SMI Issue 120 March/April

20

Cover Story

ISSUE 120 MARCH/APRIL 2026 THE MAGAZINE FOR THE WORLD’S SHIP OWNERS & SHIP MANAGERS

STRAIGHT TALK 8 – Weaponisation of shipping

MARITIME PASSPORT

reaches new extremes

Seafarer digital ID comes of age

NOTEBOOK 10 – IMO approves new guidelines on ship registration

12 – New President for UK Chamber

20 – Giving seafarers back their lives, digitally

of Shipping

13 – International Association of

Maritime Clusters (IAMC) confirms its first members with more on the way

14 – Celebrating crew diversity: How menus can honour multinational teams at sea

Get our magazine digitally.

Scan QR code and fill in your details to receive.

MARITIME SAFETY 24 – Cultural shift needed to stem tide of enclosed space fatalities

25 – Beyond compliance:

16 – Lessons for ship managers from

Advancing maritime safety in practice

INTERMANAGER OUTLOOK

MARITIME SECURITY 29 – Marlink report reveals

‘The Happy Aras’

By Kuba Szymanski, Secretary General, InterManager

evolving cyber risk driven by user credentials and human error

18 – Shipping has changed — now it

30 – Countering AIS spoofing and

must learn to measure what matters

GPS jamming

Issue 120 March/April 2026

Ship Management International

5

SHIP MANAGEMENT INTERNATIONAL – ISSUE 120 MARCH/APRIL 2026 THE MAGAZINE FOR THE WORLD’S SHIP OWNERS & SHIP MANAGERS

INSURANCE & FINANCE REGISTRIES 32 – Insurers’ response 41 – Challenges for flags keep on to the Iran war

multiplying

35 – When payments fail, ships do not sail

ALTERNATIVE VIEWPOINT 51 – Is tramp box shipping dead,

REGIONAL FOCUS

TECHNICAL 82 – Cargo liquefaction still an ever-present hazard

SHIP RECYCLING 86 – With the Hong Kong

Convention in force, now the industry has to prove it means it

or ‘just resting’?

UK Report

38 – UK remains leading maritime professional services hub Greece Report

59 – Greek owners urge ‘realism’ in

any industry carbon plan

62 – MERC moves ahead on

20 YEARS OF SMI 52 – Two decades at sea:

CLEAN OCEANS 88 – New hull cleaning standard ready

to ensure better environmental practices

How shipowning and shipmanagement have navigated 20 years of change

practical emissions reduction

64 – Navios’ multiple segment strategy: Strength through diversification

OBJECTS OF DESIRE 90 – Our pick of the most coveted

66 – Maritime AI developments to be showcased at Posidonia 2026

creations

Cyprus Report

68 – Cyprus Shipping holds steady as cluster broadens and digitalisation gains pace 70 – Cyprus is being shaped by global issues

72 – Q&A with Mrs. Sylvia Loizides Board Member, Head of Audit KPMG in Cyprus

74 – Resilient onboard catering more essential than ever

AD HOC 78 – Our regular diary section ANALYSIS 80 – Gulf conflict has only minor impact on dry bulk trades

REVIEW 92 – Bringing you the best in arts & culture

LIFESTYLE 94 – The new old age – Life may go on longer than you expect

The May/June issue of Ship Management International magazine (SMI 121) is to enjoy bonus distribution at the huge SMM event in Hamburg this September, and will feature special country reports on industrial powerhouse Germany, as well as the strategically located maritime hub that is Gibraltar.

The issue will also contain special technical reports on Smart Technology & AI, featuring some of the innovations to be unveiled or showcased at SMM, plus Navigation & Bridge Equipment (including Communications).

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Ship Management International

Issue 120 March/April 2026

The shipping business magazine for today’s global ship owners and ship managers Issue 120 March/April 2026

STRAIGHT TALK Connect with us /ShipManInter

I

Visit our website www.shipmanagementinternational.com

Join the debate @ShipManInter

Download our App Ship Management International

Weaponisation of shipping reaches new extremes ran’s chokehold on the Strait of Hormuz during

weapon of choice in the modern climate of asymmetric warfare.

the Middle East conflict once again demonstrated

Shipowners and operators have usually found a way

shipping’s ability to inflict turmoil on the world

to extract huge profits from the extra tonne/miles and

economy due to supply chain disruption. Other

other ‘inefficiencies’ such disruptions have caused. But it is

recent examples included the pandemic, obstruction of

seafarers who have borne the brunt of hardships involved,

the Suez Canal by the Ever Given grounding, drought

suffering pronged absences from their homes and families,

restrictions on Panama Canal transits, and Houthi

mental stress and in some cases serious injury or death

attacks on merchant vessels in the Red Sea area.

while merely carrying out their jobs.

blatant

Maritime leaders and international bodies have been

‘weaponisation’ of shipping, but some might argue that

quick to defend the principle of ‘freedom of navigation’

they are merely the latest development of a creeping trend

and the right to safety of seafarers carrying out work

that has included increasing sanctions on so-called dark or

that is vital to the smooth running of the world economy.

shadow fleet vessels trading with the likes of Russia, Iran

“No attack on innocent seafarers or civilian shipping is

and Venezuela, leading to the spate of military seizures of

ever justified,” reiterates IMO Secretary-General Arsenio

ships at sea that began last December.

