Monaco-based product tanker owner Sea World Management (SWM) has revealed it has received the first investment from a shipowner client in its new carbon credit platform.
An unnamed company agreed to make the plunge into offsetting voyage emissions during COP26 in Glasgow, the company said.
The investment has been made in the European carbon offsetting project market with one of SWM's platform partners.
The shipping company hopes other operators will follow the same strategy in the coming days.
SWM's head of projects Jonathan Koren said: "SWM is very pleased to make this first investment on behalf of its clients, and hope to expand upon this existing project quickly, within a market area that shows great opportunity of development."
The company told TradeWinds it could not name the company involved due to confidentiality issues.
SWM expects the carbon trading market to surpass $1bn in overall value traded this year.
Serious measures needed
The shipowner said the world of shipping is being further pressed to adopt serious measures to meet emission-reduction targets.
SWM has embraced the challenge on two different fronts, both aimed at achieving a balance between greenhouse gases emitted and those removed.
The second plank of its strategy is retrofits for its fleet.
The company has now teamed up with an unnamed environmental solutions consulting group to supervise all future dry dockings.
The goal of this project is to expand knowledge and to maximise efficiencies on board, as well as to potentially generate carbon offset credits.
SWM also manages bulkers and cable-layers and is already working with charterers to meet the obligations of the Sea Cargo Charter, the global framework for assessing and disclosing the climate alignment of ship chartering activities.
Sea World controls nine MR tankers, and it manages handysizes and a panamax bulker, as well as four cable-layers.
