Baltic Dry Index

Bunker price

oTHER Index

新船订单跟踪 Newbuilding Orders (7.22-7.28)

News Cornor

Market News

• 建700米长超大型船坞？新时代造船投巨资升级扩产
  

New Times Shipbuilding invests heavily in upgrading and expanding production, and plans to build a

700-meter-long super-large dry dock.

• 179艘！量价齐升！最新全球造船业月报出炉
  

The latest global shipbuilding industry monthly report was released, with volumes and prices rising

simultaneously: 179 new orders were signed globally in June 2024.

• 352艘订单再创新高！中韩船厂为法国“独角兽”打工？
  

The French shipyard GTT received 58 new ships and held orders for 352 ships, setting a new high.

Market News from Lloyd’s list

WSC refines IMO carbon price proposal

World Shipping Council proposes a proportional carbon price for vessels failing a 65% emissions ​reduction than fossil fuels.

Many carbon price proposals will be on the table at MEPC82 as member states must make progress to ​adopt mid-term measures in 2025.

GREENHOUSE GAS INTENSITY OF FUELS WOULD ​BE CALCULATED ON A FULL LIFECYCLE, ALSO ​CALLED WELL-TO-WAKE, BASIS UNDER WSC’S ​PROPOSAL.

Source: Hasenpusch Photo

THE World Shipping Council has refined its carbon price proposal to the International Maritime ​Organization ahead of the UN agency’s key meeting at the end of September, when member states will ​consider the many greenhouse gas pricing options that will be up for adoption next year.

The WSC had put forward the Green Balance Mechanism aimed at subsidising green fuels without ​setting an excessive carbon price on fossil fuels.

In its new submission, WSC proposed a carbon price that would apply to all vessels falling short of a 65% ​GHG emission reduction target compared with fossil fuels. WSC said the carbon price would be ​proportional, meaning a vessel delivering emission reductions of 62% would pay less than one that ​delivers 30% reduction.

The proposal includes two different categories for vessels that will receive payments depending on their ​fuels’ emission reductions.

Under one category, vessels, burning fuels with emission reduction of at least 65% but lower than 80%, ​would receive payments from a fund that would collect revenue from vessels falling short of the 65% ​target.

WSC proposed a second category that will be compensated more for fuels with emission reduction of ​80% or higher.

Greenhouse gas intensity of fuels would be calculated on a full lifecycle, also called well-to-wake, basis ​under WSC’s proposal.

WSC’s carbon price proposal is an integrated measure with a global marine fuel standard, the technical ​element of the IMO’s set of mid-term emission curbs.

The WSC also proposed a separate fund to support small island developing states and least-developed ​countries, in line with the IMO’s GHG revised strategy that promised a just and equitable transition.

IMO member states agreed to adopt a GHG pricing mechanism as an economic measure along with a fuel ​standard in 2025 to be implemented from 2027 as part of the IMO’s revised GHG strategy that aims to ​reach net zero emissions by or around 2050.

The fuel standard is expected to resemble the FuelEU Maritime legislation that sets emission reduction ​targets for bunker fuels.

The IMO received multiple carbon price proposals from various states and industry groups including ​Japan, the Marshall Islands, WSC and the International Chamber of Shipping.

China and some developing states came out against a global shipping levy, arguing it would hurt their ​economies more than others. China, Norway, Brazil and the UAE tabled a fuel standard that would ​initially allow use of fuels with high well-to-wake emissions. The co-sponsors support a flexibility ​mechanism coupled with their fuel standard proposal, rather than a standalone economic measure that ​is backed by other states such as EU countries and the Pacific Islands.

A shipping levy at higher prices such as $150-$300 per tonne of CO2 equivalent would make the smallest ​negative impact on global economic growth, according to a report by United Nations Trade and ​Development prepared for the IMO as part of its Comprehensive Impact Assessment process to design ​mid-term measures.

Multiple carbon price proposals will be submitted to the IMO by the deadline of August 10 ahead of ​MEPC82 that will take place on September 30-October 4.