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
Cancelled vessel newbuilding believed to be one of the three arc-7 icebreaking LNG tankers ordered by Sovcomflot October 2020. The cancellation overshadows the prospects of the remaining sister ships
DSME scraps LNG carrier order linked to Sovcomflot | China eases quarantine rules for seafarers | China’s coronavirus policies vary from port to port – study | Euronav shareholders back Frontline merger
Ensuring safety and cyber security in information technology and operational technology requires collaboration, not a silver bullet
Spotlight: Ukraine Crisis
Ukraine was the world’s fourth-largest exporter of iron ore, second-largest exporter of pig iron and third-largest exporter of semi-finished steel
While official figures from Sovcomflot have confirmed 14 vessels sold, Lloyd’s List has confirmed at least 23 sales to date, with several more in the works due to be completed over the coming days
As part of our Future of Shipping programme industry leaders and sector experts map the path to a sustainable and profitable future.
‘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.’
‘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.’
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
Special Report: Risk and compliance
Shipping is not becoming any less complicated and compliance risk is not moving down the industry agenda any time soon. Russian sanctions have only added to the complexity, and a maze of international enforcement that is riddled with contradictions. Click here to view the full report
The Shipping Podcast
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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