Going for Greener and Cleaner Sea freight Companies!
In our two previous newsletters, we have already had the opportunity to inform you that IMO has voted to bring the Low Sulphur regulation into force as of 1 January 2020. This implies that all maritime shipping companies must equip their fleets to limit their Sulphur Oxides (SOx) emissions to 0.5% m/m instead of 3.5% m/m.
Since 1 January 2019, many companies have therefore started to fit their ships with exhaust gas cleaning systems, also known as "scrubbers", to comply with the future standard. Key players in maritime transport, such as MSC, Evergreen, HMM and Maersk, are gradually installing cleaning systems. Others, such as CMA-CGM or Hapag-Lloyd, are also equipping themselves with LNG (Liquified Natural Gas) powered vessels in addition to scrubbers.
Even if ship owners and operators are fully committed to environmental protection, by 2024, only 10% of the world's fleet will be equipped for a more sustainable maritime transportation system.
Gearing ships with the proper and greener systems forces the sea freight companies to detain them for about a month. As a result, shipbuilders and shipyards that carry out these installations have their order books filled up until 2023. This detention of vessels results in significant maritime service disruptions:
- Equipment availability;
- Vacant space on board;
- Potential pricing impact.
Feel free to contact our teams for any further information you may need.