IMO’s climate efforts could save ship operators $50bn a year

These are the conclusions from a report by Lloyds Register and Det Norske Veritas for the IMO, which was published last month. The report also says climate emissions from shipping will fall globally by 23% compared with a business-as-usual scenario, but the overall growth in shipping will wipe out these gains in absolute terms.

Details about the report are available at https://www.imo.org/mediacentre/pressbriefings/pages/57-eedistudy.aspx.

A shipping company that has used a ‘virtual arrival’ clause in its shipping contracts says this could save the shipping industry millions of dollars a year and cut emissions. A ‘virtual arrival clause’ gives ship operators the flexibility to reduce a ship’s sailing speed rather than force it to arrive at an agreed time. BP Shipping, which operates mainly tankers, says it has used ‘virtual arrival’ on 52 voyages, cutting consumption by more than 3200 tonnes (which reduces CO₂ emissions) and reducing fuel costs by $1.73 million.
For more information on what virtual arrival is: https://goo.gl/RgvyY