(LAUSANNE) “We are in the early innings of a decade, maybe several decades, of change marked by the clean energy transition, digitalization, post-covid build back, and of course, geopolitics.  All driven by a new family of global shipping shapers and all addressing a new language of shipping, which is dollars per CO₂ emissions per ton-mile. This has been marked by a new set of boundary conditions, timelines, and commercial relationships.”

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

“The challenge of EEXI and CII is real. Around 80 percent of the global trading fleet will have to make technical upgrades to meet the minimum energy efficiency standards within EEXI. While EEXI is a one-time hurdle for vessels to clear, then you start moving down the carbon intensity trajectory, which represents a powerful new industry dynamic as a continual process with widespread operational and business repercussions running through to the end of the decade,” added Wiernicki.

“I think it all points to the need for government support. The industry really needs some help here. This is a ‘We game’. It’s not a shipping company game. What we’re going to see over the next 20 years as we ramp up this energy transition, in terms of the fuel pathways and required technology timelines, the magnitude of the problem, the amount of renewable power required, the amount of carbon capture required, means we’re going to need some help in this process

He said higher fuel prices should spur industry and government to accelerate the development of the value chains to enable deployment of net zero technologies at scale

“Higher energy prices are as much a disruptor as a potential catalyst and accelerator going forward. We need this to catch the attention of governments in order that they can provide the infrastructure to support the development of the hydrogen and carbon value chains that are going to be so important for a net-zero future.”

About ABS

ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design and construction. Focused on the safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance, and operational efficiency for marine and offshore assets.