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Shippers prepare to navigate choppy regulatory waters
Among Korean industries, shipping is probably one of the most experienced in navigating environmental regulations.
As the companies operate on the high seas, they are under the direct influence of global regulations set by the International Maritime Organization (IMO).
A United Nations body responsible for regulating international shipping, the IMO has been tightening emission rules since the early 1990s, when it started targeting various pollutants, including sulfur, nitrogen and carbon dioxide.
Until now, shippers have mostly responded to carbon regulations by increasing fuel efficiency or slowing vessel speed. But maritime regulations are sure to intensify in the next few years, and these methods will become increasingly challenged by international standards. This calls for the shipping industry to come up with a more fundamental approach: fuel.
Operator
Good morning. My name is Anara, and I ll be your conference operator today. At this time, I would like to welcome everyone to the GasLog Partners First Quarter 2021 Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. On today s call are Paul Wogan, Chief Executive Officer; and Achilleas Tasioulas, Chief Financial Officer. Joseph Nelson, Head of Investor Relations will begin your conference.
Joseph E. Nelson
Head of Investor Relations
Good morning or good afternoon, and thank you for joining the GasLog Partners First Quarter 2021 Earnings Conference Call. For your convenience, this webcast and presentation are available on the Investor Relations section of our website, www.gaslogmlp.com, where a replay will also be available. Please now turn to Slide two of the presentation. Many of our remarks contain forward-looking statements. For factors that could cause actual results to differ materially from these forward-looki
Asia Pacific Shipping Forum
happening on April 20
Shipping has faced challenge after challenge in recent history, from IMO2020 regulations, the blockage of the Suez Canal, congestion, constrained supply chains and the impending environmental regulations such as Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII).
For the near future can we expect radical change? Will the market continue to be under extreme pressure? How will demand centers influence rates?
But the most important question remains: will shipping markets buoy or sink?
Join
S&P Global Platts Asia Pacific Shipping Forum to learn why shipping always takes the center stage in commodities markets.
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Lawmakers have scheduled their first oversight hearing on the issue of decarbonization in the maritime industry. The House Transportation and Infrastructure Committee’s Subcommittee on Coast Guard and Transportation is slated to meet on Thursday, 15 April, in a hearing titled Practical Steps Toward a Carbon-Free Maritime Industry: Updates on Fuels, Ports, and Technology.
The hearing is one of the first congressional actions that narrowly focuses on the maritime industry, which is projected to be a busy 117th Congress for climate, sustainability, and decarbonization activity. President Joe Biden and Transportation Secretary Pete Buttigieg have both cited climate issues among their top priorities and have called for a zero-carbon economy by 2050. Legislation has been introduced in this Congress that attempts to forge a greener maritime industry (see Title IV of CLEAN Future Act). For more in-depth coverage of this bill,