With Fuel EU Maritime already impacting shipowners, energy efficiency and fleet-wide pooling are critical to short term sustainability success according to leading industry figures at the annual ABS Sustainability Summit, which kicked off the SMM Exhibition in Hamburg.

In a wide-ranging keynote, Navigator Gas CEO Mads Peter Zacho was positive about the progress of the transition, describing it as a business opportunity and said he welcomes the prospect of a carbon levy.

He said: “Climate change is not slowing down; it is accelerating, which means we need to move faster in the shipping industry. What the IMO will bring after MEPC 82 next month and MEPC 83 next spring will be incredibly exciting. I hope for an ambitious global carbon price levied on shipping, which is something unexpected from an owner – but the cost will move down the supply chain as it should. The impact to the consumer for green shipping is only expected to be 1 to 2 percent more.”

The event also saw Kathrin Lau, Editor in Chief, Schiff & Hafen, moderate a panel discussion comprised of representatives from V.Group, Hamburg Port Authority, MPC Container Ship ASA and Hapag-Lloyd.

Vassilios Kroustallis, ABS Senior Vice President of Business Development, said: “We have heard that while the future is exciting, delivering it is proving challenging. The significant financial and technological decisions that we need to take in the coming months are complicated by geopolitics and decisions at the national level, creating an uncertain investment environment.”

Panos Koutsourakis, ABS Vice President, Global Sustainability, said: “There is a lot of debate around the progress of the energy transition in shipping. I wouldn’t say it is a passive period rather that it’s a market checkpoint where initial decarbonization plans are being re-assessed and based on the latest data. Key indicators of progress in the transition include the adoption of clean fuels, advancements in energy efficiency, and the retrofitting of existing vessels with sustainable technologies. We are seeing strong progress on all of these indicators.”