The International Maritime Organization inked new greenhouse gas targets this week that may have been more ambitious than its current goals but failed to meet the historic challenge of aligning shipping with the goals of the Paris Agreement to keep global temperature rises from exceeding 1.5C.

Shipowners say they will meet the targets by employing all means possible but environmental groups have been less enthusiastic about the deal, complaining that it is a qualifier-laden agreement set for “around 2050” to the extent that national circumstances allow.

However, for those hoping for a more stringent overhaul of shipping’s decarbonisation trajectory, the regulator has said it will adopt a carbon pricing mechanism by 2025, but only after a thorough review.

In the markets...

The trend for counter-cyclical Greek interest in listed dry bulk companies and bulk carrier newbuildings made its way to the secondhand markets, despite asset values starting to slide. Hellenic interests have earned big in tankers and boxships in recent years and are now hoovering up the majority of bulkers offered for sale.

Secondhand tanker sales screamed to a halt, suggesting the market for veteran ships has run out of steam as the demand for vessels for Russia trades has peaked. As Paris-based broker BRS explained: “With 70% of Russian oil exports now carried by the mainstream fleet under the price caps, there is less need for grey tonnage.”

And a flood of newbuildings is forecast to reset the boxship sector, sparking a surge in less-efficient, higher-emission vessels being sent to the ship recycling yards, resulting in a bigger, greener and leaner container ship market.

An Iranian naval vessel approaches the 319,000-dwt tanker Richmond Voyager (built 2018). Photo: US Navy

Elsewhere...

Iranian forces seized a chemical tanker in the Middle East on suspicion of smuggling oil, a day after US authorities claimed to have foiled two other attempts by Tehran to detain tankers. Security outfit Diaplous said Iranian naval forces regularly intercept small tankers to stop oil smuggling, which has proliferated since Iran’s currency plunged under the pressure of US sanctions.

In the US, a repeat investor in shipping equity deals led by investment bank Maxim Group has been charged with fraud by the US Securities and Exchange Commission for what it said is a long-standing practice of trading violations, including “naked” short selling of shares.

While Stolt-Nielsen chief executive Niels Stolt-Nielsen said the fallout from the $155m MSC Flaminia court ruling would not affect his company’s investment or listing plans.

And finally

Is your chief executive worth his or her compensation package? Marco Polo Marine CEO Sean Lee has been named as one of the best “value for money” chief execs on the Singapore Exchange, according to a local research house. In terms of CEO pay versus share performance, UOB Kay Hian’s Adrian Loh said Lee was the “standout” candidate, with the company seeing a share price gain of 52% in 2022 versus his salary of SGD 750,000 ($553,152).