Ted Petropoulos reviews the state of global ship finance and finds that a long-awaited recovery in bank lending to the industry in 2021 is already showing signs of stalling in 2022
Seeing the sector back in the black is positive for insurers — and ultimately for their shipowner clients too — but watch out for what could go wrong
Bureau Veritas has moved quickly to promote DEI, accelerating since the All Aboard Alliance was formed
Shipmanagers’ boss is adamant that there should be a separation between board chairman and chief executive if the G is to be embraced. Similarly, he believes S represents the resources needed to do good for the planet
Upturn anticipated in scrapping sales amid falling freight rates for dry cargo and containership sectors
It seemed clear to everyone gathering in New York that the acceleration needed to move the shipping industry closer to the 1.5°C scenario will require unprecedented regulatory intervention, radical scaling of alternative fuel production and fleet readiness, disruptive technology inventions and substantial willingness to invest. But is shipping making any progress towards those goals?
Shipping finance is grappling with the big question of what is pragmatic and achievable as opposed to idealistic but over-ambitious when it comes to climate goals. Those at the top are struggling to maintain a vision, while the squeezed middle is happy to pay for availability and focus on the immediate markets.
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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.’
‘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.’
‘There are some tough decisions to be made, but I think the reality is the old business models that we had are not going to survive this and I think that a lot of companies will have to figure out how they actually deal with this. So, I really want to see that happening between us and our clients and I believe that that will mean a dramatic change of the contractual relationship that exists between the two of us.’
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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