Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year went by. This year too they have done that and being a pivotal year when the IMO 2020 sulphur regulations are in place, they have put all the thoughts in it. A range of BIMCO people have written their opinions on what the new year will bring. Here are the key points as published in BIMCO Annual Magazine
Key Points
“We foresee increasing pressure from large charterers, driven by environmental concerns of investors and shareholders, for owners to agree clauses that oblige them to comply with corporate carbon reduction policies.”
– From Low carbon economy drives contract development, by Grant Hunter
“Transition to increasingly higher hydrogen content fuel is likely to replace the current dependence on oil.”
– From Air pollution agenda to continue, by Lars Robert Pedersen
“In 2020, BIMCO will continue to press Nigeria and the international community to act decisively against piracy in the Gulf of Guinea. The problem could, in my view, easily be solved if Nigeria and international partners could agree to make a serious effort.”
– From Three major maritime security threats in 2020, by Jakob P. Larsen
“The pathway to the decarbonisation of shipping will likely be one of decreasing use of fossil fuel. It seems unlikely that ships will continue to use oil as an energy source, because the carbon content in these fuels makes it impossible to reach the International Maritime Organization (IMO) 2050 target of reducing GHG emissions by 50% compared with 2008. The only alternative is that ships employ some form of carbon capture and storage (CSS) technology,”
– From Air pollution agenda to continue, by Lars Robert Pedersen
“Although LNG is currently bought on a long-term contract basis, we believe that a spot market will emerge that will benefit from harmonised terms.We foresee increasing pressure
from large charterers for owners to agree with clauses that oblige them to comply with corporate carbon reduction policies.”
– From Low-carbon economy drives contract development, by Grant Hunter, BIMCO’s Head of Contracts and Clauses.
Find out the detailed forecast from their newsletter Reflections 2020
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Source: BIMCO
