Image Credit: DNV GL - Maritime Update Issue 01-15, page 53 (Click to enlarge picture)  The challenges for the shipping industry are not getting any easier. New emission limits, while not coming unexpectedly, require substantial investments in technology; and time is running out. A look at the available options The shipping industry has been going through turbulent times. For a sector accustomed to planning decades ahead, the sequence of unexpected major events, from the financial crisis to depressed freight and charter rates, and from dropping fossil fuel prices to new international tensions, has certainly added plenty of headache to investment decisions. Many shipowners delayed investing in new anti-pollution technology hoping for a clearer field of vision, while others took action early to gain competitive advantage. With new sulphur limits now in force for European Emission Control Areas (ECAs), and the North American and US Caribbean Sea ECAs also regulating NOX and PM, those who chose to wait must act now. Further regulations will take effect soon, and additional regional and national regimes are emerging around the globe (refer to info box). Investing now will save shipowners money and protect their reputation. However, the substantial capital requirement, a lack of mature technology and uncertainty regarding compliance documentation add to the complexity of this decision. The IMO’s new ECA regulations, in effect for Northern Europe and...