The IMO’s upcoming meeting in London will be crucial in deciding on a GHG pricing mechanism for the shipping industry. The 6PAC+ alliance is advocating for a universal GHG levy to drive decarbonization efforts and ensure a just transition. Support for the levy is growing, but political divisions remain on key issues.
Fortescue’s marine division, Fortescue Zero, showcased its ammonia-powered vessel, Green Pioneer, in London ahead of the IMO’s Marine Environment Protection Committee meeting. The vessel aims to demonstrate the viability of ammonia as a sustainable marine fuel. After being certified in Singapore, it will undergo inspections by the UK’s Maritime and Coastguard Agency.
Maersk’s surprising decision to shift container ships from Felixstowe to London Gateway in 2025, in partnership with Hapag-Lloyd, aims to boost industry schedule reliability to 90%. This move will consolidate Asia-Europe and Middle East-Europe trade at the new port, impacting the longstanding 2M alliance with MSC.
London remains the top global hub for maritime arbitration post-Brexit, with minimal impact on arbitration clauses in English law contracts. The LMAA, founded in 1960, handles disputes in drilling, vessel building, and offshore decommissioning. Arbitrations follow the Arbitration Act 1996, with updated LMAA terms ensuring fair resolution. Costs in LMAA proceedings typically follow the outcome.
Three oil tankers previously sanctioned by Britain for transporting Russian oil are now flying the Barbados flag. The Barbados Maritime Ship Registry, based in London, oversees their operations, providing diplomatic immunity. Despite concerns about ties to the UK, the switch allows the vessels to comply with international regulations more efficiently. Questions arise over the tankers’ ownership as they continue operations under new flags.
