Shipping industry needs government support to manage a decade of change, says ABS CEO

“We are at the start of a decade, maybe decades, of change marked by clean energy transition, digitalization, post-covid reconstruction and of course, geopolitics. All driven by a new family of global shipping shapers and all tackling a new language of shipping, which is dollars per CO2 emissions per ton-mile. This was marked by a new set of boundary conditions, deadlines and business relationships. »

That was the message to the industry from Christopher J. Wiernicki, Chairman and CEO of ABS, addressing an audience of global shipowners, financiers, charterers and business leaders at the Financial Times. Commodities Global Summit, supported by Tradewinds.

“EEXI and CII’s challenge is real. Around 80% of the global commercial fleet will need to make technical upgrades to meet the minimum fuel efficiency standards within the EEXI. While the EEXI is a one-time hurdle for ships to overcome, you then begin to move down the carbon intensity trajectory, representing a powerful new industry dynamic as an ongoing process with operational and business implications. widespread until the end of the decade,” added Wiernicki.

“I think everything points to the need for government support. The industry really needs help here. It is a “game of us”. This is not a shipping company game. What we’re going to see over the next 20 years as we accelerate this energy transition, in terms of the energy pathways and technology timelines required, the scale of the problem, the amount of renewable energy required, the amount of carbon capture required , means that we are going to need help in this process.

He said rising fuel prices should prompt industry and government to accelerate the development of value chains to enable deployment of net-zero technologies at scale.

“Rising energy prices are as much a disruptor as they are a potential catalyst and accelerator for the future. We need it to get the attention of governments so they can provide the infrastructure to support the development of the hydrogen and carbon value chains that will be so important to a net zero future.
Source: ABS