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New ICS review addresses sulfur cap, CO2, ballast water treatment

May 3, 2017 09:44 AM

Refiners may be hard pressed to supply enough 0.5 percent sulfur fuel, the agency says

Courtesy ICS

The following is the text of a news release from the International Chamber of Shipping (ICS):

(LONDON) — The International Chamber of Shipping has launched its latest Annual Review ahead of the ICS Annual General Meeting in Istanbul next week. Providing an insider’s view of the key issues affecting shipping, the ICS Annual Review provides a unique insight into the global shipping industry and the complex legislative and economic landscape currently faced by ship operators.

The ICS Annual Review explores the challenges presented by the need to reduce CO2 emissions in line with the ambition set by the Paris Agreement on climate change; the worldwide entry into force of the IMO Ballast Water Management Convention in September 2017; and the implementation in 2020 of the global 0.5 percent sulfur in fuel cap, each which will have profound implications for the economics of shipping.

The review also covers developments with respect to the wide range of other issues in which ICS is involved on behalf of the global industry, ranging from legal and insurance developments, seafarers’ employment standards and the maintenance of free trade principles, to the resurgence of Somali piracy and the continuing migrant rescue crisis in the Mediterranean.

“While much of our work is about preparing for the future, the Annual Review reflects the sheer volume and diversity of issues being addressed by ICS," said ICS Chairman Esben Poulsson.

The 2017 ICS AGM will be held in Istanbul from May 9-11 and hosted by the Turkish Chamber of Shipping. It will be Poulsson’s first AGM as ICS chairman, following his election at the previous AGM in Tokyo last year.

To view the ICS Annual Review, click here.

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