We may have to kill the spot market
To decarbonise shipping, we may have to kill the spot market.
BHP has announced its five-ship, five-year charter deal with Eastern Pacific to ship iron ore from Australia to China.
These ships meet the IMO’s 2030 decarbonisation target eight years early
But they are among fewer than 400 LNG powered ships out of a global fleet of 80,000 passenger and cargo vessels.
The ships were affordable because of the charters.
Is this the business model for decarbonisation? More control for charterers via traditional instruments like time charter, but also through smart shipping, data sharing, voyage and fleet optimisation.
One way to cut shipping’s CO2 emissions would be to minimise ballast runs. That means greater predictability and greater data transparency across the industry – because it’s the imbalance of information that creates the spot market.
So, to decarbonise shipping, we may have to kill the spot market.
More detail here.
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