Greek Shipper Bets $1 Billion on Fuel Rule Upending World Trade
Tehran (KNA) - A Greek shipowner is predicting new rules for marine fuel will put thousands of the world’s merchant vessels out of business in the next two years, roiling global trade. In fact, he’s wagering $1.1 billion on it
Evangelos Marinakis, chairman of Capital Maritime & Trading Corp., based near Athens, says his company has invested that much in the last 18 months to upgrade its 71 ships spanning from oil tankers to container carriers. The rules, designed to clean up vessel emissions, will benefit more modern vessels and contribute to sending many older ones to the scrapyard, Marinakis said.
"As much as a quarter of the current fleet could be scrapped," Marinakis said in an interview in London, where he also has an office. More than 20 percent of the 95,000-ship global fleet is over 15 years old, too old for additional investments. "This could have an adverse impact on world trade," added Marinakis, who founded his first shipping company in 1991 at the age of 24.
Source: Bloomberg