Containerships have now reached their highest average age to date, standing at 14.2 years. This places them as the oldest vessels among the three major shipping sectors. In contrast, dry bulk vessels have an average age of 11.9 years, while tankers, on average, are 12.8 years old, BIMCO said in the
In the maritime sector, the quest for cleaner, more efficient practices has given rise to the electrification of ports and container handling equipment. Why, you might ask? The answer is clear, for electrification offers a trifecta of advantages that places it at the forefront of a green revolution:
The global fleet of 100,000-120,000 container handling equipment (CHE) is responsible for 10-15 million tonnes of carbon dioxide per annum, the equivalent of the annual emissions of Slovenia in 2020. Electrification of port operations through battery-electric CHE holds the key to a net zero future,
More than a hundred CEOs and senior executives from the Alliance of CEO Climate Leaders, led by Vincent Clerc, Chief executive Officer of A.P. Moller Maersk, have shared an open letter to world leaders ahead of COP28. The quest to cap global temperature rise at 1.5°C faces jeopardy without intensifi
The Sri Lanka Ports Authority (SLPA) aims to transform the Port of Colombo into an eco-friendly port by 2030, with a focus on renewable energy sources, aligning with the principles of a blue ocean economy. “In this context, we are actively exploring green energy solutions, including green methanol,
Industry giants Chevron, Euronav, and Cargill have announced their joint operational efficiency ambition statement as part of the Global Maritime Forum Annual Summit in Athens. Under the ambition, the trio committed to adopt vessel optimization strategies that can decrease annual fuel consumption by
According to the “Green hydrogen market forecast to 2030 – COVID-19 impact and global analysis – technology (alkaline electrolysis and PEM electrolysis), renewable source (wind energy, solar energy and others), end-use industry (chemical, power, food & beverages, medical, petrochemicals and others)
In order to catch up with the ambitions of decarbonization targets for the maritime industry, shipowners are being encouraged to start proactively securing long-term contracts for green fuels from serious players as the availability of these fuels is likely to be restricted amid demand from other se
Green corridors are likely to transform the realm of shipping finance as the focus shifts from emissions from ships to the entire supply chain, according to Michael Parker, Chairman of the Poseidon Principles. Parker spoke on a panel on Wednesday as part of the launch of Progress Toward Shipping’s 2
UK-based energy giant BP has shipped the first LNG cargo produced by the new liquefaction train at the Tangguh LNG facility in Papua Barat, Indonesia, marking the start of full commercial operation of the expanded Tangguh LNG facility. The LNG cargo produced by the new train sailed from Tangguh on O
In the race to achieve the 5% target for scalable zero-emission fuel (SZEF) goal by 2030, the global shipping industry has made significant progress over the past year, as revealed in a recent report from UMAS, Getting to Zero Coalition, and Race to Zero. The developments are promising, but as the 2
The maritime industry must build 80 million gross tonnage (gt) of zero-emission ships each year over the 14-year period from 2027 to 2040 to achieve the indicative checkpoints for 2030 and 2040 developed by the International Maritime Organization (IMO) in its 2023 Greenhouse Gas (GHG) Strategy, acco
