Shipping company warns that the cost of the net zero rule is astonishing, and calls for key revisions.

Some shipping companies have warned that the net zero emissions rules planned by the International Maritime Organization could bring huge costs to the industry. Representatives of over 1200 vessels stated in a declaration on Thursday that by 2030, the industry could face annual costs of around 20 to 30 billion US dollars. They said that if only 10% of the global fleet fails to meet the target, by 2035, these costs could accumulate to over 300 billion US dollars. Despite opposition from the United States, in a vote earlier this year at the International Maritime Organization, most countries still supported the proposal. The International Chamber of Shipping, representing over 80% of the global merchant fleet, also supports the plan. These representatives stated in the declaration that the IMO's net zero framework cannot effectively help the shipping industry achieve decarbonization as announced in its 2023 strategy, nor can it ensure a fair competitive environment. They said "key adjustments are needed, including considering realistic development trajectories."