Navigating through shifting regulatory and geopolitical landscapes in maritime

The shifting regulatory landscape in Maritime: An overview

The maritime industry has undergone a lot of change over the last few years. Today, the industry is seeing stricter environmental regulations coming into play, technological advancements changing traditional roles in the workforce, and sentiments around global trade escalating. With all this change taking place, the maritime industry has a lot to absorb, adapt and adopt in the years ahead.

The solutions chosen by industry players to navigate these changes are essential to ensure its competitiveness. 

Changing regulations – challenges and opportunities

Globally-enforced environmental regulations have been steadily introduced over the last few years, with the International Maritime Organization (IMO) 2020 Sulphur Cap as the most pressing deadline coming up in eight months.

According to Guy Platten, Secretary-General of the International Chamber of Shipping (ICS), these environmental regulations, whilst clearly necessary, will “obviously have major economic implications” to industry players.

According to reports, compliance for the sulphur cap alone could cost upwards of $50bn. Looking ahead the industry anticipates greater regulatory changes, with conversations amongst industry players shifting beyond IMO2020 and the 50% Greenhouse Gas emissions reduction target of at least 50% by 2050 and what that means for the shipping industry.

The development of this multi-part industry insights report would not have been possible without the insights and contributions provided by these thought leaders. 

They gave their time to share their insights and opinions on the challenges and opportunities facing the industry due to global developments.