Record carbon prices in Europe last week are a clear message that COP26 has super-charged the drive for decarbonisation and will add hugely to future shipping costs. Global investors have since the climate summit piled into European Union carbon allowances, driving the price to more than €90 ($102) per tonne and leading analysts to speculate that €100 is on the horizon.

Bjarne Schieldrop, chief commodities analyst at Nordic bank SEB, told the Financial Times that the way things are going, we could be looking at €200 “at least” in the coming years.