AP Moller Maersk, the Danish shipping conglomerate, faced a significant hit to its stock price immediately following the Baltimore bridge collapse involving the vessel DALI, with shares dropping by approximately 1 billion USD from its overall market valuation of around 20 billion USD. Despite this setback, Maersk managed to recover a substantial portion of its stock losses, with shares closing on Tuesday at DKK 9,022, representing only a 0.9% decrease from its pre-accident level.
Although Maersk had the DALI under long-term charter, it does not directly operate the vessel itself. However, the company is likely to seek compensation for loss of use of the vessel and delivery delays. Following the accident, the stock prices of various other shipping companies, including ZIM, Hapag-Lloyd, COSCO Group, and OOIL, the parent company of OOCL, experienced upward trends.
In other news, member nations of the International Maritime Organization (IMO) have reached an agreement to advance a global tax on carbon emissions from shipping. The pricing mechanism for this tax is expected to be finalized by 2025, with implementation targeted for 2027. Talks among member countries will address various aspects, including determining the price per ton of carbon emissions, collection mechanisms, classification of low-carbon fuels, and fund distribution methods.
The IMO has committed to achieving decarbonization of the entire shipping industry by 2050. Following the recent Maritime Environment Protection Committee (MEPC 81) meeting in London, IMO Secretary General Arsenio Dominguez expressed confidence in establishing an economic pricing mechanism within the coming year, although specifics regarding its structure and nomenclature remain uncertain.
The proposed tax scheme is likely to be endorsed by the EU, potentially supplanting the EU Emissions Trading System (ETS). Consequently, shipping companies may lend their support to a tax scheme that satisfies European standards, facilitating alignment with a unified global framework.
