The shipping industry cannot invest in environmental and social improvements required by regulators unless it is commercially viable, the International Chamber of Shipping Director of Policy and External Relations Simon Bennett said at a United Nations panel meeting in New York.

ICS noted that the collective cost to the shipping industry of implementing new environmental regulations, which was already starting to be felt, was estimated to be in excess of USD 500 billion over the next 10 years, something which had not been fully taken into account when the rules were adopted.