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Shipping industry proposes $5 billion R&D fund to reduce emissions

Maritime associations representing 90% of world merchant fleet submits R&D programme proposal to IMO.

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Maritime associations representing 90% of world merchant fleet on Wednesday (18 December) submitted a proposal to form the world’s first collaborative shipping R&D programme to help eliminate CO2 emissions from international shipping.

The proposal includes core funding from shipping companies across the world of about USD 5 billion over a 10-year period.
 

Highlights of the proposal:
• A new non-governmental Research & Development organisation to pave the way for decarbonisation of shipping.
• Core funding from shipping companies across the world of about USD 5 billion over a 10-year period.
• To accelerate the development of commercially viable zero-carbon emission ships by the early 2030s.

Meeting the IMO GHG reduction goals will require the deployment of new zero-carbon technologies and propulsion systems, such as green hydrogen and ammonia, fuel cells, batteries and synthetic fuels produced from renewable energy sources, they say.

These do not yet exist in a form or scale that can be applied to large commercial ships, especially those engaged in transoceanic voyages and which are currently dependent on fossil fuels.

As such, the shipping industry is proposing the establishment of an International Maritime Research and Development Board (IMRB), a non-governmental R&D organisation that would be overseen by IMO Member States.

The IMRB will be financed by shipping companies worldwide via a mandatory R&D contribution of USD 2 per tonne of marine fuel purchased for consumption by shipping companies worldwide, which will generate about USD 5 billion in core funding over a 10-year period.

This USD 5 billion in core funding over a 10-year period generated from the contributions is critical to accelerate the R&D effort required to decarbonise the shipping sector and to catalyse the deployment of commercially viable zero-carbon ships by the early 2030s.

The shipping industry’s proposal will be discussed by governments in London at the next meeting of the IMO Marine Environment Protection Committee in March 2020.

Speaking on the announcement, Esben Poulsson, Chairman International Chamber of Shipping said:

“The coalition of industry associations behind this proposal are showing true leadership. The shipping industry must reduce its CO2 emissions to meet the ambitious challenge that the International Maritime Organization has set. Innovation is therefore vital if we are to develop the technologies that will power the 4th Propulsion Revolution. This proposal is simple, accountable and deliverable and we hope governments will support this bold move.”

Guy Platten, Secretary General International Chamber of Shipping said:

“We must not leave it to others to carry the burden of addressing the climate crisis. Nor will we ask others to decide the future of maritime. We embrace our responsibility, and we ask the world’s governments to support our efforts.

“Greta Thunberg is right to say that ‘creative accounting and clever PR’ often lie behind supposed commitments to sustainability, but our plans are transparent, and our regulator has teeth. Now we ask the wider shipping community for their blessing. Change on this scale is difficult and often daunting. But in this case, it could not be more necessary. “

Simon Bennett, Deputy Secretary General International Chamber of Shipping said:

“Even using conservative estimates for trade growth, a 50% total cut in CO2 by 2050 can only be achieved by improving carbon efficiency of the world fleet by around 90%.  This will only be possible if a large proportion of the fleet is using commercially viable zero-carbon fuels. In practice, if the 50% target is achieved, with a large proportion of the fleet using zero-carbon fuels by 2050, the entire world fleet would also be using these fuels very shortly after, making 100% decarbonisation possible – which is the industry’s goal.

“$2 a tonne will generate about 5 billion dollars over a ten year period – based on total fuel consumption by the world fleet of about 250 million tonnes per year – which we believe should be sufficient to accelerate the intensive R&D effort we need to fully decarbonise our sector within the ambitious timeline agreed by IMO.”

The international shipowner associations making this proposal, which collectively represent all sectors and trades and over 90% of the world merchant fleet, are:

  • BIMCO
  • CRUISE LINES INTERNATIONAL ASSOCIATION 
  • INTERCARGO
  • INTERFERRY
  • INTERNATIONAL CHAMBER OF SHIPPING 
  • INTERTANKO 
  • INTERNATIONAL PARCEL TANKERS ASSOCIATION 
  • WORLD SHIPPING COUNCIL 

Photo credit: International Maritime Organization
Published: 18 December, 2019

 

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Milestone

GCMD: Project CAPTURED achieves two regulatory milestones for onboard captured CO2

CO2 captured onboard during the project has been formally recognised for compliance under the EU ETS while a proposal submitted to MEPC 84, based on the project, has received IMO’s in-principle support.

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Global Centre for Maritime Decarbonisation (GCMD) on Wednesday (21 July) said Project CAPTURED has achieved two regulatory milestones that strengthen the commercial case for onboard carbon capture and storage (OCCS).

This comes following its world’s first demonstration of an end-to-end value chain for onboard captured and liquefied CO2 (LCO2).

Completed in June 2025, the pilot showed that CO2 captured onboard a vessel can be offloaded ship-to-ship, transported overland and permanently bound through carbon mineralisation—a process that converts captured CO₂ into stable materials for industrial use.

The CO2 captured onboard during Project CAPTURED has been formally recognised for compliance under the European Union Emissions Trading System (EU ETS). This means the verified tonnage of captured CO2 can be deducted from emissions requiring the surrender of EU Allowances (EUAs).

