In 2012 Green House Gas (GHG) emissions from international shipping accounted for some 2.2% of anthropogenic CO2 emissions, and it was estimated that such emissions could grow by between 50% and 250% by 2050. Although shipping is still widely considered the most energy-efficient transport mode, such projections exert a lot of pressure on the industry to reduce its carbon emissions by at least 40% in 2030 compared to 2008. In april 2018 the International Maritime Organisation (IMO) adopted its initial strategy on reduction of GHG emissions form as soon as possible. The on-going discussions at IMO in the area of GHG reduction focuses on the nature of the short-term measure (technical, operational or a combinations of the two), which is intimately related to the indicator to be used. In this discussion, the indicator plays a critical role, as it constitutes the necessary tool for defining the benchmarking/targeting standards. A number of complications, however, stem from this functionality. Research has concluded that none of the examined operational indicators of carbon intensity are fit for benchmarking purposes due to their wide volatility.