The Energy Efficiency Existing Ship Index, or EEXI for short, is a bit of a mouthful, but shipowners will find themselves discussing it increasingly frequently over the next 18 months.

The EEXI — the latest weapon in the International Maritime Organization’s battle to decarbonise shipping — will affect more than half of the world fleet when it enters into force in 2023.

The concept came from the Japanese delegation to the IMO. They proposed that a minimum efficiency standard for existing ships should be established that would allow only efficient, low carbon-emitting vessels to continue trading.