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
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
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Ensuring safety and cyber security in information technology and operational technology requires collaboration, not a silver bullet
Spotlight: Ukraine Crisis
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
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.’
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
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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