Digital Edition

August 14 2023

Issue link: https://jocdigital.uberflip.com/i/1505022

Contents of this Issue

Navigation

Page 43 of 63

44 Journal of Commerce | August 14, 2023 www.joc.com Green Shipping: The Route to Sustainability Special Report THE MARITIME AND Port Authority of Singapore (MPA) has joined the cross-industry Silk Alliance initiative aimed at expanding green shipping corridors and enabling zero-emission shipping through Asia and across the Pacific and Indian oceans. Singapore's status as a bunkering and transshipment hub will focus on accelerating regional decarboniza- tion efforts being driven by the Silk Alliance, launched in May 2022 by Lloyd's Register Group and Lloyd's Register Foundation. Teo Eng Dih, CEO of the MPA, said bringing the port authority into the Silk Alliance would enable key maritime organizations in Singapore to increase decarbonization efforts and chart their transition toward low- and zero-carbon options. "As the world's largest tranship- ment container port and bunkering hub, Singapore will take active steps to support the decarboniza- tion of the container trade in line with the International Maritime Organization's revised strategy to reduce emissions from shipping," he said in a statement early July. A 'driving force' Deeper public-private sector col- laboration between global maritime industry players and Singapore's port regulator would unlock key investments across the Indian and Pacific oceans, believes Lloyd's Reg- ister CEO Nick Brown. "Flag and port authorities play a crucial role in increasing the indus- try's confidence in zero-emissions shipping, and as the world's largest bunkering hub, we see Singapore and the MPA as a driving force in advancing the safe uptake of low- to-zero emissions fuel in the global shipping industry," Brown said in the statement. The Silk Alliance has brought together organizations from private and public sectors across the ship- ping value chain, including inau- gural members port operator PSA; shipowner MSC Shipmanagement; carriers Pacific International Lines, Wan Hai Lines, X-Press Feeders and Yang Ming Marine Transport Corp.; shipyard Seatrium; engine manu- facturer Wärtsilä; Wilhelmsen Ship Management; and the Asian Devel- opment Bank and ING. The alliance's focus will initially be on decarbonizing a baseline fleet that predominantly bunkers in Singapore and sails across Asia, East Africa, the Middle East, Australia and the Pacific Islands. As the imple- mentation phase is rolled out, the baseline fleet's demand is expected to extend to other regional hubs and deep-sea routes, such as the Singa- pore-Rotterdam green, digital ship- ping corridor. Singapore and Rotterdam last August agreed to establish a green shipping and digital corridor between the ports, with the first sustainable vessels expected to be deployed on the Asia-North Europe route by 2027. Green corridors on the world's busiest shipping trade lanes have been identified as crucial to meeting emissions targets and attracting investment in new technologies and fuels, with the support of gov- ernment regulations. At the United Nations Climate Change Confer- ence (COP26) in November 2021, the Clydebank Declaration was launched where signatory countries committed to establishing six green corridors by 2025. JOC email: greg.knowler@spglobal.com twitter: @greg_knowler "Flag and port authorities play a crucial role in increasing the industry's confidence in zero- emissions shipping." The Silk Alliance brings together ports, terminal operators, ship owners and operators, engine makers and ship builders. Creativa Images / Shutterstock.com Cross-chain collaboration Singapore port body joins wide- ranging decarbonization alliance By Greg Knowler

Articles in this issue

Links on this page

Archives of this issue

view archives of Digital Edition - August 14 2023