In April 2018, member states of the International Maritime Organization (IMO) adopted a historic agreement to halve CO2 emissions from the shipping industry by 2050. Industry discussions surrounding the upcoming implementation of low-sulfur fuel oil in 2020 have led to a 50% increase in fuel procurement costs. The industry is employing a comprehensive strategy, employing three main approaches, which will significantly impact shipping price trends in the long term. Taiwanese companies Evergreen and Yang Ming Marine Transport have adopted a more conservative outlook for this year, but believe next year's market conditions will be better. The shipping market is facing increasing challenges and entering a volatile era. According to Alphaliner, a shipping consultancy, the annual growth rate of global cargo volume has been lowered this year. Evergreen and Yang Ming both believe this year will be very challenging for container ships, with new ship supply at an annual rate of 5.8%, while cargo volume growth has decreased from the original forecast of 5.3% to 4.5%. This is the reason for the industry's relatively conservative outlook this year. However, the industry's implementation of contingency strategies during the peak season will contribute to the healthy development of the container market. This year, rising oil prices also play a role, with the price of marine fuel oil per ton soaring from $300 last year to $370, an average increase of 25% compared to last year, which will also impact shipping companies' operating costs. Faced with rising oil prices, the world's three largest container shipping companies have announced the implementation of emergency fuel surcharges, creating an atmosphere conducive to freight rate increases this year and gradually reducing the pressure from rising oil prices. In the long term, the International Maritime Organization (IMO) has begun addressing threats to the marine environment. With regulations to reduce sulfur oxide emissions implemented since 2020, the sulfur content of marine fuel oil worldwide is limited to no more than 0.5% m\/m. With the new regulations about to take effect, the shipping industry estimates that global maritime fuel costs will increase by 25%. In response to these environmental changes, shipping companies worldwide are preparing new strategies. Industry analysts suggest that shipping companies have three strategies to cope with the new environmental regulations on sulfur oxide emissions. The fastest way is to switch entirely to low-sulfur fuel oil; however, this will rapidly increase fuel costs, as low-sulfur fuel oil is $250 more per ton than high-sulfur fuel oil. The second option is to build high-capacity green vessels, which can meet the International Maritime Organization's energy efficiency emission standards. The third option is to retrofit older vessels with desulfurizers, costing approximately $3 million per vessel. Many vessels are waiting for this upgrade, and the current conversion time is 15 months. Industry insiders also openly acknowledge that the potential for a significant increase in global shipping freight rates is attracting considerable attention. (United Evening News reporter Huang Shuhui\/Taipei report) Source: Economic Daily News (2018\/07\/21), PIDC editor<\/p>","protected":false},"excerpt":{"rendered":"
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