The maritime industry contributes nearly 940 million tons of CO2 emissions annually which accounts for nearly 2.5% of the world's total CO2 emissions (Source: UK Research and Innovation)

But in less than 120 days from now, the IMO’s two new regulations - Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII) - will apply to existing ships of 400 gt and above.

IMO’s intention is for these new regulations is to reduce the total greenhouse gas emissions from shipping operations by 50% by 2050 (against its 2008 emission levels) and carbon intensity of all ships by 40% by 2030.