Greek shipping magnate George Procopiou has renewed his criticism of the International Maritime Organization’s (IMO) Net Zero Framework (NZF), launching a fresh attack on the regulator and its Secretary-General, Arsenio Dominguez, during a conference held ahead of this year’s Posidonia shipping exhibition.
Speaking at the Capital Link forum, Procopiou dismissed concerns that continued vessel ordering could lead to overcapacity in the shipping market, arguing that newbuildings are primarily replacing older, less efficient ships. He noted that modern ships are up to 35 per cent more fuel-efficient than the vessels they replace, resulting in significant reductions in emissions and operating costs.
“The less fuel you burn, the less emissions you have,” Procopiou said, adding that environmental goals and commercial interests align when efficiency improvements lower both pollution and bunker costs. Procopiou questioned IMO’s decarbonisation agenda, querying why the organisation remains focused on shipping, which he said accounts for just two per cent of global carbon emissions while facilitating around 90 per cent of world trade.
In his strongest remarks, the billionaire shipowner accused IMO Secretary-General Arsenio Dominguez of pursuing a financial agenda through the proposed carbon pricing mechanism. “We have this very adventurous new IMO Secretary-General, Arsenio Dominguez. He wants to become the biggest banker in the world,” Procopiou told delegates, drawing applause from sections of the audience.
He argued that the carbon costs embedded in the Net Zero Framework could dramatically increase the financial burden on shipowners. Citing the example of an $80 million Suezmax tanker, Procopiou claimed that the vessel would need to generate three times its purchase price over its operating life to cover financing costs, operational expenses and anticipated carbon-related charges.
He also maintained that greater environmental gains could be achieved by focusing on emissions from land-based sectors rather than shipping. “If you have non-polluting fuels, use them on shore. It is much easier,” he said, adding that policymakers should focus on the remaining 98 per cent of global emissions rather than shipping’s relatively small contribution.
Procopiou concluded by downplaying concerns about the impact of shipping emissions on the marine environment, stating that “nature heals the wounds”. His latest comments mark a continuation of the outspoken criticism he has levelled at the IMO’s decarbonisation strategy at several major maritime gatherings in recent years, reflecting growing divisions within the shipping industry over the pace, cost and practicality of the sector’s transition to net-zero emissions.