Singapore

THE European Union's unilateral move to impose a regional regulation on monitoring, reporting and verification (MRV) of individual ship emissions has drawn flak from the international trade association for merchant shipowners and operators, which argues that such a move could lead to market distortions.

The chair of the International Chamber of Shipping (ICS), Esben Poulsson, in a recent interview with The Business Times, said that unilateral regulations from regional bodies, including the EU, contradict the "free and open" spirit of the shipping business.