Slow steaming can help merchant ships reduce fuel consumption and cut carbon emissions by 30% over the next three years, according to a new study.

Companies can either reduce cargo loads, idle ships or sail at slower speeds, according to the Netherlands-based consultancy group CE Delft.

The report said bulk carriers can reduce their emissions up to 40%.

The shipping industry accounts for nearly 3% of global CO2 emissions.

CE Delft’s study was presented at a meeting of the IMO, which will examine measures aimed at cutting CO2, reports Reuters.