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opening excerpt
Foreword
Every
owner
comes
to
the
same
question
:
whether,
and
when,
to
renew
the
fleet
.
The question is simple; the decision is not.
It requires a view on when to order or buy, which fuel the
next ship should burn and who will finance her. This
review is organised around that decision. Each of its four
chapters examines one part of it.
Each chapter can be read on its own. Read together, they
describe the conditions under which the next generation of
ships will be ordered, fuelled and financed.
Christopher Rex
Head of Sustainability & Research
ONE DECISION, FOUR CHAPTERS
THE MARKET Shipping Markets at a Glance
How much of today’s strength may last?
Shipping is earning more than it has for a long time, and for longer. But earnings that rest on detours
and disruptions can fade quickly.
THE FUEL Clean Shipping Fuels
Which fuels are likely to reach ships, and when?
European rules now put a price on carbon and raise it over time, but they leave the choice of
fuel to the owner.
THE LENDER No Ship Is Financed Alone
What does a carbon budget mean for an owner seeking a loan?