Shipping in Europe, and particularly in the UK, is being crippled by over-zealous environmental measures from the EU, and paralysis at the IMO, UK Chamber of Shipping director David Balston claims.
Cash-strapped Hyundai Merchant Marine (HMM) will sell its LNG fleet to a Korean investment firm for KRW1.1tn ($1bn).
The use of liquefied natural gas (LNG) is predicted to account for 10% of the global bunker fuel volume used by ships by 2030, according to a recent report by Wood Mackenzie.