The maritime sector is a major global industry. In fact, an article published by the World Bank reports that shipping accounts for 80% of all world trade’s total volume. However, like other lucrative industries, it doesn’t only deal with accommodating a high demand for services, but also constantly faces numerous environmental issues.
Why exactly should shipping companies be involved with battling climate change? There are countless reasons, but one that stands out the most—if we assess matters through an economic perspective—is that climate change is a large threat to the industry itself.
Below, we’ll discuss several impacts of climate change on maritime transport, specifically on its efficiency and profitability.
The Northern Sea Route is a shipping lane situated between the Atlantic Ocean and the Pacific Ocean along the Russian coast of Siberia and Far East.. This route crosses Barents Sea, Kara Sea, Laptev Sea, East Siberian Sea and Chukchi Sea..
Five years ago this route was quite empty between December to May.. But as per reports, currently there are more than 20 ships per day on average which are active on this route..
This is testament to the effects of climate change and global warming..
This route has become quite popular in the name of saving on transit time and costs and almost 500,000 tons of cargo passed through this route in 2018..
It has been reported that 164 different companies navigated on the route operating 26 voyages between Europe and Asia..
One shipping line however, is choosing environmental and social responsibility to protect the biodiversity of both the Arctic region and the entire planet over the Northern Sea Route..
With #IMO2020 fast approaching – 194 days away as of this article – shipping lines, customers and ship owners are working hard on finding ways to be compliant (whether they like it or not)..
This is especially important in the wake of recent comments from IMO’s Frederick Kenney about the possibility of a postponement of the IMO2020 deadline “The chance is really zero. Procedurally, there is no mechanism that would allow the 0.50% regulation, as it stands right now, to change from 1 January 2020.”
There are still some questions over the use of open loop scrubbers which have been identified by the IMO as one of the several methods through which ships can meet lower sulphur emission standards.. Some of the main bunkering ports like Singapore and Fujairah have banned open loop scrubbers in their waters whereas some countries like South Africa have said yes to all types of approved scrubbers..
Then there are also the usage of bio fuels to power ships and shipments..
In what is termed as a first of its kind in the industry, a new carbon neutral product is being piloted by Maersk Line – the world’s largest container shipping line..