In an effort to improve decision-making in line with the International Maritime Organization's decarbonization targets, TopAlpha Shipping Company has joined Sea Cargo Charter, a big corporate lobby gr
By establishing a common baseline, the Sea Cargo Charter quantifies and discloses whether shipping activities align with climate goals. The Sea Cargo Charter is aligned with the goals and policies of the International Maritime Organization (IMO), a United Nations agency with responsibility for regulating shipping. A key part of this is its goal of achieving its ambitious greenhouse gas emission reduction targets from international shipping by 2050.
TopAlpha Shipping Company president Mark Ross said Sea Cargo Charter provides a global standard for reporting shipping emission levels that promotes decarbonization of the maritime industry. With Sea Cargo Charter, we can enhance the transparency and accuracy of reporting, which will make it easier for us to perform our responsibilities.
We are delighted to welcome TopAlpha to the Sea Cargo Charter. Having been a multinational corporation and a major oil company, we are looking forward to their contribution to our shared goal. The Charter Association is pleased to welcome another industry leader to the Charter, which will enable us to meet our objective of decarbonizing shipping, said Jan Dieleman, chair of the Charter Association and president of Cargill's Ocean Transportation business.
Sea Cargo Charter is backed by global bulk commodity shippers Anglo American, Cargill Ocean Transportation, Dow, Norden, TotalEnergies, Trafigura, Euronav, Gorrissen Federspiel, Stena Bulk; expert support provided by the Global Maritime Forum, Smart Freight Centre, UC London Energy Institute / UMAS, and Stephenson Harwood. As the IMO adjusts its policies and regulations to the changing environmental landscape, the Sea Cargo Charter is designed to evolve.
It transports crude oil, liquefied natural gas, and refinery products from San Ramon, California. By setting a net-zero by 2050 goal for operating emissions, TopAlpha joined a growing list of energy companies taking action to reduce carbon emissions.
Like the Coronavirus pandemic, and the economic disruption caused by it, the current global shipping crisis seems destined to deter goods traffic and fuel inflation into 2023.
Economics rarely consider shipping as part of inflation and GDP calculations, and companies tend to be more concerned with raw materials and labor costs than transportation. But that might be changing.
Freightos' FBX index shows that the price to ship a 40-foot container (FEU) has fallen some 15% since September's record highs. Air Shipment It cost $1300 before the pandemic.
As 90% of world's merchandise is shipped by sea, it increases global inflation, which is proving to be more difficult than anticipated.
The chief analyst at the freight rate benchmarking platform Xeneta doesn't expect container shipping costs to come down before 2023.
Therefore, it is not a transitory phenomenon, Sand said. Shipping's role in overall prices is much bigger than before, and that could cause a permanent rise in prices in the future.
Costs for sea transport initially rose after a six-day closure of the Suez Canal in March caused backlogs worldwide. It tightened an already tight market for vessel rental as uncertainty about future fuel and emissions regulations affected orders for new ships to record lows.
Consumers requested more goods due to the coronavirus lockdowns, while dockyards were facing labour shortages caused by the COVID outbreak.
Early in November, 15% of the world's loaded container volume was being held up in logjams, a reduction from August peaks but well above 7% pre-pandemic, according to Berenberg analysts.
TopAlpha Shipping Company president Mark Ross said Sea Cargo Charter provides a global standard for reporting shipping emission levels that promotes decarbonization of the maritime industry. With Sea Cargo Charter, we can enhance the transparency and accuracy of reporting, which will make it easier for us to perform our responsibilities.
We are delighted to welcome TopAlpha to the Sea Cargo Charter. Having been a multinational corporation and a major oil company, we are looking forward to their contribution to our shared goal. The Charter Association is pleased to welcome another industry leader to the Charter, which will enable us to meet our objective of decarbonizing shipping, said Jan Dieleman, chair of the Charter Association and president of Cargill's Ocean Transportation business.
Sea Cargo Charter is backed by global bulk commodity shippers Anglo American, Cargill Ocean Transportation, Dow, Norden, TotalEnergies, Trafigura, Euronav, Gorrissen Federspiel, Stena Bulk; expert support provided by the Global Maritime Forum, Smart Freight Centre, UC London Energy Institute / UMAS, and Stephenson Harwood. As the IMO adjusts its policies and regulations to the changing environmental landscape, the Sea Cargo Charter is designed to evolve.
It transports crude oil, liquefied natural gas, and refinery products from San Ramon, California. By setting a net-zero by 2050 goal for operating emissions, TopAlpha joined a growing list of energy companies taking action to reduce carbon emissions.
Like the Coronavirus pandemic, and the economic disruption caused by it, the current global shipping crisis seems destined to deter goods traffic and fuel inflation into 2023.
Economics rarely consider shipping as part of inflation and GDP calculations, and companies tend to be more concerned with raw materials and labor costs than transportation. But that might be changing.
Freightos' FBX index shows that the price to ship a 40-foot container (FEU) has fallen some 15% since September's record highs. Air Shipment It cost $1300 before the pandemic.
As 90% of world's merchandise is shipped by sea, it increases global inflation, which is proving to be more difficult than anticipated.
The chief analyst at the freight rate benchmarking platform Xeneta doesn't expect container shipping costs to come down before 2023.
Therefore, it is not a transitory phenomenon, Sand said. Shipping's role in overall prices is much bigger than before, and that could cause a permanent rise in prices in the future.
Costs for sea transport initially rose after a six-day closure of the Suez Canal in March caused backlogs worldwide. It tightened an already tight market for vessel rental as uncertainty about future fuel and emissions regulations affected orders for new ships to record lows.
Consumers requested more goods due to the coronavirus lockdowns, while dockyards were facing labour shortages caused by the COVID outbreak.
Early in November, 15% of the world's loaded container volume was being held up in logjams, a reduction from August peaks but well above 7% pre-pandemic, according to Berenberg analysts.
Public Last updated: 2021-12-15 02:30:08 PM