The shipping industry will need to find stakeholders to foot the bill for its transition towards its alternative marine fuels future in order to make solid progress, believes the Chief Shipping Analyst of international shipping association BIMCO.
“At the end of the day, shipping is a super cost focused industry and we’re not really doing much unless someone else is paying for it,” said Peter Sand during Session Three: Shipping & Freight Markets of the International Bunker Industry Association (IBIA) ‘Bunkering & Shipping in Transition’ conference on Monday (12 April).
“Having said that, someone’s got to pay for the transition from a dead cheap fossil fuel into a much more expensive alternative fuel.”
He called for support from other related industries to lend their respective expertise to the shipping sector.
“I think we can not underestimate the importance of bringing in industries from the outside,” he says.
“The refineries did a great job in the transition for IMO 2020 to happen and what we need very much now is the support of many other industries around us in order to make this transition happen and to also bring down the costs of those alternative fuels.
“The faster, the sooner, the better.”
Photo credit: BIMCO
Published: 15 April, 2021
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