'Very bad for shipping': Angelicoussis, Procopiou hit out at IMO NZF 

“I cannot understand the obsession with the NZF, while shipping accounts for around 2% of global emissions,” Dynacom Tankers, Dynagas and Sea Traders founder George Procopiou told the Capital Link Maritime Leaders Summit held during Posidonia week.

Mr Procopiou also described IMO Secretary-General Arsenio Dominguez as “adventurous,” adding: “He wants to become the biggest banker in the world,” in reference to the fund component included in the NZF proposal.

“I wonder if it is so difficult for people to understand that they need to focus on the other 98% of pollution on shore,” Mr Procopiou said.

He also pointed to the shipping industry’s existing efforts, noting that new vessels are already being designed with significantly improved environmental performance.

“We build ships with 35% lower consumption,” he said.

Mr Procopiou argued that classification societies and technical experts should play a greater role in shaping proposals submitted to the IMO, in order to ensure a more unified approach.

“I do not understand why we are going in cycles,” he said, referring to competing proposals from different stakeholders that are leading to divergent approaches.

He then called on Angelicoussis Group chief executive Maria Angelicoussis to spearhead the effort.

She has already led efforts to oppose the NZF, expressing “grave concern” over the framework.

“I fully agree with this,” Ms Angelicoussis responded.

She said that a global emissions framework should be approached with pragmatism, arguing that the current proposal fails to reflect that principle.

“We believe in a global level playing field,” she said.

“What was put forward last year was very bad for shipping,” Ms Angelicoussis added.

She also emphasised the proposed use of net-zero fuels, at a time when the EU continues to import significant volumes of coal.

“I am glad that policymakers seem to have understood and listened to our industry,” she noted, citing alternative proposals, particularly the one submitted by the Liberian flag state.

“If there is no consensus, we need more time to work towards it,” she concluded.

Ms Angelicoussis also referred to her group’s excellence in building some of the most technologically advanced, lowest-emissions vessels, contributing to the reduction of the industry’s environmental footprint.