CO2 emissions from maritime transport represent a significant part of total global greenhouse gas (GHG) emissions. According to the International Maritime Organization (Second IMO GHG study, 2009), maritime transport emitted 1046 million tons (all tons are metric) of CO2 in 2007, representing 3.3% of the world's total CO2 emissions. The International Maritime Organization (IMO) is currently debating both technical and market-based measures for reducing greenhouse gas emissions from shipping. This paper presents investigations on the effects of speed reductions on the direct emissions and costs of maritime transport, for which the selection of ship classes was made to facilitate an aggregated representation of the world fleet. The results show that there is a substantial potential for reducing CO2 emissions in shipping. Emissions can be reduced by 19% with a negative abatement cost (cost minimization) and by 28% at a zero abatement cost. Since these emission reductions are based purely on lower speeds, they can in part be performed now. (C) 2011 Elsevier Ltd. All rights reserved.