The global maritime industry has faced unprecedented regulatory challenges over the past three years as Western governments have imposed a complex web of sanctions in response to geopolitical developments, most notably the conflict in Ukraine. The introduction of the Russian oil price cap by the so-called ‘Price Cap Coalition’ (comprising the EU, UK, US, and other allies) has fundamentally altered the compliance landscape for all actors in the oil and shipping supply chain, including those involved in the provision of bunkers. The Sanctions RegimeSanctions are a foreign policy tool of economic and diplomatic leverage, imposed to promote national interests, influence […]

Maritime shipping’s energy transition is not just about regulation and technology – it’s also about finance. Drawing on a year of research and over 40 interviews across the maritime value chain and financial sector, a new report from Lloyd’s Register Maritime Decarbonisation Hub and Environmental Defense Fund has shown how traditional models may still fall short of financing the industry’s decarbonisation, and explores three concepts designed to help unlock capital for clean vessels, clean fuel infrastructure and retrofits by bringing shipping and finance stakeholders closer together. The success of the sector’s decarbonisation will be decided as much in boardrooms and […]

By 2030, containerships and passenger ships in Europe are required to use shore power under FuelEU Maritime (FEUM). In the same year, the Alternative Fuels Infrastructure Regulation (AFIR) mandates that 90% of port calls by ships above 5,000 GT at TEN-T ports must be electrified1. Meeting these targets in just a few years demands enormous investments in both port infrastructure and ship retrofits. In fact, achieving this transition will take far more than money. It requires time, specialised knowledge and organisational capabilities that many actors in the maritime industry are still struggling to build. Certainly the screws are tightening for […]

All eyes have been turned to London where adoption of the International Maritime Organization’s Net-Zero Framework is setting the stage for the decarbonisation of shipping. The backdrop for this ambition is playing out in shipyards in China, Korea and beyond, in ports around the world, onboard vessels plying the oceans, and in board rooms and banks as the role of low-carbon and renewable fuels comes into focus. For the past couple of years, we’ve seen the orderbook for new vessels swing away from fossil fuels to ships capable of running on LNG, methanol and ammonia. Each month, we see headlines […]

Using biomass as fuel is not new. There are records of vegetable oil being used in lamps as far back as 4000 B.C. In the 21st century biomass includes a variety of organic materials such as crops, vegetable oils, animal fats and waste products. A vast number of businesses use biofuel across a whole range of sectors, with much of the world’s supply being exported by the US and Brazil. The use of ethanol and biodiesel produced from biomass poses challenges for ships. Ethanol is not a drop-in fuel and needs purpose-built ships. Biodiesel can be dropped into a ship’s […]