| Publication |
2014.
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| Summary/Abstract |
Growing concerns about the slow revival of the world economy, volatility in oil prices, overcapacity in shipping and fierce competition is denting profits in the shipping industry. On the other hand, emergence of greenhouse gas emissions and pollution control regimes at sea is forcing ship owners to make expensive technical modifications onboard ships, which are further driving up the costs of operations. In such a rapidly changing scenario, there is a need for a long-term vision for transitioning to an era of sustainability in the international shipping industry. The paper commences with a discussion on the concept of sustainability as applicable to the shipping industry and highlights the recent developments in the maritime domain, which pose significant environmental and economic challenges for the shipping industry. It identifies the emerging trends in the shipping industry and argues that these challenges also present a window of opportunity for the industry, for undertaking a paradigm shift towards sustainable shipping. It further explores the transition pathways and presents various options that can be implemented in the shipping industry, which will aid its transition towards sustainability. Using a case study, the paper highlights the key characteristics of sustainable shipping and briefly discusses the Indian maritime scene before concluding that the adaptability of the world shipping industry to adopt the practices of sustainability is fundamental to its survivability in forthcoming decades.
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