Dominguez - a message that he and other industry voices

Latest

events

in

the

Gulf

represent

a

Meanwhile, unexplained explosions on vessels linked

will continue to stress.

with the carriage of Russian oil have continued, around the

As SMI marks its 20th anniversary, this magazine’s

Black Sea and further out into the Med, and naval escorts

continuous focus these past two decades on the benefits

for commercial vessels have begun to become reality.

of safe global navigation and on the welfare of seafarers,

In short, commercial shipping seems to have become a Published by

Wingbury Courtyard Business Village, Upper Wingbury Farm, Wingrave, Bucks, HP22 4LW, United Kingdom

Sales Enquiries Vijayatha Poojary Phone: +44 (0) 1296 682 051 Email: vijayatha@elaboratecomms.com Editorial Bob Jaques

Finance Lorraine Kimble

8

likewise remains unaltered. l

Publisher: Editor: Sales Manager: Finance: Design and Layout: Regular Contributors:

Phone: +44 (0) 1296 682 089 Email: editorial@elaboratecomms.com Email: bjaques@elaboratecomms.com Motoring Journalist: Technical Editor: Phone: +44 (0) 1296 682 051 Email: accounts@elaboratecomms.com

Ship Management International

Sean Moloney Bob Jaques Julian Berry Vijayatha Poojary Lorraine Kimble Diptesh Chohan Michael Grey Felicity Landon Ian Cochran Margie Collins Martin Stopford Rob Auchterlonie David Tinsley

Editorial contributors: The best and most informed writers serving the global shipmanagement and shipowning industry.

Issue 120 March/April 2026

Printed in the UK by Warners Midlands plc. Although every effort has been made to ensure that the information contained in this publication is correct, Elaborate Communications accepts no responsibility or liability for any inaccuracies that may occur or their consequences. The opinions expressed in this publication are not necessarily those of the publishers. All rights reserved. No part of this publication may be reproduced whole, or in part, stored in a retrieval system or transmitted in any form or by any means without prior permission from Elaborate Communications.

Notebook IMO approves new guidelines on ship registration

T

he IMO’s Legal Committee has approved a

• Procedures for quality assurance in ship registration

new set of guidelines to improve transparency

• Due diligence on ownership and ship identification

and due diligence in ship registration, as well

• Due diligence on ship identity and eligibility checks

as prevent fraudulent registrations and misuse

• Information sources and information sharing.

of flags.

The guidelines help to close a key regulatory gap for the maritime industry, given there is currently

The Committee also took decisions on the following issues:

no binding international framework to regulate the

Substandard shipping

registration of ships.

The newly approved Guidelines will assist new and

The Committee re-established a correspondence

existing flag state ship registries by providing practical

group to continue working on the Regulatory Scoping

measures to strengthen verification and due diligence,

Exercise to review IMO conventions and other tools

ensure

available to Member States, with the aim of developing

accurate

ownership

records,

and

improve

oversight of registration procedures.

actions

to

prevent

unlawful

operations,

including

Closing the 113th session of the Legal Committee

substandard shipping. The correspondence group will

held in London (13-17 April), IMO Secretary-General Mr.

develop terms of reference for a working group to be

Arsenio Dominguez said: “This is a welcome step towards

convened at the next session to focus on the issue.

ensuring due diligence in ship registration systems for the benefit of safety, protection of the marine environment

Strait of Hormuz

and the well-being of seafarers, essential for the safety

The Committee strongly condemned the threats and

and security of international shipping. The Guidelines will

attacks against vessels in the Arabian Sea, Sea of Oman

also aid in eliminating cases of fraudulent registration.”

and the Gulf Region, particularly in and around the Strait

The Legal Committee noted that the number of ships

of Hormuz.

flying a false flag had increased since the previous session

The Committee strongly condemned the Islamic

in 2025, with 529 ships falsely flying the flag of a country

Republic of Iran's threats related to the laying of mines in

in the past year. Nearly 40 Member States had seen cases

and around the Strait of Hormuz, in particular the Traffic

of their flags being fraudulently used by criminal groups

Separation Scheme (TSS). It further condemned the

without their knowledge or consent.

reported toll system for vessels passing through the Strait

The Guidelines focus on:

of Hormuz and the discriminatory measures imposed by

• Legislation governance and control on who can

the Islamic Republic of Iran, which were contrary to the

perform registration of ships

10

Ship Management International

purposes of IMO.

Issue 120 March/April 2026

Notebook

The Committee affirmed that the Islamic Republic

Working Group (JTWG) to consider creating a clear step-

of Iran's actions were contrary to the right of transit

by-step guide (Standard Operating Procedure) with specific

passage, which must not be impeded, through the Strait

timelines and trigger dates, so authorities know exactly

of Hormuz in accordance with international law.

when and how to act quickly in urgent abandonment cases.

It should not create extra administrative burden.

Fair treatment of seafarers

It asked the Task Force to recommend means to

The Committee noted with alarm that from 1 January

enhance the accuracy and verification of financial security

to 31 December 2025, a total number of 410 new cases had

documentation, through a secure reporting interface

been reported on the joint IMO/ILO database on seafarer

within IMO's existing systems.

abandonment, affecting more than 6,000 seafarers. These figures excessively surpass all the previous years' record of reported cases. In 185 reported cases, there was no obligatory financial guarantee.

Liability and compensation regime related to alternative fuels The Committee agreed that a regulatory gap existed

In addition, from 1 January 2026 a further 103

in relation to liability and compensation for incidents

abandonment cases have already been recorded on the

involving alternative fuels used for ship propulsion

joint ILO/IMO database.

and that existing international liability regimes do not

The Committee urged Member States to ratify the

adequately address the specific risks of these fuels. This

Maritime Labour Convention, 2006, including its 2014

gap must be addressed to ensure legal certainty and

amendments, and to apply the 2022 joint ILO/IMO

effective compensation for victims.

Guidelines on how to deal with seafarer abandonment

The Committee agreed there is a need to develop a

cases. It stressed that port, coastal and flag States must

dedicated regime, or amend existing ones, to ensure that

take seafarers' rights seriously and cooperate with other

their use in ship operation and propulsion is adequately

stakeholders to resolve cases.

covered. It established a correspondence group to

With regards to the ILO/IMO abandonment database, the Committee requested the Joint ILO/IMO Tripartite

DOWNLOAD OUR MEDIA PACK

continue the work on this matter and report back to the next session. l

Notebook

New President for UK Chamber of Shipping

A

t its AGM in late March,

Trauth has emphasised that

the UK Chamber of

strong industry and government

Shipping elected

collaboration will be essential to

Karrie Trauth, EVP of

ensuring the UK remains resilient,

Shipping & Maritime at Shell plc,

competitive,

as its new President, succeeding

leading the transition to cleaner,

JB Rae Smith, Director John Swire

safer and more innovative maritime

& Sons Private Group Companies,

operations.

who concluded his two-year term.

and

capable

of

Last

September,

the

UK

The AGM also confirmed the

Chamber

published

a

major

election of Donnacha O’Driscoll,

new report by the Centre for

EVP of Maritime & Sustainability at

Economics and Business Research

Carnival UK, as Vice President.

