Haris Vafias, founder and CEO of StealthGas and Imperial Petroleum Inc, stressed the need for rational decision-making regarding the shipping industry’s transition to green fuels while speaking at Naftemporiki’s 10th Shipping Conference, criticizing Europe over its policy choices in this area.“It is not possible to punish shipowners for using oil when there is currently nothing available to replace it,” he said, adding: “It is completely unfair. If viable alternatives existed, we would gradually move toward those alternatives — ammonia, ethanol, perhaps even nuclear energy in the future.”“But introducing a new regulation today that penalizes shipowners and forces them to pay enormous amounts to the IMO — and who knows what ultimately happens to that money — is, in my view, crazy.Moreover, ammonia and ethanol have not yet demonstrated proven performance in engine combustion, while the necessary supply infrastructure is also lacking,” Vafias added.As he explained: “Shipowners are going to shipyards and ordering new vessels, often at very high prices. Therefore we cannot be punished because engines meeting the latest emissions specifications are not being manufactured.”“I believe this regulation is unfair and will be shelved for a long period of time, with significant support from the United States.”“We need to move forward with gradual, practical steps that can actually be implemented, rather than measures that amount to little more than wishful thinking.”Asked how shipping and business planning are affected by the various unilateral and ultimately contradictory restrictions imposed by different states, he replied:“It is the biggest joke. There are regulations from the EU, the US and the United Kingdom. Some transactions may be approved by the US but sanctioned by the UK, for example. You need a very strong legal department to manage the constantly changing sanctions landscape.”