A panel of five shipowners recently voiced strong criticism of the International Maritime Organization’s (IMO) Net Zero Framework (NZF) during discussions at the Cyprus Maritime Conference. The panelists argued that the proposed regulations had been formulated without sufficient consultation with industry stakeholders, warning that their implementation could lead to increased costs for consumers.
John Procopiou, chairman of Dynacom Tankers, led the charge against the framework, describing the proposed climate regulations as a “kolotoumba,” a Greek term suggesting they would have the opposite effect of what is intended by raising costs and emissions. Thanassis Martinos of Eastern Mediterranean echoed his sentiments, emphasizing that the maritime industry’s contribution to global carbon emissions was so minimal that it justified the contention that the proposed regulations were disproportionate to the problem they aimed to address.
In contrast, Semiramis Paliou, CEO of Diana Shipping, was the sole dissenting voice among the panel, and as the only woman participating, she expressed feeling somewhat intimidated by her male counterparts, including prominent figures of Greek shipping.
Procopiou posited that politicians are often drawn to “desirable” solutions during their limited time in office, while shipowners prefer choices that are “doable.” He highlighted the industry’s commitment to environmentally friendly shipping, pointing out that fuel savings are directly related to operational efficiency. He further expressed frustration over the absence of effective green fuel options, asking for guidance on where to purchase sustainable alternatives.
This discourse aligns with ongoing debates at the IMO regarding the future of shipping regulations amidst a backdrop of calls for urgent climate action. Previous meetings have underscored the tension between different national interests, particularly as developing nations advocate for equitable solutions that recognize their vulnerabilities to climate change. The IMO’s efforts to create a global emissions reduction framework has faced criticism and varying positions from member states, revealing the complexities inherent in addressing climate issues in the maritime sector.
While there remain significant divisions over the Net Zero Framework, the conversations foster a hopeful perspective that ongoing dialogue may eventually lead to a consensus that balances economic realities with the urgent need for climate responsibility in shipping. The collective push for sustainable practices among shipowners, characterized by a desire for less pollution and greater accountability, indicates a potential for constructive collaboration in shaping the future of the shipping industry.