For all the public squealing with pain by some leaders of the shipping industry, the wider sector is privately sighing with relief.

The long-awaited Emissions Trading System (ETS) outlined by the European Commission on 14 July is not nearly as draconian as many feared.

You could say it was a damp squib, especially as the bulk of the announcement had been leaked a few weeks earlier, so people knew largely what to expect.

Certainly the spot price of carbon, which has been volatile since mid-April for different reasons connected with natural gas values, did not budge.