Friday, 09 March 2018 11:13

Costs will increase in the effort to reduce GHG

500 ghg

At this week’s TPM conference in Long Beach, World Shipping Council (WSC) vice president Bryan Wood-Thomas noted that the IMO Marine Environment Protection Committee meets next month to discuss curbs on greenhouse gas (GHG) emissions from shipping and expects mandatory speed reductions to be in the spotlight.  It has been suggested by some that the impact of a 10 to 30 percent reduction in speed could result in freight rate increases of 25 to 30 percent and bunker adjustment factors rising 50%. The ability to quickly implement a speed reduction in an effort to reach GHG reduction targets appeals to key governments. A recent article in the Lancet Planetary Health journal projected it would cost US$22.1 trillion to US$41.6 trillion between 2020 and 2050 for the world to hold average global warming under two degrees Celsius.

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