Meet WasteFuel, the company helping Maersk achieve its decarbonisation goals February 5, 2022 Shipping giant Maersk has recently made industry headlines when it announced it had decided to anticipate its net-zero deadline by a decade. Maersk, the second largest shipping operator in the world, announced in January it would become net-zero by 2040, a decade before its original target. Instead of complying with the International Chamber of Shipping’s [...]
EU shipping laws to leave millions of CO2 emissions unregulated, research shows January 13, 2022 Over 25 million tonnes of CO2 could be left unregulated if the EU’s proposal on shipping carbon pricing was to pass. Drafted in July, the European Commission’s proposal sets out for shipping to be added to the EU’s emission trading system from 2023 over a three-year period to gradually phase out greenhouse gas (GHG) emissions. [...]
Israeli maritime firm Windward floats on LSE after raising £34.5m December 6, 2021 Israeli maritime intelligence firm Windward announced today its admission to trade on the LSE’s AIM market. After raising £34.5m from investors such as Hargreave Hale, the company floated with a market cap of £126.5m, placing shares at 155p. “Today marks the next step in the growth of Windward and I am grateful for all the [...]
Shipping crisis could push global inflation up, UN warns November 18, 2021 The current global shipping crisis could push global inflation rates up 1.5 per cent, hindering the economic recovery. A UN conference on trade and development (UNCTAD) report published today highlighted how the increased costs in container shipping have become a main issue for small suppliers, usually less equipped for absorbing additional expenses. If the current [...]
UK costs of shipping higher than mainland Europe, research reveals November 17, 2021 The cost of shipping to the UK is 24.2 per cent higher compared with mainland Europe, as a result of the supply chain crisis. Research from global trade management firm ManSys has revealed that Europe’s three most expensive ports for a 20-foot container ship are Liverpool, with a £9,112 rate, followed by Southampton and London, [...]
Volatile supply will remain for the rest of the year, warns Hamburg port November 16, 2021 Germany’s largest port, Hamburg, has warned that – despite a 2.9 per cent hike in sea cargo registered in the first nine months of 2021 – global supply chain issues are here to stay, at least until the end of the year. Compared to the same time last year, the port – which is Europe’s [...]
Supply chain crisis could last until 2023, UK ports warn November 14, 2021 The supply chain crisis could last up until 2023, Associated British Ports (ABP) – the UK’s biggest port operator – has warned. ABP’s chief executive Henrik Pedersen, told the Sunday Times: “When you have congested container ports around the world, it takes a very long time to turn it around. We have a shortage of [...]
UK and 18 others commit to green shipping corridors by end of decade November 10, 2021 The UK, US and 17 other countries have committed to the establishment of green maritime routes between two or more ports by the end of the decade. By agreeing to the Clydebank Declaration, signatories will work towards setting up at least six green shipping corridors, investing in clean energy infrastructure at ports on major maritime [...]
Suez Canal hikes tolls during ports crisis to capitalise on booming cargo trade November 5, 2021 Transit tolls in the Suez Canal are rising by six per cent next year for nearly all ships, despite the waterway reporting record revenues of $5.8 billion during the pandemic. The Suez Canal Authority is now looking to harness a booming cargo trade, with global trade traffic set to increase by nearly seven per cent [...]
Shipping will not reach net zero without a carbon tax says industry report October 25, 2021 The global shipping sector is going in the wrong direction when it comes to net zero commitments, as it is currently at risk of registering a 20 per cent increase in its greenhouse gas emissions by 2050. According to a report from Maersk McKinney Moller Center for Zero Carbon Shipping, at the current pace only [...]