Top concerns of global maritime industry leaders

The Global Maritime Forum, Marsh and the International Marine Insurance Union have released the 2022 edition of their Global Maritime Issues Monitor – an in-depth report highlighting key concerns that will impact the global maritime industry over the coming next 10 years.

The Global Maritime Issues Monitor is based on a survey of maritime industry decision makers from six continents and feedback from more than a dozen leaders and experts, and sheds light on critical issues – and priorities – faced by the maritime industry.

For the second consecutive year, the decarbonisation of maritime transport and new environmental regulations were the two main issues in terms of impact.

The authors found that maritime leaders are increasingly aware of the urgent need to decarbonize their operations and fleets. This is driven by the expectations of stakeholders such as investors and customers, but also by the increasing number of regulations that are entering the maritime scene.

Regulations include the Energy Efficiency Index for Existing Ships (EEXI), which aims to halve total CO2 emissions from international shipping by 2050 compared to 2008, and the Carbon Intensity Indicator ( CII), a metric that measures the CO2 efficiency of a ship carrying cargo or passengers over the distance traveled.

“The maritime industry isn’t alone in worrying about preparing for climate change adaptation,” said Amy Barnes, head of climate and sustainability strategy at Marsh.

Barnes added that the sector was struggling to deliver on its sustainability ambitions. “Developing a climate change mitigation strategy is often not about awareness, but about action. Many companies are genuinely committed to engaging on environmental and other ESG issues, but are unsure where to focus their next steps.

The report highlights that technology will play a key role in reducing carbon emissions, along with carbon-free fuels. “Leaders are calling for increased collaboration to accelerate the use of new technologies and better understand the costs and opportunities of carbon-free fuels,” Barnes said.

Unsurprisingly, fuel price hikes and geopolitical tensions have reached high levels in both likelihood and impact, reflecting the outbreak of war in Ukraine and soaring fuel prices.

Talent is another area that keeps leaders up at night. Over the past two years, both the expected impact and the likelihood of labor and skills shortages have increased significantly.

Other concerns at the top of the list include infrastructure failures (example: the blockage of the Suez Canal), cyber risks (example: the recent cyber attacks on Benelux ports) and the worry of a recession. global economy in 2023. The Covid-19 pandemic has dropped significantly down the list, dropping from fourth place in impact last year to 13th place this year.