At a Connecticut Maritime Association event this week, Masamichi Morooka, chairman of the International Chamber of Shipping, warned that measures to reduce shipping’s impact on the environment also need to be economically sustainable.
“At present, shipping finance has virtually dried up,” he said to delegates. “This is not just for new ships, but also for the investments needed to continue operating existing ships in a safe and environmentally sustainable manner.”
“If a shipping company is already sinking into debt, how is it going to pay for the retrofitting of expensive new ballast water treatment systems that will be required in the next five years, at an estimated cost of between ($1 million) and $5 million per ship?” he said. “We are committed to protecting the environment, but I do not believe that shipowners should shy away from asking these challenging questions.”