(Cebr),

In

her

first

remarks

confirming

the

UK’s

as

position as one of the world’s

highlighted

most competitive maritime nations.

this de‑escalation signals a first step

the strategic importance of the

The report, launched at the start

on the path to stability in the region.

UK’s

the

of London International Shipping

We recognise that this is a short‑term

need to further strengthen the

Week, introduced the Shipping

development and is unlikely to result

UK’s competitiveness as a global

Competitiveness

in an immediate return to normal

shipping nation.

international benchmark assessing

President,

Trauth

maritime

sector

and

Index,

an

trading conditions.

“Our sector is vital to the UK’s

44 maritime countries that together

“In the immediate period, the

prosperity and global stability,”

represent over 80% of globally

industry’s priority is the safety of

she said. “At a time of evolving

owned deadweight tonnage. The

vessels and crews currently in the

challenges, we must ensure the

UK ranked 5th overall in the Index,

region. The ceasefire may offer

UK

most

maintaining its position over the

an opportunity for ships to exit

competitive and attractive maritime

last decade and demonstrating

the Strait, but any movement will

nations in the world.”

resilience in the face of geopolitical

depend on transparent details from

remains

one

of

the

instability, Brexit, and the global

the parties involved and effective

the

pandemic. Strongest pillar of the

international

appointment, saying: “Karrie brings

UK performance was its Regulatory

Seafarers continue to face the direct

enormous

Environment

Governance

consequences of this geopolitical

clarity, and global perspective to the

(4th overall), driven by top scores

instability, and their safety, welfare

presidency at a time of geopolitical

in flag performance, regulatory

and rights must remain paramount.

volatility, economic transition and

transparency, and market openness.

“A lot of work is still needed to

rapid technological change. Her

More recently, the Chamber

turn this announcement into lasting

decarbonisation,

has been closely monitoring the

improvements in the Strait. The UK

innovation, and maritime safety is

situation in the Middle East and

Chamber of Shipping will continue

well recognised across the industry.

issuing regular updates. Following

to work closely with government,

agreement

international partners and industry

UK Chamber of Shipping CEO Rhett

Hatcher

leadership

welcomed

experience,

on

strategic

“We look forward to working

and

of

the

two-week

closely with her and with Vice

conditional ceasefire in early April

stakeholders

President Donnacha O’Driscoll to

it commented:

durable

strengthen the UK’s position as a world‑leading maritime nation.

12

Ship Management International

coordination.

to

solution

encourage that

a

allows

“We welcome the announcement

maritime trade to resume in a safe,

of a conditional ceasefire and hope

predictable and secure manner.” l

Issue 120 March/April 2026

Notebook

International Association of Maritime Clusters (IAMC) confirms its first members with more on the way

A

s many as 17 national and

association is in formation and will have

Among other things, its role will be

regional maritime clusters

representatives from all over the globe.”

to operate as a regional to global policy

Membership of the IAMC is free

bridge, translating local challenges into

commitment to improved like-minded

to international, national and regional

global policy recommendations while

cooperation and the worldwide

clusters while corporate and private

ensuring that smaller or emerging

sharing of best practice by joining the

companies can join and benefit from

maritime nations have a voice.

International Association of Maritime

high level business networking and

Clusters (IAMC), and many more are

cooperation for a small annual fee.

have underlined their

expected to follow suit in the next

The launch of the new International Association of Maritime Clusters (IAMC)

Mr Shaerf added, “There are many

took place in the heart of the City of

commercial and business development

London last September, as part of

new

benefits to joining IAMC, including

London International Shipping Week

members is the European Network

faster access to markets and partners;

2025, and the early engagement of so

of Maritime Clusters and its members

stronger value chains through the

many cluster organisations has continued

from Belgium — De Blauwe Cluster;

alignment of shipowners, ports, energy

to confirm the value of the association.

Bulgaria — Marine Cluster Bulgaria;

providers, and service companies across

France — French Maritime Cluster;

the world.”

few months.

Heading

up

the

list

of

Clusters or companies wishing to join the IAMC can do so by emailing secretariat@iamclusters.org l

Greece — STRATEGIS Maritime ICT

The IAMC represents a unified voice

Cluster; Italy — Federazione del Mare;

at a global level which can engage

Luxembourg Maritime Cluster; Malta

more effectively with bodies like the

You can view more information about

Maritime Forum; Poland — Baltic Sea

International

the association by visiting the IAMC

& Space Cluster; Portugal — Fórum

provide

Oceano; Spain — Clúster Marítimo

decarbonisation,

Español; Ukrainian Maritime Cluster.

safety regulation; and represent not

association’s LinkedIn page

Other

just shipowners, but the entire maritime

@ International Association of Maritime

value chain.

Clusters

clusters

who

have

joined

include the Isle of Man Maritime; the

Maritime

Organization; input

on

website:

digitalisation,

and

https://www.iamclusters.org/ and the

coordinated

Ethekwini Maritime Cluster in South Africa; the Chambre Monegasque du Shipping in Monaco; Mersey Maritime in the UK and NYMAR – New York Maritime, in New York.

