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Maersk: Charting the course to a climate-neutral Europe and sustainable shipping

The CEO of A.P. Moller – Maersk says it is naïve to believe the recently published European Commission “fit for 55” package “only” aims to reduce emissions.
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Søren Skou, the CEO of A.P. Moller – Maersk on Wednesday (14 July) offered his thoughts on the recently published European Commission “fit for 55” legislative package in a social media post:

Today, the European Commission published its long-awaited “fit for 55” legislative package. This basket of measures will affect all sectors of the European economy as only a concerted effort can make Europe the first climate-neutral continent by 2050 and deliver the EU’s 2030 emissions reduction objective of at least net 55%. It is naïve to believe that the “fit for 55” package “only” aims to reduce emissions. 

It should also be seen as the European Commission’s push to ensure that the EU does not miss out on the green energy revolution. It is simply an opportunity our old continent cannot afford to miss.

A Virtuous triangle: fuels, ships and infrastructure

When it comes to shipping, three key measures are put forward by the European Commission:

  1. The inclusion of shipping into the EU ETS;
  2. The FuelsEU Maritime Regulation; and
  3. The revision of the Renewable Energy Directive (RED).

This regulatory triangle will aim to incentivize the right behavior (ETS), push the use of the right fuels (FuelsEU) and support the production of these fuels (RED revision). For Maersk, the EU has chosen the right approach. All three elements, provided that they complement each other, can accelerate the decarbonization of shipping.

Maersk supports the phased approach chosen in ETS and the strong focus on spurring and financing innovative and not yet commercially viable technologies. The ETS proceedings can and should serve to cover part of the competitiveness gap of new renewable fuels that shipping will start using shortly, instead of ending up as subsidies for existing technology.

Future proofing regulation: fuel lifecycles and CO2 equivalents

But all three elements of this regulatory triangle also need to consider the journey towards decarbonisation. We must not end-up picking winners (i.e. fuels) which are immature and sit on our hands until these become viable. Shipping needs to lower its emissions today and advanced biofuels such as green biomethanol should consequently be supported, at least for a period.

This can be done through an incentive mechanism in FuelsEU or RED for specific fuels based on their lifecycle emissions and their CO2 equivalent contents. Life Cycle Assessment will also ensure that we don’t push uptake of fuels with emissions elsewhere in the chain than from the ship. Only focusing on the CO2 coming out of the stack of the ship is no longer a credible or scientific path.

Stay at the IMO table

As stated previously, Maersk believes that the EU basket of measures should serve as an incubator to show the International Maritime Organization (IMO) that significant GHG reductions are possible and do not lead to major increases in consumer prices. We still believe that the EU should start with applying its virtuous regulatory triangle to intra-EU trade and then move to a broader scope if the IMO has not delivered by 2025. This will secure that EU Member States still have a strong voice at IMO based on facts and not politics. More importantly, it will be fundamental in securing a global carbon price for the 85% of shipping emissions not covered by the full EU MRV scope. By setting a deadline in 2025 we also acknowledge that we will not wait forever for the IMO. We need to see progress now.

Maersk looks forward to supporting and engaging with EU and non-EU stakeholders on the Fit for 55 package. This could chart the course for sustainable shipping and the EU’s role in transitioning our economies to climate neutrality.

 

Photo credit: Maersk
Source: LinkedIn
Published: 16 July, 2021

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

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RESIZED Sora Shimazaki on Pexels

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July). 

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

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Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

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July 21, 2026

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RESIZED Drew Beamer

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

  • that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
  • that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
  • that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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July 21, 2026

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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