With shipping comprising up to 95% of mining charterers’ indirect Scope 3 emissions, commodity traders are beginning to push hard for emission reductions from the vessels they use.

Bulk commodity producers and traders were among the leaders of the Sea Cargo Charter in response to pressure from customer-facing clients and lending institutions for reliable data on emissions and then action to prove they are being cut.

The charter retains the four core values set out by lenders to the shipping industry in the Poseidon Principles — for assessment, accountability, enforcement and transparency — so that companies can provide annual snapshots of how they are performing in relation to hitting reduction targets.