Peter Shaerf, Chairman, New York Maritime (NYMAR) and President of

Peter Shaerf, Chairman, New York Maritime (NYMAR) and President of the IAMC

the IAMC, welcomed the surge of new members saying there was a clear and strong need in the industry for collaboration at cluster level. “As we reached out to the global network of clusters we were excited at the interest they showed in advancing the agenda of IAMC which is primarily to promote the global maritime ecosystem,” he said. “The Board of Governors for the

Issue 120 March/April 2026

Ship Management International

13

Notebook

Celebrating crew diversity: How menus can honour multinational teams at sea

C

yprus-based MCTC places strong emphasis

Menus should be planned to ensure:

on educating galley crew and seafarers

•

Adequate quantity for the entire crew

on health principles, encouraging the

•

Consistent quality across all preparations

adoption of healthier lifestyles at sea,

•

Fair access to familiar food elements for different

and promoting the use of food as a unifying force

cultures

onboard.

Multinational crews have long been a defining

Care must be taken that diversity does not dilute

strength of modern shipping, it says. Cultural exchange,

standards. Quality should never be compromised in the

shared learning, and workforce sustainability are all

attempt to satisfy everyone individually.

Waste management remains a major challenge

natural outcomes of managing diverse teams at sea.

Food plays a central role in this experience. A

onboard. Thoughtful use of leftovers, safely and

well-planned menu can unify a crew, support morale,

creatively, plays an important role in maintaining both

and create a sense of respect and belonging. Poorly

sustainability and variety.

The objective of multicultural menu planning

planned meals, however, can quickly become a source of dissatisfaction, waste, and avoidable complaints.

is balance. Welfare expectations and compliance

Creating menus for a diverse crew requires more than

requirements must be met while respecting: budget

good intentions. It demands a structured, operationally

limitations, galley staffing levels, storage capacity, and

realistic approach, one that balances nutrition, cultural and

supply chain reliability

religious considerations, cost control, storage limitations,

Equally important is the competence of the cooking

galley capacity, and compliance with MLC 2006 guidelines.

team. Cooks must be appropriately trained to execute

Culturally inclusive menus add variety, colour,

simple, repeatable methods that deliver consistent

flavour, and balance to daily meals. More importantly,

results while keeping the crew satisfied.

A small, well-trained team executing a clear system

they demonstrate respect for the people consuming

will always outperform a complex menu that exceeds

them.

When crews feel considered, morale improves.

operational capacity.

Complaints to the galley decrease, participation in meals increases, and food waste is reduced through

Practical guidelines

better acceptance of what is served.

When planning balanced menus for multinational crews, the following principles consistently deliver good results:

Inclusive menu planning also supports:

•

•

Crew wellbeing and mental comfort

•

A sense of fairness across nationalities

•

Reduced pressure on galley staff caused by

chicken, fish, eggs, lentils, or beans; avoid beef or

repeated dissatisfaction

pork, or use halal meat as a standard for mixed crews;

potatoes should form a familiar base for all meals; •

• When diversity is planned thoughtfully, it becomes Introducing multicultural elements does not mean

Unify protein choices: Use common proteins such as

Always provide a vegetarian main option: Serve spices, chilli, and sauces separately to allow

an operational advantage rather than a challenge.

14

Standardise starch options: Rice, chapati, pasta, or

personal adjustment; •

Avoid over-customisation: Menus designed to

cooking separate menus for each nationality. The key

satisfy individual likes and dislikes quickly become

is smart standardisation with flexible presentation.

unmanageable. l

Ship Management International

Issue 120 March/April 2026

Notebook

Lessons for ship managers from ‘The Happy Aras’ In The Happy Aras [2026] EWHC 7 (Admlty), the court drew a clear line between navigational negligence and unseaworthiness caused by an incompetent crew. The decision highlights the limits of relying on crew negligence as a defence and underlines the importance of proper crew management systems and evidence.

W

hen

a

casualty

passage plan to save time, failed to

the

fix the vessel’s position as required,

in

immediate focus is

and did not maintain a proper

contracts.

often on the vessel

lookout. Following the grounding,

managers are not liable for acts or

and the navigational decisions taken

the

General

omissions of the crew, even where

at the time. A recent decision of the

Average and sought contribution

those acts are negligent, grossly

English Admiralty Court is a reminder

from cargo interests.

negligent, or wilful. However, that

occurs,

that the court may look much further

owners

declared

This

distinction

standard

is

reflected

ship

management

Under

SHIPMAN,

to

protection is not absolute. The

back, in particular at how the crew

contribute, arguing that the vessel

exclusion does not apply where

were selected, trained, and managed.

was unseaworthy due to the Master’s

Seaworthiness is not limited to the

incompetence. The court agreed. It

physical condition of the vessel. A

described the Master’s conduct as a

competent crew is a fundamental

complete dereliction of duty. On that

element of seaworthiness, and ship

basis, it found that the vessel was

managers cannot assume that reliance

unseaworthy because she was not

on crew negligence will always

manned by a competent crew. The

provide a defence when something

owners were unable to show that

goes wrong.

they had exercised due diligence

Cargo

insurers

refused

In ‘The Happy Aras’ [2026] EWHC

to make her seaworthy and were

7 (Admlty), the court considered

therefore unable to recover General

whether a grounding resulted from

Average contributions.

navigational negligence or from a failure to exercise due diligence to make the vessel seaworthy. The distinction was critical, with the

Negligence, incompetence, and SHIPMAN

direct consequences for liability,

A key feature of

and it offers some clear lessons for

the judgment was the

ship managers.

distinction between negligence and

The facts and the finding The

vessel

transiting

the

grounded Datca

incompetence. The while

Peninsula

court accepted that even competent crew

off the Turkish coast. In the hours

members can make

leading up to the grounding, the

mistakes. A single

Master made a series of poor

navigational error will

decisions. He sent the lookout

not necessarily render

off the bridge, deviated from the

a vessel unseaworthy.

16

Ship Management International

Issue 120 March/April 2026

By Robert Hodge, General Manager, ITIC

Notebook

Managers should be able to

the crew’s acts or omissions result

recruitment

decisions,

training

programmes,

demonstrate

discharge their crew management

processes, proper assessment of

competency assessments, audits,

obligations. In those circumstances,

experience and suitability, relevant

and appraisals can be decisive.

liability may still arise, subject to the

training, and effective supervision.

