BIMCO's position has been approved by the BIMCO Board of Directors.
Parties to the United Nations Framework Convention on Climate Change (UNFCCC) have recognised that the convention is unsuitable to address emissions from international shipping. The Paris Agreement, adopted at COP 21 in December 2015, is silent about emissions from international shipping. It does, however, expect all sectors of the economy to contribute to the global efforts.
The International Maritime Organization (IMO) has agreed on a Road Map to develop a Comprehensive IMO GHG Strategy by 2023. The Initial Strategy (IS) was adopted at MEPC 72 in April 2018 with a vision to decarbonise shipping as soon as possible. The IS contains the following important objectives:
Tackling the barriers to transition may be the single most important issue facing the shipping industry. The barriers cut across commercial business practices, which are normally beyond the scope of international regulation.
As the transition to zero carbon shipping is likely to take a generation of ships, it necessitates having a mechanism to facilitate a level playing field in the marketplace for ships of both conventional and novel technological state. This is because freight rates are unlikely to correlate with the cost of operating ships using vastly more expensive fuels as long as cheap fossil fuel alternatives exist.
Removing the barriers for transition require new commercial solutions and shared responsibilities between charterers and shipowners. BIMCO will develop the necessary contractual solutions to assist the transition.
Veritas Petroleum Services (VPS) publish regular Bunker Alerts based entirely on fuel samples and have kindly permitted BIMCO’s Members to access this information.
The Bunker Alerts are not intended to be an evaluation of overall bunker quality in the port or area concerned, but usually highlight a specific parameter within the fuel which has raised a quality issue.
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