AT THE PROW
An ASM publication Editorial Director: Sam Chambers sam@asiashippingmedia.com Associate Editor: Adis Adjin adis@asiashippingmedia.com Correspondents: Athens: Ionnis Nikolaou Bogota: Richard McColl Cairo: Camelia Ewiss Cape Town: Joe Cunliffe Dubai: Yousra Shaikh Genoa: Nicola Capuzzo Hong Kong: Alfred Romann London: Paul Collins New York: Suzanne Smith Oslo: Hans Thaulow San Francisco: Donal Scully Shanghai: Colin Quek Singapore: Grant Rowles Sydney: Ross White-Chinnery Taipei: David Green Tokyo: Masanori Kikuchi Contributors: Nick Berriff, Andrew CraigBennett, Paul French, Chris Garman, Lars Jensen, Jeffrey Landsberg, Dagfinn Lunde, Mike Meade, Peter Sand, Neville Smith, Eytan Uliel Editorial material should be sent to sam@asiashippingmedia.com or mailed to 24 Route de Fuilla, Sahorre, 66360, France Commercial Director: Grant Rowles grant@asiashippingmedia.com Maritime ceo advertising agents are also based in Japan, Korea, Scandinavia and Greece — to contact a local agent email grant@asiashippingmedia.com for details MEDIA KITS ARE AVAILABLE TO DOWNLOAD AT: www.asiashippingmedia.com All commercial material should be sent to grant@asiashippingmedia.com or mailed to 30 Cecil Street, #19-08 Prudential Tower Singapore 049712 Design: Mixa Liu Printers: Allion Printing, Hong Kong Subscriptions: A $120 subscription is charged for 2021’s four issues of Maritime ceo magazine.
Shell ruling should send shudders throughout shipping
W
hat a hammering the oil majors took in May, reminiscent of Big Tobacco’s choking comeuppance in an American court 15 years ago. In a single day, investors in the two biggest US oil companies punished Exxon Mobil and Chevron for dragging their feet on taking action to reduce global warming while more significantly in The Netherlands a historic court ruling could reshape how Shell carries outs its business. Exxon Mobil lost at least two board seats to activist hedge fund, Engine No. 1 on May 26 while just over two-thirds of Chevron investors supported a resolution to further reduce its greenhouse gas emissions. Still, in the grand scheme of things Chevron and Exxon’s CEOs will be relieved they’re not in the shoes of their Shell counterpart. A landmark judgment issued by the district court in The Hague said that Shell and its
suppliers must cut CO2 emissions by 45% by 2030 from 2019 levels, marking the first time in history a judge has held a corporation liable for causing dangerous climate change in a case originally brought about by NGO Friends of the Earth. All three companies will now be under enormous pressure from both shareholders and the wider public to cut emissions, and cut them fast. What’s more, emboldened by this court victory, NGOs could well target other polluting industries, potentially opening the door for class action suits around the world to speed up decarbonisation of the transport sector. ●
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Emboldened by this court victory, NGOs could target shipping next
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ISSUE TWO 2021
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