Without them, it may be difficult

contractual limits.

Performance reviews and audits

to establish that due diligence was

should be meaningful. Where issues

exercised, with potentially serious

SHIPMAN is intended to protect

are

consequences for liability, recovery,

managers from isolated operational

clear evidence that they have been

errors by the crew. At the same

addressed.

is

deliberate

drafting.

identified,

recruitment

of

from a failure by the managers to

This

robust

Records

there

should

be

and insurance.

A clear message

time, it makes clear that managers remain responsible for the systems

In this context, the SHIPMAN

Seaworthiness is not limited to

used to recruit, train, supervise, and

wording is highly relevant. If a

the ship itself, and responsibility

review crew. If an incident points to

manager cannot show that crew

for the crew does not end at

a wider failure in those systems, the

management

their

contractual protection may fall away.

properly discharged, reliance on the

provides

exclusion for crew negligence may

protection,

be misplaced.

depends on managers being able

Due diligence is an active obligation

obligations

were

appointment. important but

that

SHIPMAN contractual protection

to demonstrate that they have

The judgment reinforces that due diligence in crew management is an

The importance of records One

of

the

most

practical

properly

discharged

management

their

crew

obligations.

Crew

active obligation. It is not enough

takeaways from The Happy Aras

management should be treated as

to rely on certificates, licences,

is the importance of documentary

a core risk function. When incidents

or minimum manning compliance.

evidence. Managers will be judged

occur, the paperwork may matter

Documentary

not only on what they say they did,

just as much as the facts. l

qualifications

will rarely be sufficient.

alone

but on what they can prove they did.

Issue 120 March/April 2026

Ship Management International

17

InterManager Outlook Shipping has changed — now it must learn to measure what matters

By Kuba Szymanski, Secretary General, InterManager

O

ver the past 20 years,

but much harder to prove it. That is

shipping has changed

why

InterManager

introduced

the

years speaking out on enclosed space

enormously. What was

idea

of

KPIs,

essentially

deaths, crew fatigue and seafarer

once a business driven

common

performance

indicators

criminalisation. These are not abstract

mainly by operations, efficiency and

that allowed managers and owners

policy issues, they are real failures,

cost is now shaped by compliance,

to assess outcomes using the same

affecting real people. We know the

decarbonisation, cybersecurity and

measurements.

risks of enclosed spaces, and still

relentless scrutiny. Ship managers

shipping

At InterManager, we have spent

The ambition was straightforward

seafarers die. We know fatigue remains

today are expected to do much more

but important. Instead of vague opinions

a serious problem, yet the gap between

than keep vessels moving. We are

or subjective judgments, owners and

paperwork and reality onboard remains

asked to protect owners’ interests,

managers could have a transparent

too wide. We also know seafarers are

support seafarers, manage risk, deliver

framework for performance. Safety,

too often criminalised when they should

compliance and respond to crisis after

technical

be protected.

crisis, from global pandemics to the

crewing and other core areas could be

If we are serious about improvement,

current geopolitical issue affecting the

measured properly. That would open

this also needs to be measured properly,

Persian Gulf.

the way to better conversations, better

transparently and consistently.

Previously,

third-party

ship

management was often seen simply

management,

drydocking,

contracts and, potentially, performancebased partnerships.

That, to me, is one of the biggest lessons of the past 20 years. Shipping

as a service. Today it’s much more of a

In many ways, it was the right idea too

has modernised and ship management

partnership. Good ship managers are

early. The KPI framework was developed

has evolved. However, the industry still

no longer just there to fulfil an owner’s

but the industry was not ready to use

too often struggles to turn experience

demands. They should help define them

it properly at the time. Now, I believe

into evidence and evidence into action.

by bringing ideas, options, judgement

that is changing. As shipping becomes

The future will bring even more

and

other

more sophisticated and data focused,

change, from AI to autonomy and new

words, the relationship should be less

the need for meaningful measurement

commercial models. Ship managers

transactional and more strategic.

measurable

value.

In

is needed now more than ever. Without

should remain at the centre of that

InterManager

clear measures, we are still too often left

conversation. Whilst shipping as we

members recognised that you cannot

with opinion instead of evidence. This

once knew it has changed, we must

manage what you do not measure. It is

matters not only for businesses, but for

all now learn not only to adapt, but to

easy to say performance is improving

the global workforce too.

measure what really matters. l

Many

18

years

ago,

Ship Management International

Issue 120 March/April 2026

Maritime Passport

Giving seafarers back their lives, digitally Why Maritime Passport is pushing new boundaries

T

he maritime sector has long grappled with a

book. Sea-time records are secured using cryptographic

structural imbalance: a seagoing workforce that

signatures, making them verifiable and resistant to

is globally distributed, operationally critical, and

tampering. The result is a single, reliable record of

yet often disconnected from the systems that

employment history, available in real time to employers,

govern compliance, employment and oversight. For years,

flag administrations and port authorities.

the ambition has been to bring the digital ecosystem closer

Certification management is handled in the same

to the seafarer, while giving employers greater visibility

way. Seafarers can upload and maintain STCW and other

and regulators stronger assurance of compliance.

IMO-required documentation directly within the system,

That ambition is now beginning to take shape.

allowing continuous validation and reducing administrative

At the centre of this shift is Maritime Passport, a

burden. Integration with ship registries adds a further layer,

platform that reflects a more advanced phase of maritime

providing real-time visibility of vessel status, certification

digitalisation: less about incremental improvement and

and compliance.

more about rethinking how identity, data and compliance

In practical terms, this goes beyond digitising existing

are managed. Built on globally recognised security and

processes. It establishes a portable identity layer for

identity standards, it places interoperability and security at

maritime labour—one that improves efficiency, supports

its core, addressing two of the industry’s most persistent

compliance and gives seafarers direct control over their

challenges.

own data.

