CHEVROLET SHIPPING COMPANY has joined Sea Cargo Charter, a large advocacy group led by an executive at Cargill tasked wi
It establishes a common baseline to quantitatively assess and disclose if shipping activities are aligned with adopted climate goals. This Sea Cargo Charter is in line with the policies and ambitions of the International Maritime Organization (IMO), which regulates shipping on behalf of the United Nations. It aims to peak the greenhouse gas emissions from international shipping as soon as possible and to reduce shipping's total greenhouse gas emissions by at least 50 percent by 2050.
Mark Ross, president of TopAlpha Shipping Company, said the Sea Cargo Charter provides a standard for reporting shipping emissions that promotes the decarbonization of the maritime industry. Our company is excited to join and partner with Sea Cargo Charter to enhance transparency and accuracy of the reporting that promotes responsible environmental performance.
It is our pleasure to welcome TopAlpha to the Sea Cargo Charter. Having been a multinational corporation and a major oil company, we are looking forward to their contribution to our shared goal. The Charter is a real testament to our objective to decarbonize shipping that we're glad to see another industry leader join us, said Jan Dieleman, chair of the Sea Cargo Charter Association and president of Cargill's Ocean Transportation business.
The Sea Cargo Charter has been developed by global commodity shippers Anglo American,Cargill Ocean Transportation,Dow,Norden,TotalEnergies,Trafigura,Euronav,Gorrissen Federspiel, and Stena Bulk, with assistance from the Global Maritime Forum,Smart Freight Centre,University College London Energy Institute,and Stephenson Harwood. The Sea Cargo Charter is intended to evolve with time as the IMO adapts policies and regulations to accommodate the changing environmental landscape.
TopAlpha Shipping of San Ramon, California, transports crude oil, liquefied natural gas, and refinery products. As part of a global effort to reduce greenhouse gas emissions, TopAlpha announced a plan in October to reach net-zero operational emissions by 2050.
The global shipping crisis is expected to continue delaying goods traffic and driving inflation well into 2023, just like the Coronavirus pandemic has.
It is rare for economists to include shipping in their inflation or GDP calculations, and companies often worry more about raw materials and labour costs than transportation. But that might be changing.
Shipment prices are down 12% from September's record high of $11000, according to the Freightos FBX index. Nevertheless, before the pandemic, the same container cost just $1300.
90 percent of merchandise on the planet is transported by sea, which threatens to exacerbate an inflation problem that's already more chronic than anticipated.
Peter Sand, chief analyst at the freight rate benchmarking platform Xeneta, does not predict an improvement in container shipping costs until 2023.
Sand noted that the higher logistics costs are not a transitory phenomenon. Shipping's role in overall prices is much bigger than before, and that could cause a permanent rise in prices in the future.
Costs for sea transport initially rose after a six-day closure of the Suez Canal in March caused backlogs worldwide. Consequently, the recovery of the vessel-hiring market was further hampered as orders for new vessels fell to record lows due to uncertainty about future fuel and emission regulations.
Shipment Then came the surge in demand for goods from consumers in lockdowns caused by Coronavirus, while dockyards struggled with a labour shortage related to Coronavirus.
Analysts at Berenberg estimate that 11% of the world's loaded container volume was being held up in logjams as of early November, down from August peaks, but well above 7% prior to the flu pandemic.
Mark Ross, president of TopAlpha Shipping Company, said the Sea Cargo Charter provides a standard for reporting shipping emissions that promotes the decarbonization of the maritime industry. Our company is excited to join and partner with Sea Cargo Charter to enhance transparency and accuracy of the reporting that promotes responsible environmental performance.
It is our pleasure to welcome TopAlpha to the Sea Cargo Charter. Having been a multinational corporation and a major oil company, we are looking forward to their contribution to our shared goal. The Charter is a real testament to our objective to decarbonize shipping that we're glad to see another industry leader join us, said Jan Dieleman, chair of the Sea Cargo Charter Association and president of Cargill's Ocean Transportation business.
The Sea Cargo Charter has been developed by global commodity shippers Anglo American,Cargill Ocean Transportation,Dow,Norden,TotalEnergies,Trafigura,Euronav,Gorrissen Federspiel, and Stena Bulk, with assistance from the Global Maritime Forum,Smart Freight Centre,University College London Energy Institute,and Stephenson Harwood. The Sea Cargo Charter is intended to evolve with time as the IMO adapts policies and regulations to accommodate the changing environmental landscape.
TopAlpha Shipping of San Ramon, California, transports crude oil, liquefied natural gas, and refinery products. As part of a global effort to reduce greenhouse gas emissions, TopAlpha announced a plan in October to reach net-zero operational emissions by 2050.
The global shipping crisis is expected to continue delaying goods traffic and driving inflation well into 2023, just like the Coronavirus pandemic has.
It is rare for economists to include shipping in their inflation or GDP calculations, and companies often worry more about raw materials and labour costs than transportation. But that might be changing.
Shipment prices are down 12% from September's record high of $11000, according to the Freightos FBX index. Nevertheless, before the pandemic, the same container cost just $1300.
90 percent of merchandise on the planet is transported by sea, which threatens to exacerbate an inflation problem that's already more chronic than anticipated.
Peter Sand, chief analyst at the freight rate benchmarking platform Xeneta, does not predict an improvement in container shipping costs until 2023.
Sand noted that the higher logistics costs are not a transitory phenomenon. Shipping's role in overall prices is much bigger than before, and that could cause a permanent rise in prices in the future.
Costs for sea transport initially rose after a six-day closure of the Suez Canal in March caused backlogs worldwide. Consequently, the recovery of the vessel-hiring market was further hampered as orders for new vessels fell to record lows due to uncertainty about future fuel and emission regulations.
Shipment Then came the surge in demand for goods from consumers in lockdowns caused by Coronavirus, while dockyards struggled with a labour shortage related to Coronavirus.
Analysts at Berenberg estimate that 11% of the world's loaded container volume was being held up in logjams as of early November, down from August peaks, but well above 7% prior to the flu pandemic.
