Trendwatch: SEC drops scope 3 emissions from final climate disclosure rule; UK exporters grapple with up to 300% surge in container hire costs amid Red Sea disruptions

Black exhaust fumes coming from the chimney of an moored tanker after main engine ignition.

SEC drops scope 3 emissions from final climate disclosure rule

As laid out in the March 2022 proposal, the SEC will require companies to disclose climate-related risks that “have had or are reasonable likely to have” material impacts for companies; any mitigation or climate adaptations they have undertaken “as part of its strategy;” the use, if any, of internal carbon prices, transition plans or scenario analysis; and processes related to oversight and management of climate risks. The rule, however, only applies to large accelerated filers and accelerated filers now.

The SEC defines large accelerated filers as companies with at least $700 million in shares held by public investors — as opposed to company representatives or stakeholders with a controlling interest — as of the most recently completed second fiscal quarter. Accelerated filers have more than $75 million but less than $700 million of shares held by the public as of the most recently completed second fiscal quarter. Such filers have been subject to reporting requirements for a calendar year, filed one annual report and are past revenue thresholds to be considered a smaller reporting company, as defined by the agency. Smaller reporting companies and emerging growth companies are both exempt from greenhouse gas emissions reporting, according to the fact sheet.

Supply Chain Dive


UK exporters grapple with up to 300% surge in container hire costs amid Red Sea disruptions

The disruption in the Red Sea is creating considerable challenges for UK exporters, with reports indicating a surge of up to 300% in container hire costs.

Recent attacks on commercial shipping by Yemen’s Houthis have significantly impacted the efficiency and cost-effectiveness of transporting goods through this crucial maritime corridor, causing a ripple effect throughout the UK export industry.

World Cargo News


Singapore, Australia ink pact for green and digital shipping corridor

Singapore and Australia have signed a Memorandum of Understanding (MoU) to establish the Singapore-Australia Green and Digital Shipping Corridor (GDSC).

The strategic partnership will delve into creating zero or near-zero greenhouse gas (GHG) emission fuel supply chains for the maritime industry, encompassing infrastructure development, standardization, and training programs.

World Cargo News


Jensen sees shift of cargoes back to U.S. West Coast ports

Lars Jensen, principal at Vespucci Maritime based in Copenhagen, Denmark, says there is a shift of some East and Gulf Coast cargoes going back to the U.S. West Coast.

Jensen spoke to AJOT at the TPM conference taking place at Long Beach, California produced by S&P Global.

Jensen said that cargoes were moving back to the West Coast because of uncertainties over ILA labor contracts with East and Gulf Coast ports plus some cargoes that had shifted away from the West Coast due to labor uncertainties are now shifting back after ratification of the contract with West Coast longshore workers.



Egypt is studying further expansions of the Suez Canal

According to Reuters, the head of the Suez Canal announced on Monday that Egypt is studying further expansions of the canal to extend and finalize a second channel, potentially accommodating increased shipping volumes and preventing disruptions from impeding traffic.

Initial assessments for a potential expansion are anticipated to span about 16 months, encompassing feasibility, environmental impact, engineering evaluations, as well as soil and dredging analyses, as stated by Osama Rabie, Chairman of the Suez Canal Authority (SCA).

Funding for the project would be drawn from the SCA’s investment allocation to alleviate strain on the state’s general budget, avoiding additional financial burdens, as noted in the statement. Rabie emphasized the potential for enhancing the canal’s competitiveness and accommodating larger vessels.

World Cargo News


Improved fire safety for container ships on the horizon

A thorough effort based on the IMO Formal Safety Assessment (FSA) procedure has ensured that the recommendations in DBI's report CARGOSAFE will form the basis for discussions at the IMO. The recommendations are now a significant step closer to becoming international regulations.

The number of fires on container ships has doubled over the past twenty years. Larger ships and new types of cargo affect fire safety on board, and the existing minimum rules from the International Maritime Organization (IMO) do not seem to match today's risk picture. It was against this backdrop that the European Maritime Safety Agency (EMSA) asked DBI to lead the CARGOSAFE project, which in 2023 published a report with 17 possible measures on how to improve fire safety on container ships.