A key feature is the shift in data ownership. Personal

The question of control sits at the heart of the wider

information sits with the seafarer, accessible through

digitalisation debate. For Maritime Passport, the position is

a secure, mobile interface. Biometric authentication

clear: the seafarer owns the data.

underpins a high-assurance digital identity, allowing remote

As Marcel Wendt, Chief Technical Officer of Maritime

onboarding and credential verification without weakening

Passport and founder of Digidentity, puts it, the platform

trust or control.

is not designed to act as a centralised gatekeeper. Instead,

The platform also introduces a digital seafarer record

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it allows individuals to manage and share their professional

Maritime Passport

credentials and certifications directly. The inclusion of the seafarer discharge book in mDoc format reinforces this approach, removing the risk of tampering with one of the industry’s most important documents.

The technology behind the platform is already well established. mDOC standards are widely used in government-issued digital identity systems, including mobile driving licences, and are embedded in everyday tools such as Apple Pay and Google Pay. Applying the same standards to maritime brings a level of familiarity and trust that has often been missing from industry-specific solutions.

Mr Wendt notes that the technology has been years in the making. After nearly two decades working with legacy systems, his focus shifted towards emerging digital

Marcel Wendt, Chief Technical Officer of Maritime Passport and founder of Digidentity

identity frameworks at a point when the standards were still evolving. Those foundations are now in place, with maritime among the first sectors to adopt them at scale.

“This tried and tested technology is already the gold standard for global security and identification, making it the safest way to share personal identity information. This technology is adopted internationally by almost every government for the new mobile driving licence on the phone, for instance. You see it in Apple and Google Pay, you see it in your wallet in your bank card,” he said.

“At Maritime Passport, we can issue the seafarer identity because the system is responsible for undertaking the identity verification process and generating the mDoc. This is important for companies like Stream Marine run by Maritime Passport CEO Martin White, who can update and view the STCW certificates, for example,” he said.

As Mr Wendt added, the seafarer’s identity and personal documents really belong to the seafarer. Seafarers can never now be held hostage by the crewing agency because they may hold the seafarer’s certificate of competence. Personal data must never be immorally monetised, he underlined.

Martin White, CEO, Maritime Passport

As the system is an app on a hand-held device, it is always encrypted and backed up on the Maritime Passport platform.

For operators such as Stream Marine, and Maritime Passport CEO Martin White, the benefits are immediate.

Certification data, including STCW records, can be viewed and updated in real time, reducing administrative overhead while strengthening compliance.

“The increase in efficiencies and the move away from paper-based training certification is a massive economic benefit to me,” he said. It is also bringing the seafarer closer to the office, making our crew feel more valued.

The broader implications are significant. By keeping identity and certification data with the seafarer, longstanding frictions within crewing and employment practices are reduced. The risk of individuals losing access to critical

Peter Phillips, Chief Commercial Officer and co-founder of Maritime Passport

Issue 120 March/April 2026

Ship Management International

21

Maritime Passport

documentation, whether through inefficiency or commercial

existing platforms seamlessly. When the seafarer is invited

pressure, is effectively removed. Personal data remains

to join the ship, and once he or she accepts it, by using

under the control of the individual, rather than being held

Maritime Passport they can provide all of the pre-boarding

or leveraged by third parties.

data that’s required, and what he/she has agreed to share.

Regulation is also playing a role in accelerating

“As soon as the seafarer board the ship, the Master

change. Organisations such as the International Maritime

produces a QR code, which the seafarer scans, and then

Organization and national flag states are increasingly

receives a green tick, saying that the seafarer is the person

signalling the need for digital solutions. Paper-based

who they say they are and has accepted the trip, and that

accreditation systems are becoming less compatible with

his/her identity has been digitally verified and secured. This

modern shipping, and the direction of travel is clearly

means that the crew manager or the Master doesn’t have to

towards fully digital frameworks.

go through all the paper record books.”

For Peter Phillips, Chief Commercial Officer and co-

As Martin White added, the breadth of what can be

founder of Maritime Passport, the transition is as much

done by Maritime Passport is endless, whether it is issuing

about mindset as technology. Moving to digital identity

verifiable medical certificates or anything where digital

requires engagement across the industry, from seafarers

identity verification is needed.

and operators to regulators and service providers, and a

Industry response has been encouraging. The platform

shared understanding of how these systems will be used

was presented at the FAL 50 meeting of the International

in practice.

Maritime Organization at the invitation of the Bahamas

Interoperability is central to that process. The platform has been designed to integrate with existing systems,

Maritime Authority, where it received strong interest from both regulators and industry stakeholders.

allowing data to move securely and efficiently across

Adoption, however, remains mixed. Some in the

the maritime ecosystem. This is particularly evident in

industry are still uncertain about the practical benefits of

onboarding.

digitalisation. Others recognise its potential and are moving

Once a seafarer accepts an assignment, pre-boarding documentation can be shared directly through the platform,

quickly with their own systems. A third group understands the value but is unclear on how to proceed.

limited to what the individual has agreed to provide. This

Flag states are likely to play a decisive role in bridging

creates a controlled and transparent flow of information,

that gap. Many crew managers are waiting for clearer

reducing duplication and simplifying compliance.

direction from administrations before committing to

The impact is most visible at embarkation. A QR code

change.

generated onboard allows the seafarer to verify their

So where is Maritime Passport precisely in its

identity instantly via the app. Within seconds, confirmation

development phase? Well, according to Marcel Wendt,

is provided that credentials are valid and identity has been

any last minute testing or pre-production can go hand-

securely verified, removing the need for manual checks of

in-hand with signing important customer contracts. And

paper records.

while Maritime Passport will be ready for use by the time

The scope extends further. The same framework can support the issuance of verifiable medical certificates and

this article is published, new ideas and advantages will continually be added to this important piece of software.

other credentials requiring trusted identity verification. In

The direction itself is not in doubt. As regulatory

that sense, Maritime Passport is not a single-purpose tool,

pressure increases and practical use cases continue to

but a broader infrastructure layer for managing maritime

demonstrate value, platforms such as Maritime Passport

workforce data.

are positioning themselves as part of the industry’s future

“This comes back to the interoperability piece,” says Peter Phillips, “as the platform can talk and link into other

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Issue 120 March/April 2026

operating model, supporting a more connected, efficient and compliant maritime sector. l

Maritime Safety

Cultural shift needed to stem tide of enclosed space fatalities

By Akshat Arora, Regional Loss Prevention Director (Singapore), UK P&I Club Despite long-established regulatory frameworks and detailed safety requirements designed to support seafarer safety, enclosed space fatalities remain concerningly high.

