Shippers and charterers pay for around 70% of the approximate $250 billion annual international shipping fuel bill directly. The International Maritime Organisation (IMO) stated in its GHG Report (2009) that there is a 25 to 75% latent efficiency locked within the shipping market. A 2010 report by respected shipping consultants claimed that as shippers/charterers paid for a significant proportion of bunker fuel that ship owners and operators were not incentivised to make their vessels more efficient – with $70 billion of unrealised “profit” going to waste.