To qualify for this recognition, the CO2 must be chemically bound permanently in eligible products. Project CAPTURED demonstrated that CO2 captured onboard vessels can meet this requirement through carbon mineralisation.

The data and learnings from the same demonstration formed the basis of a proposal submitted to MEPC 84. This proposal received in-principle support from the International Maritime Organization (IMO) for recognising carbon mineralisation as a form of permanent CO₂ storage.

Complementing geological sequestration, which is already accepted by the IMO, this recognition broadens the downstream options for CO2 captured onboard vessels, and supports the development of maritime carbon value chains. Beyond providing a permanent storage pathway, carbon mineralisation also creates the potential for captured CO2 to serve not only as a waste stream requiring permanent storage, but also as a feedstock for industrial applications through carbon mineralisation, extending emissions reductions beyond the shipping value chain.

Professor Lynn Loo, CEO, GCMD, said, “Project CAPTURED has moved OCCS beyond technical demonstration. The acceptance of the EU ETS deduction gives captured CO₂ a compliance value. At the same time, IMO’s in-principle support for carbon mineralisation will help clarify how captured CO2 can be treated after it leaves the vessel. Together, these milestones turn a pilot into a verified reference case for maritime carbon logistics, one that links regulatory recognition, commercial value and emissions impact.”

 

Photo credit: Venti Views on Unsplash
Published: 22 July, 2026

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Technology

Singapore: Ofiniti, ONE trial direct platform integration to streamline bunker workflows

Ofiniti started a trial in Singapore, integrating FuelBoss directly with a bunker buyer’s own platform, with Ocean Network Express as its first buyer-side integration partner.

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Singapore: Ofiniti, ONE trial direct platform integration to streamline bunker workflows

Ofiniti, the digital platform for maritime fuel operations, on Tuesday (21 July) said it has started a trial in Singapore, integrating FuelBoss directly with a bunker buyer’s own platform.

The company announced Singapore-headquartered container shipping firm Ocean Network Express (ONE) as its first buyer-side integration partner. 

“It is no coincidence we start in Singapore, as the Maritime and Port Authority of Singapore (MPA) remains at the forefront of digitalisation of all things bunkering,” the company said in a social media post.

In November 2023, MPA launched its digital bunkering platform, becoming the world’s first port to implement e-BDN. 

Ofiniti said every bunker delivery still runs on retyped data. 

“The buyer’s system says one thing, the supplier says another, and someone reconciles the gap by email, phone, or PDF. On every stem,” the company said. 

“We built FuelBoss to change this reality.”

With the integration, operational data now flows without manual re-entry, fewer reconciliation errors and faster processing and data, instead of documents, are readily available for procurement and claims workflows. 

“One connection will not transform the industry on its own, but digitalisation gets built one integration at a time. We are grateful to ONE for being willing to go first,” Ofiniti added.

Manifold Times previously reported ONE completing its successful trial of the electronic Bunker Delivery Note (e-BDN) with Shell. 

The e-BDN trial, using the digital bunkering solution developed by Angsana Technology, was conducted on 9 September 2023 at the Port of Singapore, with support from the MPA.

In March 2025, Ofiniti acquired Singapore-based Angsana Technology, with the entire Angsana team joining Ofiniti as part of the acquisition.

Related: MPA Chief Executive: Port of Singapore begins digital bunkering initiative today
Related: Singapore set to become first port in the world to debut electronic bunker delivery notes
Related: ONE completes e-BDN adoption trial with Shell in Port of Singapore
Related: Ofiniti acquires Singapore-based Angsana Technology to advance digital bunkering solutions

 

Photo credit: Ofiniti
Published: 22 July, 2026

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Technology

Genevos and Koedood Marine Group team up on maritime hydrogen fuel cell deployment

Collaboration will explore how ready-to-use marine fuel cell systems can support shipowners and shipyards in the transition towards zero-emission operations.

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Genevos and Koedood Marine Group team up on maritime hydrogen fuel cell deployment

Marine fuel cell systems provider Genevos recently said the company signed a Letter of Intent (LOI) with engine supplier Koedood Marine Group to explore the deployment of hydrogen fuel cell systems for inland and coastal maritime transport. 

The LOI was signed by Phil Sharp, co-founder and CTO of Genevos, and Mühlheim, Business Development Director of Koedood Marine Group during the 2026 Advanced Maritime Technology Show in Amsterdam.

Building on Koedood’s proven experience in hydrogen maritime projects – including its ongoing work with Mitsubishi Heavy Industries and TNO on hydrogen engine development – the collaboration will explore how ready-to-use marine fuel cell systems can support shipowners and shipyards in the transition towards zero-emission operations. 

“Koedood has a strong reputation in the maritime sector and a deep understanding of vessel operators’ needs. This LOI is an important step in exploring how Genevos’ hydrogen fuel cell systems can be deployed more widely across inland and maritime applications, helping shipowners reduce onboard emissions with robust, practical and scalable clean power solutions,” said Sharp.

The collaboration aligns with growing market demand for rapidly deployable hydrogen solutions and the wider need to accelerate the adoption of zero-emission technologies across the maritime sector. 

“With this collaboration, we are further strengthening our portfolio of maritime energy solutions. Together with Genevos, we are exploring how we can support our customers in the adoption of hydrogen technology,” said Mühlheim.

 

Photo credit: Genevos
Published: 20 July, 2026

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