By: AGBI

The National Shipping Company of Saudi Arabia, known as Bahri, is among a group of shipping companies demanding changes to a United Nations draft agreement that aims to reduce global marine fuel emissions.

The group said in a collective statement on Thursday they had “grave concerns” about the a Net-Zero Framework (NZF) proposal due to be adopted by the UN’s International Maritime Organization (IMO) environmental committee in London next month.

“As it stands, we do not believe the IMO NZF will serve effectively in support of decarbonising the maritime industry … nor ensure a level playing field as intended,” the shipping companies said in a joint statement to Reuters.

“We believe that critical amendments to the IMO NZF are needed, including the consideration of realistic trajectories … before adoption can be considered.”

The shipping sector accounts for around 3 percent of global carbon emissions and in April a draft agreement was drawn up to impose fees on ships that do not comply with new standards. 

The proposal aims to reduce shipping greenhouse gas (GHG) emissions by 20 percent by 2035 and to achieve net zero by 2050.

The NZF will also introduce a carbon price of $100 per tonne of CO2 equivalent emissions from 2027, which the IMO hopes will incentivise shipping companies to comply and to adopt low-emission fuels and technologies.

The statement to Reuters said any decision agreed in London next month should avoid “excessive financial burdens and inflationary pressure to the end-consumer”.

IMO secretary-general Arsenio Dominguez said he was confident a deal would be possible.

Bahri operates a fleet of 103 vessels, mainly oil tankers, and is 23 percent owned by the Public Investment Fund, Saudi Arabia’s $1 trillion sovereign wealth fund.

In the first half of 2025, Bahri reported a net profit of SAR940 million ($250 million), a year-on-year decrease of 21 percent, as revenue fell 8 percent to SAR4.63 billion.

Established in 1978, Bahri is listed on the Saudi Stock Exchange and has a share price of SAR24.76, an increase of 18.37 percent year-to-date.