Specifically, the GFS highlights that slow steaming would have negative consequences for the shippers, as it would further increase crossing times, making slow steaming an unsustainable option.

James Hookham, GSF Secretary General said

GSF is calling for an open dialogue between the shipping industry and the government to ensure policy measures remain practical and supportive of growth and jobs, while addressing the need to radically decarbonise transport; these issues cannot be addressed by policy makers in isolation.

He continued that it's important to select a measure that will incentivise technical and operational measures to reduce CO2 and not simply pass on additional costs to shippers or significantly increase transit times.

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Therefore, the GFS expects to see more progress on appropriate Market-Based Measures (MBM), as the failure to reach a decision at the IMO MEPC 74 was disappointing for shippers.

In addition, Mr Hookham addressed that ITF's report also highlights that although alternative transport modes are likely to increase in volumes – not least air freight connections, and to a lower extent, rail connections between Asia and Europe – maritime deep-sea shipping will continue to dominate in the movement of global trade: more than 3/4 of all freight will continue to be carried by ships in 2050, practically unchanged from 2015.

Concluding, the GFS supports that it is important for the shipping industry to find a measure that will incentivise technical and operational measures to reduce CO2 and not simply pass on shippers extra costs.