A

report

published

by

the

International Bulk Terminals Association

comprehensive safeguards for enclosed‑space entry across the industry.

(IBTA)

It is also commonly noted that the

revealed that between

standards of training and drills vary from

2000 and 2024, at least 1,010 ship

ship to ship. While some companies invest

and shore workers lost their lives

in sophisticated training and education tools,

because of enclosed space-related

many do not, resulting in inconsistent levels

incidents. These figures encompass

of preparedness across the fleet. Recognising

all types of enclosed space fatalities,

this inconsistency, the International Chamber

arising from a range of causes, and

of Shipping (ICS) has proposed amendments to

equate to roughly 40 per year over the past

the STCW Convention and Code (HTW 12/6/2) to

25 years. Taken together, they highlight persistent

enhance mandatory training related to the entry, operation

gaps between regulatory intent and effective risk control,

within, and rescue from enclosed spaces.

despite a widespread understanding of the importance of

But these are not solutions in themselves; they are enablers.

safety. As a result, enclosed space incidents remain one of

Regulation and advanced training are only fully effective

the leading causes of death at sea.

if safety is viewed as a strategic imperative. This requires a

Enclosed spaces are particularly dangerous because the

sustained shift to prioritise a positive safety culture that

safety risks are not always obvious. Toxic gases are often

permeates the organisation at every operational touchpoint,

colourless, odourless and undetectable without appropriate

at sea and onshore. Such a culture is underpinned by regular,

testing. A space may appear safe while in fact presenting an

enhanced training, robust monitoring, open communication,

immediate danger due to oxygen depletion or the presence

and timely feedback that extends from crew members all the

of hazardous atmospheres.

way up to senior management.

Unsuccessful rescue attempts are also a recurring feature

Leadership is the critical variable. Those who implicitly

in many incidents. In these scenarios, crew members can

undermine strong safety practices by creating cultures where it

become victims by rushing into enclosed spaces without

is acceptable to disregard adequate risk assessments in favour

adequate protection while attempting to assist a colleague,

of meeting commercial schedules, or who treat near-misses

often compounding the severity of the incident.

as inconveniences rather than operational shortcomings, are

To address the continued loss of life associated with enclosed space entry, the IMO Sub-Committee on Carriage

actively compromising the frameworks they are responsible for upholding.

of Cargoes and Containers (CCC 10) agreed in 2024 to amend

Regulation sets the baseline that the industry must

Resolution A.1050(27). These amendments were subsequently

adhere to, but strong leadership defines the culture in

adopted by the Maritime Safety Committee at its 110th session

which these frameworks are applied in practice. When

(MSC 110) in June 2025 through Resolution MSC.581(110)

safety is consistently prioritised, we will start to see a

and later endorsed by the 34th Assembly in December 2025.

decline in preventable enclosed space fatalities, alongside

With that endorsement, Resolution A.1050(27) was formally

wider operational and commercial benefits associated with

revoked, signalling a clear shift toward stronger, more

effective risk management. l

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Ship Management International

Issue 120 March/April 2026

Maritime Safety

Beyond compliance: Advancing maritime safety in practice A contributed article by Iasonas Lalizas, Marketing & Communications Director at LALIZAS

B

eyond

certification

and

innovation, the most critical factor

for

ensuring

the

real-world

reliability

of

LALIZAS Maritime Safety Summit for the New IMO Regulations on Onboard Foam Systems

lifesaving and fire-fighting equipment on board is consistent maintenance, correct operation and thorough crew knowledge. Experience has shown that even the most advanced, fully certified equipment cannot deliver safety on its own if it is not properly maintained or if crews are unfamiliar with its correct use. From a manufacturer’s perspective, reliability is not defined at the point of sale; it is shaped

proper servicing, it evolves into a

servicing of lifesaving and fire-fighting

throughout the entire lifecycle of the

genuine operational advantage rather

equipment by non-authorised providers,

equipment — from correct product

than an administrative burden.

often using non-approved spare parts

selection and authorised servicing

to

or incorrect procedures. In safety-

to regular onboard inspections and

advance, the human factor remains

critical systems, such compromises can

continuous crew training. Safety is

central to maritime safety. Digital

have serious consequences. Quality in

ultimately a function of preparedness,

innovation

enhances

servicing is as important as quality in

not just technology.

safety, but it does not replace human

manufacturing, and operators should

While

technology

continues

undoubtedly

has

judgment in high-risk, unpredictable

evaluate service partners not solely on

become increasingly demanding, with

environments. The priority is to empower

cost, but on authorisation, technical

evolving IMO requirements, different

seafarers, not overwhelm them. Training

competence and accountability. Safety

interpretations and local enforcement

and knowledge-sharing are therefore

is not a one-off purchase; it is an ongoing

variations adding complexity for ship

as important as product innovation.

process requiring consistency across all

operators. In this environment, the

Onboard training sessions, refresher

stakeholders.

role of a manufacturer goes beyond

courses and practical demonstrations

supplying certified equipment; it is

ensure that crews remain familiar with

perceived as disruptive, can also serve as

about providing clarity, guidance and

the equipment’s condition, location

a catalyst for leadership. Initiatives such

continuity. At LALIZAS, by combining certified

The

regulatory

landscape

Regulatory

change,

while

often

and correct operation. Digital tools

as the Maritime Safety Summit 2025,

with

technical

and documentation can support this

hosted by LALIZAS on Aegina Island,

regulatory

products

insight,

process, but safety outcomes ultimately

demonstrate how industry collaboration

training solutions and a worldwide

depend on people who understand and

can transform uncertainty into clarity.

network of authorised service stations,

trust the equipment they rely on.

