The conflict in Ukraine, sanctions against Russia, and the covid-19 pandemic have had a seismic impact on businesses across the globe, the shipping and wider maritime sector has demonstrated its ability not only to continue to perform, but to adapt and deliver stability. The maritime sector continues to push forward with adoption of alternative fuels, as well as initiatives for the improvement of seafarers welfare, and digital transformation with an ever increasing amount of connective technologies. Against a back-drop of rising geopolitical tensions, the ongoing energy crises and the resultant concerns about long-term security, a significant period of change lies ahead.
Industry Risk Overview
The marine industry is starting the transition to alternative fuels in response to the challenge of climate change and adopting ship and shoreside technological innovation that offers great potential benefits, but which will also create new risks. Geopolitical upheaval is making the operating environment for shipping more complex and costly than for many decades.