International shipping accounts for approximately three per cent of global energy-related carbon dioxide emissions, a relatively low figure when compared to the environmental impact of land transport. Despite being the most energy-efficient way to carry cargo, the shipping industry has generally lagged behind other industries in energy efficiency, sustainability targets and technological advancement. The consequence of these market realities, coupled with a general increase in vessel fleets and tonnage, is that carbon dioxide emissions in shipping have increased year after year. There is, however, increasing awareness by the shipping community of the need to shape the way in which the shipping industry operates, and this as a means of contributing towards the mitigation of the environmental damage brought about by climate change. Indeed, there is a broad acceptance that all sectors of the economy must take more responsibility for the negative impact caused on the environment, through the introduction of measures directed at limiting environmental harm. One notable example of what has been implemented in recent years is the introduction of the International Maritime Organisation...