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MEPC 77: Governments to decide on ICS USD 5 billion R&D fund to accelerate decarbonisation goals

If approved, the R&D fund is expected to be up and running by 2023, with the ability to put large numbers of zero-carbon ships in the water by 2030.
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MEPC

The International Chamber of Shipping (ICS) on Monday (22 November) said a critical meeting of the Marine Environment Protection Committee (MEPC) will be held by the global shipping industry’s UN regulator this week.

The meeting will decide whether to go ahead with a USD 5 billion R&D fund – the ‘IMO Maritime Research Fund (IMRF)’.

The 174 governments will meet at the International Maritime Organization (IMO) in London to address the pressing carbon emission reduction challenges facing international shipping, in what industry is calling the ‘first litmus test’ of government’s decarbonisation commitments following COP26.

Paid for entirely by the industry, at no cost to governments or taxpayers, the fund would be used to accelerate the rapid increase of Technology Readiness Levels to ensure zero-carbon fuels can be used on large ocean-going ships.

If approved, the R&D fund is expected to be up and running by 2023, with the ability to put large numbers of zero-carbon ships in the water by 2030, making net zero shipping by 2050 a reality.

Esben Poulsson, Chairman of ICS said: “If governments do not support the IMRF, we have to ask the question… why?”

“The fund is a ‘no brainer’. Something you’d have thought governments would jump at to send a clear message to the world that they are serious about achieving their climate goals.”

A proposal for the IMRF was first put forward in 2019 and is now supported by major shipping nations including Denmark, Greece, Japan, Panama, Singapore and the United Kingdom, plus developing nations such as Liberia, Nigeria and Palau, who collectively represent the majority of the world’s shipping, said ICS.

However, the IMRF needs regulatory approval from the majority of governments attending MEPC for the mandatory R&D contribution system to be passed, which will be funded by collecting USD2 per tonne of marine fuel consumed by ships trading internationally.

Guy Platten, Secretary General of ICS said: “This really is the first ‘litmus test’ on governments’ commitments to decarbonisation since COP26.

“The USD 5 billion R&D fund provides governments with the opportunity to prove that their words have meaning, and they are serious about the transition to a zero-carbon sector.

“At COP 26, governments announced many plans, but we need to ensure we have the necessary zero-carbon technologies to actually make this happen. Importantly this needs to be for all and not just the few, as the R&D Fund provides.”

Despite widespread calls during COP26 for global shipping to decarbonise completely by 2050, a goal which the shipping industry fully supports, ICS fears that some governments may raise procedural obstacles to the establishment of an R&D fund, it said.

This is due to suspicions that collaborative action benefiting global CO2 reduction efforts might negatively affect what governments perceive to be their national or regional interests.

A comprehensive impact assessment was conducted to placate these concerns, and it demonstrates the negative effect on national economies will be virtually zero.

Related: IMO schedules remote session of Marine Environment Protection Committee (MEPC 77)

 

Photo credit: International Maritime Organization
Published: 23 November, 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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July 21, 2026

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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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