Asian shipowners call for continued focus on Red Sea situation

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Asian shipowners call for continued focus on Red Sea situation
Image by Md Sihabul Islam from Pixabay
  • The shipping industry must continue to focus on the Red Sea security situation, according to the Asian Shipowners’ Association
  • The ASA Safe Navigation and Environment Committee also cited renewed threat of piracy off African coasts
  • Collaborative efforts among regional stakeholders, international partners are crucial to effectively address challenges, the association said
  • Industry-wide support for ambitious net zero targets through adoption of Zero Emission Shipping Fund deemed a must

The shipping industry must continue to focus on the maritime security situation in the Red Sea, according to the Asian Shipowners’ Association (ASA).

Increased military presence and maritime patrols notwithstanding, the ASA Safe Navigation and Environment Committee (ASA-NSEC) also cited the renewed threat of piracy off African coasts.

ASA-NSEC in a statement said the current situation “is putting the lives of our seafarers and our vessels at high risk while we continue to serve the global economy.”

As such, the organization added that collaborative efforts among regional stakeholders and global partners was a must in order to properly address the current challenges.

The ASA-SNEC called for an industry-wide support for what it said were “ambitious net zero targets” via the adoption of the Zero Emission Shipping Fund (ZESF).

The Fund is considered a pivotal tool for propelling the maritime industry towards sustainability. It calls for mandatory contributions from shipowners based on emissions, raising large annual funds to drive the rapid development and adoption of zero-emission marine fuels and technologies, especially for developing nations.

The ZESF seeks to speed up the industry’s transition to net zero emissions by 2050, as proposed by the International Chamber of Shipping and the Republic of Liberia to the UN International Maritime Organization.

The Fund ensures equal access for developing nations to resources for decarbonization.

Pending consideration by IMO member states, the proposal “represents a tangible pathway towards achieving ambitious GHG reduction targets,” said the ASA-NSEC.