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On GHG emissions and a levy-based Market Based Measure

“INTERCARGO has been for a long time a leading proponent of a levy scheme as the most appropriate global Market Based Measure for the further reduction of GHG emissions.

As the relevant discussions progress under the IMO’s authority, and in line with its strategy, with the consideration of medium-term measures, our Association continues its constructive and responsible participation in the global regulator’s deliberations, on behalf of the dry bulk shipping sector.

The dry bulk sector is the largest shipping sector with close to 12,000 bulk carriers, accounting for 43% of the world fleet in tonnage and employing over 300,000 seafarers globally at a time. Bulk carriers operate basically on tramp trading routes, calling at many more ports than other shipping sectors do and serving truly diverse and internationally dispersed trade needs.

Before implementing a levy-based  Market Based Measure, a comprehensive impact assessment would be required.

Yet as global challenges and problems require global handling and solutions, the IMO is the only competent authority to ensure a level playing field unlike any regional regulations which have proven ineffective, create distortions and multi-tier markets, and even trade tensions.” said INTERCARGO Secretary General Kostas Gkonis.

A public communication with link to press coverage by Tradewinds can be viewed here.

Full Members may view the paper submitted to IMO here.