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At least four members of the Sovcomflot executive board, including long-serving executive vice-president and CFO Nikolai Kolesnikov, have stepped down in the wake of Western sanctions targeting the tanker giant. Sovcomflot’s Cyprus office has now been closed and the remaining UK operations are being directed by Moscow management
Why owners should worry about P&I consolidation | What AI is changing shipping | EU emissions vote looms large | Oil slowdown clouds tanker rates recovery outlook
Ensuring safety and cyber security in information technology and operational technology requires collaboration, not a silver bullet
Overall impact to dry bulk shipping is a slight drop in tonne-miles, which fall sharply for global corn trades, but are partly offset by gains for wheat and soyabeans, according to a shipbroking research analyst
Longer-haul trade likely to continue as the West shuns Russian oil, but headwinds such as a dip in the global economy will remain a risk factor
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‘The shipping industry itself has set itself a pretty mealy-mouthed target of 5% by 2030. I think that 15% is a respectable target. By 2030 we shouldn’t have any engines which are not dual-fuel capable so that by 2040, we’ve got a shipping industry which can go carbon neutral.’
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‘We are at an inflection point. First mover activities are going to inform and inspire the rest of the industry. They need to be enabled and supported, meaning that individual governments need to engage in this process and make sure that we have regulation in place that supports it in the interim until we get global regulation in place.’
‘We need to get closer to our customers and co-operate on making this industry more efficient. Because there’s so much waste. The moment you put a value on carbon and decreasing the carbon footprint, I think that people have a tendency to be more friendly, open to discuss and see how they can co-operate together.’
Economic measures to cut Russia off from the world’s financial arteries are the most extensive seen since the Second World War and the impact is starting to be felt. This week’s episode of the Lloyd’s List Podcast examines what that means for shipping companies trying to navigate the morass of rapidly evolving financial trade restrictions
Banks have invested billions of dollars on sanctions compliance capabilities over the past decade, but the shipping industry has not kept pace. With Russian sanctions reaching across the corporate spectrum like never before, a compliance crisis looms
Russian sanctions may have sparked the current compliance crisis, but the industry’s routine outsourcing of skills over decades has left a hole in its collective ability to navigate complexity
The rise of fake flag registries, forged documents, fraudulent classification societies and illegitimate P&I clubs — and, more seriously, the issuing and laundering of IMO and MSSI numbers — is now threatening the integrity of the global regulatory system underpinning world trade
The US has followed its UK, Canadian and EU counterparts with restrictions on Russian-associated vessels in response to the invasion of Ukraine, but abiding to the latest presidential proclamation is no mean feat
Technology changes slowly at first and then very, very rapidly and there is a small window of opportunity before artificial intelligence becomes normalised in shipping. This week on the Lloyd’s List Podcast we are exploring whether the AI revolution really is changing shipping and why the answer to that question is less a story about technology and more about an industry that is rapidly evolving into a tiered structure of haves and have nots
Economic measures to cut Russia off from the world’s financial arteries are the most extensive seen since the Second World War and the impact is starting to be felt. This week’s episode of the Lloyd’s List Podcast examines what that means for shipping companies trying to navigate the morass of rapidly evolving financial trade restrictions
Lloyd’s List’s latest quarterly outlook for shipping examines the trends across all shipping sectors, so for this week’s edition of the podcast the editorial team have gathered around the microphone to offer their view of what happens next in containers, tankers, dry bulk, the orderbook and regulation
There is a disconnect between the increasing risk to maritime businesses posed by cyber attacks and the defences being erected in response. So as US president Joe Biden was declaring it a ‘patriotic obligation’ for businesses to bridge that gap, Lloyd’s List and Insurance Day were busy this week gathering the industry’s leading experts for a frank discussion of the evolving threat to shipping and how standardisation, transparency and a significant uptick in funding are required to avert a looming crisis
The skills landscape is changing. Traditional ways of bringing seafarers into the office, while good in keeping in touch with the sea, will not meet the needs of a digitally-enabled, purpose-driven business
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