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International Chamber of Shipping seeks cost benefit analysis on new rules

ENVIRONMENTAL compliance will cost the industry US$500 billion over the next 10 years, and impact studies are needed ahead of any new rule making, says the International Chamber of Shipping (ICS), which represent 80 per cent of world tonnage.

International Chamber of Shipping seeks cost benefit analysis on new rules
13 April 2015 - 20:08

International Chamber of Shipping seeks cost benefit analysis on new rules

ENVIRONMENTAL compliance will cost the industry US$500 billion over the next 10 years, and impact studies are needed ahead of any new rule making, says the International Chamber of Shipping (ICS), which represent 80 per cent of world tonnage.

"Unless the shipping industry is viable it will not be able to deliver the environmental and social improvements sought by regulators," warned ICS policy director Simon Bennett. 

Speaking at a United Nations consultative meeting in New York, Mr Bennett sought a "full and proper cost benefit analysis of all new future regulatory proposals" ahead of implementation, reported London's Tanker Operator.

A cost benefit analysis should be applied to the January decision to have the UN's Law of the Sea expanded into a legally binding instrument on the conservation of marine life in areas beyond national jurisdiction. 

"It should be borne in mind that under the authority of United Nations Convention on the Law of the Sea (UNCLOS), shipping is already regulated by IMO," said Mr Bennett. 

"Great care should be taken with regard to the current balance that exists between the rights and obligations of states in their flag, coastal and port state roles. 

"In the context of regulating international shipping, the current balance has worked well, as demonstrated by the increase in the efficiency of shipping and the reduction in the number of pollution incidents," he said.

Shipping, he said, is the only industrial sector to have a mandatory global regime in place, adopted by IMO, to reduce its CO2 emissions, and had already reduced them 10 per cent between 2007 and 2012. 

This had not been fully taken into account by governments when new costly new rules are adopted, said Mr Bennett. 

The ICS also reviewed global regulations adopted at IMO to reduce sulphur emissions from shipping and to limit the movement of invasive species in ballast water, and how the shipping industry was investing hundreds of billions to comply. 

The body also explained how shipping was unique in having global regulations governing seafarers' employment and working conditions provided by the UN's International Labour Organisation's Maritime Labour Convention, which is now being enforced worldwide, providing a minimum wage for seafarers. 

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