The top concerns for leaders in the global maritime industry

13 October 2022 2 min. read
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The Global Maritime Forum, Marsh and the International Union of Marine Insurance have released the 2022 edition of their Global Maritime Issues Monitor – an in-depth report highlighting the top concerns that will impact the global maritime industry over the next 10 years.

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

For the second consecutive year, decarbonization of shipping and new environmental regulations were the top two issues in terms of impact.

Global maritime issues map

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

Regulations include the Energy Efficiency Existing Ship Index (EEXI), which aims to halve the total CO2 emissions of international shipping by 2050 compared to 2008, and the Carbon Intensity Indicator (CII), a metric that measures how CO2 efficient a ship transports goods or passengers over the distance it travelled.

“The maritime industry is not alone in its worries about preparedness for climate change adaptation,” said Amy Barnes, Head of Climate and Sustainability Strategy at Marsh.

Barnes added that the sector is across the board struggling with bringing their sustainability ambitions to life. “Developing a climate mitigation strategy is often not a matter of awareness, but of action. Many businesses are genuinely committed to engaging with environmental and other ESG issues, but are not sure where to focus their next steps.”

The report highlights that technology will play a key role in reducing carbon emissions, as well as and zero carbon fuels. “Leaders call for increased collaboration to accelerate the use of new technologies and better understand the costs and opportunities of zero carbon fuels,” said Barnes.

Not surprising, fuel price increases and geopolitical tensions rose to the high positions in terms of likelihood and impact, reflecting the outbreak of war in Ukraine and the spiralling prices for fuel.

Talent is another area that is keeping leaders awake at night. In the last two years, both the expected impact and the likelihood of workforce and skill shortages have increased markedly.

Other concerns high up the list include infrastructure failures (example: the Suez Canal blockage), cyber risks (example: the recent cyber attacks on harbors in the Benelux), and the worry for a global economic recession in 2023.

The Covid-19 pandemic dropped significantly in the list, from the number four spot in impact last year to the number 13 spot this year.