Optimising a vessel’s speed is well known as a simple way to cut fuel consumption, and thus emissions.
But for one chief executive of a tanker company, the terms of his charter contracts incentivise him to do the opposite — to “hurry up and wait”.
Terms in commonly used contract templates are blamed for a ‘substantial portion of the inefficiency’ in shipping
Optimising a vessel’s speed is well known as a simple way to cut fuel consumption, and thus emissions.
But for one chief executive of a tanker company, the terms of his charter contracts incentivise him to do the opposite — to “hurry up and wait”.