A raft of new EU regulations have the potential to be costly and force changes in operational and organisational structures for companies.
It is generally acknowledged that smaller companies will find the green transition a bigger challenge than larger corporations, but the maritime industry is collaborating in a number of ways to help all the shipping companies meet their new obligations.
That support is given even though some in the industry do not believe that some of the rules will be enforceable and others appear to undermine the competitiveness of European companies when compared to those trading outside of the EU.
Nevertheless, the EU Emissions Trading System will be applied to shipping from January 2024 and the Corporate Sustainability Reporting Directive is already in place, while Corporate Sustainability Due Diligence Directive, is under discussion at the EU.
Other challenges include the Carbon Intensity Indicator, which also has its industry detractors, and the fact that new fuels and other technologies will require training for crew with companies still battling a shortage of staff.
It is, in short, a tough call on how the industry will cope. But as always, those in the industry know it will cope in the end.
For more in depth analysis, inside we cover:
- New EU regulations pose significant challenges for the maritime industry
- Shipping industry faces uncertain regulatory landscape due to shifting sands
- ABS highlights Greek shipowners' resilience and innovation
- Focus on green transition fuels maritime industry
And much more!
