THE Sustainable Shipping Initiative (SSI) has published a paper to focus on sustainability issues for the maritime industry which now accounts for 90 per cent of global trade shipped.

The paper entitled Case for Action has focused on key challenges for the industry of escalating oil prices and a carbon footprint accounting for three to four per cent of global emissions, equivalent to a country the size of Germany.

The paper outlines advantages of developing a maritime business that rewards sustainability through legislation, engineers the highest standard of efficiency in its vessels for low-carbon emissions to save costs, said the white paper, according to a report from London's International Freighting Weekly.

"Companies that can demonstrate a strong record on working conditions, fuel efficiency, prosecutions and similar factors are likely to be favoured by customers and suppliers, including ports, financiers and insurers," said the report, which is to be followed by a further report on how the industry can work with governments and international organisations to action these goals.

Maersk Line head of sustainability Soren Stig Nielsen said it is taking steps in looking at its environmental impact by recycling waste heat from the engine, improving the design of ship hulls and slow-steaming.

"By creating a shared vision for sustainable growth, we can plot a new ambitious course. A course where shipping is viewed as a key enabler of responsible and sustainable economic development," he said.

Its members include not-for-profit organisations WWF and Forum for the Future, and 13 shipping organisations of BP Shipping, Cargill, Gearbulk, IMC, Maersk Line, Morgan Stanley, Rio Tinto Marine and Tsakos Energy Navigation, Daewoo Shipbuilding and Marine Engineering, and Lloyd's Register.