E.A. Gibson Shipbrokers Ltd: Weekly Tanker Market Report
Shipping a different kind of carbon
Weekly Tanker Market Report
Recently we wrote about the potential of onboard carbon capture and storage systems (CCS) as a means to decarbonise shipping. Whilst CCS technology could allow shipping to carry on burning cheaper fuels, and meet emerging environmental legislation, it also offers a new source of cargo demand for the industry, which could over time help offset lost demand from a declining trade for conventional hydrocarbon cargoes.
Unsurprisingly, there is significant interest in the sector, with some new projects under construction and significant design and feasibility work underway for potential future projects. Currently, North America leads the way, accounting for approximately half of the installed, under construction or planned CCS capacity. Europe then accounts for around 35% of planned projects, which is unsurprising given the region’s stricter environmental targets. Although Asia has significant potential, currently planned projects amount to just 19.2 mtCo2/year, less than 10% of the global project pipeline.
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