reduced materially through actions within the five identified action areas.
A series of Insight Briefs published by the Global Maritime Forum highlighted that operational efficiencies can decrease annual fuel consumption by 20% and reduce annual emissions by more than 200 million tonnes of CO2.
Optimising shipping operations provides an opportunity to act now, using existing technologies and not requiring high capital investments or complex regulatory compliance. Rather, optimisation requires bold leadership, changing mindsets, and a willingness to embrace existing solutions that will minimise the environmental impact of operations—all in a commercially viable way.
“Capitalising fully on operational efficiency will be a prerequisite to achieving the 2030, 2040, and 2050 emissions reduction targets that were recently introduced as part of the International Maritime Organization’s revised greenhouse gas emissions strategy,” says Jesse Fahnestock, the Global Maritime Forum’s Project Director for Decarbonisation. “Operational efficiency measures should and can be taken now, without waiting for new technological advancements like the procurement of zero-emission fuels and newbuild vessels.”
The signatories of the operational efficiency ambition statement are: Amaggi, Blue Visby, Bunge, Cargill, Chevron Shipping, Cofco, Copenhagen Commercial Platform (CCP), Euronav, Genco Shipping, Lloyd's Register, Louis Dreyfus Company, Maersk Tankers, NAPA, NYK Group, OCIMF, Oldendorff, Port of Açu, Port of Rotterdam, PSA International Pte Ltd, Rubis Energie, Siglar Carbon, Signol, Stena Bulk, Stephenson Harwood, Torvald Klaveness, UKHO, Viterra, Watson Farely & Williams LLP (WFW), Wisdom Marine Group, and Zero North.
For questions or further information, please reach out to the Global Maritime Forum’s Senior
Communications Manager firstname.lastname@example.org