Ardmore Shipping Corporation announced today that it has published its 2022 Sustainability Report (the “Report”). The Report outlines the Company’s multifaceted initiatives and progress towards a more sustainable future, with decarbonization as a core objective. The Report is available on the Ardmore website at www.ardmoreshipping.com/about/progress/.

On the occasion of the Report’s third annual publication, Ardmore CEO Anthony Gurnee called upon the IMO and other regional and international regulatory bodies to provide greater clarity including guidance on environmental regulations to enable a rational and orderly transition towards a substantial decarbonization of the industry.

“Decarbonization in a capital-intensive industry like shipping, with vessels having an average 25-year useful life, is a marathon not a sprint which will in all likelihood take the better part of two decades after the transition has begun in earnest.

The longer we await regulatory clarity, the longer we are deferring the start of the real work. Ardmore is not alone among shipowners in sharing the IMO’s stated view that decarbonization of the shipping industry is essential, and it is for that reason that we see further delay in providing a clear pathway as an avoidable and increasingly self-harming roadblock.

Ardmore together with most other shipowners, shipyards, classification societies and the sustainable fuel industry are ready to collaborate and invest once there is sufficient clarity, but until then, progress will inevitably remain on the margins of the business and the global fleet will achieve only moderate incremental improvements in greenhouse gas reduction, especially when taking into account demand growth.

We appreciate that regulation of the global shipping industry is an intensely political process, and acknowledge that a thoughtful and cautious approach is warranted regarding the introduction of rules that will have a profound impact on the global economy. Having experienced the successful implementation of major regulations such as double-hull tankers and IMO 2020 sulfur content limits, we believe that the current global regulatory framework is capable of successfully and safely guiding the industry through this transition, so long as the political will is there.”
Source: Ardmore Shipping Corporation