By

documentation,

compliance becomes more than a box-

Servicing quality is another critical

bringing

together

shipowners,

managers, classification societies and

ticking exercise. When it is supported

pillar

A

other stakeholders to address upcoming

by understanding, preparedness and

growing concern in the industry is the

IMO regulatory changes — including

of

operational

readiness.

Issue 120 March/April 2026

Ship Management International

25

Maritime Safety

the transition away from PFOS- and PFOA-based materials in

ensure that safety systems remain effective, compliant and

firefighting systems under IMO resolution MSC 532(107) — the

reliable throughout their lifecycle.

focus shifts from reaction to preparation. Providing practical

Ultimately, maritime safety is not defined solely by

insight, technical clarity and clear pathways to compliance

regulations or products, but by how well people understand,

supports informed decision-making at fleet level.

maintain and rely on the equipment designed to protect them.

In an era defined by geopolitical uncertainty and shifting

Through certified equipment, authorised servicing, dedicated

global trade patterns, operational resilience depends on

training solutions and a global support network, LALIZAS

global reach combined with local capability. Disruptions

supports operators move beyond compliance, building a

such as port closures, rerouted shipping lanes or regulatory

practical, resilient approach to safety that performs when it

changes can place significant pressure on operators if

matters most. l

service availability is inconsistent. A worldwide network of approved service stations, supported by certified equipment and consistent technical standards, ensures continuity, reliability and confidence, particularly in emergency or timecritical situations.

The current pragmatic phase of the green transition further reinforces the importance of long-term thinking in asset management. Rather than focusing on short-term adjustments, the emphasis is on future-proofing safety systems responsibly. While regulatory timelines may evolve, the overall direction remains clear. Investing in compliant and sustainable solutions today helps protect long-term asset value, reduce future retrofit risks and maintain operational continuity. The objective is not only to meet environmental targets, but to

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Ship Management International

Issue 120 March/April 2026

LALIZAS lifesaving products in action

Issue 120 March/April 2026

Ship Management International

27

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Ship Management International

Issue 120 March/April 2026

Maritime Security

Marlink report reveals evolving cyber risk driven by user credentials and human error

M

arlink, a global leader in secure managed

and industrial sites in remote environments on land. In 2025,

services for business-critical digital

60% of assessed sites relied on shared infrastructure, over

solutions, has released its ‘Cyber

70% had undocumented or poorly secured connections, and

Intelligence Report for Remote Operations

30–40% of OT assets were initially unknown or unmanaged.

2026’, highlighting how evolving cyber threats are

These gaps are increasingly exploited through trusted access

increasing the risk of disruption across maritime, energy,

rather than malware.

enterprise and critical infrastructure sectors.

The human factor remains a critical focus in cyber

The report reflects growing exposure to safety, operational,

security. Phishing simulations showed that 20% of users

financial and reputational risk as digital dependency increases

clicked malicious links and 11% disclosed credentials,

across remote environments. Based on continuous monitoring

while

from global Security Operations Centres (SOCs) and more than

continues to scale, with incidents detected across

200 cyber security assessments, it identifies a clear shift in how

Marlink-monitored environments rising from 5,740 in

attacks occur, with key findings including:

2024 to 7,793 in 2025. More than half of these incidents

•

targeted transportation, energy and manufacturing. In

Trusted access and credentials are now primary attack

only

11%

reported

incidents.

Ransomware

pathways

maritime environments, 82% of alerts were concentrated

•

in crew network zones, reinforcing user-facing systems as

Greater information technology (IT)/operational technology

(OT) integration has expanded the attack surface •

The human factor continues to drive initial compromise

the primary attack surface.

“The data confirms a clear shift in how cyber threats materialise in remote environments,” said Nicolas Furgé,

These vulnerabilities allow attackers to exploit trusted access

President, Marlink Cyber. “Addressing these structural

pathways, making incidents harder to detect and increasing the

weaknesses requires more than additional tools. It demands

likelihood of cyberattacks resulting in network and operational

an identity-first security model, stronger control of trusted

downtime. Identity-based attacks now dominate, with the

access, and closer integration between cyber security and

report finding that 69% of observed risks were linked to

operational infrastructure.

compromised user credentials, compared with 12% related to

“Measures

such

as

multi-factor

authentication,

traditional technical vulnerabilities, signalling a decisive shift in

network segmentation across IT and OT, continuous

attacker behaviour.

monitoring, and targeted user awareness programmes

According to the report, IT/OT convergence is further expanding exposure across digitalised operations on ships

are critical to reducing exposure and improving resilience in remote environments.” l Issue 120 March/April 2026

Ship Management International

29

Maritime Security

Countering AIS spoofing and GPS jamming

By Saleem Khan, Chief Data & Analytics Officer, Pole Star Global

To appreciate the concerns with AIS spoofing and GPS jamming, it is helpful first to understand them.

T

he London Maritime Academy says: “AIS

Protection with persistent tracking

spoofing refers to the deliberate manipulation

A better approach to vessel tracking is, therefore, required.

of Automatic Identification System (AIS) signals

Persistent tracking offers this answer. Essentially, this technique

by sending false messages that show inaccurate

overlays multiple vessel tracking services and data sources,

locations or provide fake information about a vessel's

including AIS and secure point-to-point satellite tracking

identity, ship's position, or destination. This process

systems (Inmarsat-C, Iridium, etc.), voyage plans when available,

includes the use of fake transmitters, GNSS systems,

Earth Observation (EO) data when relevant, and it uses real-

and broadcasting techniques, which falsify data on radar

time analytics to transform the accuracy of reliability and vessel

screens, tracking reports, navigation logs, and even security

location data.

systems. Characteristics, location, ship type, and speed are vulnerable to falsification through this process.”

With multiple, layered data sources and robust crossreferencing and analysis, a persistent tracking model allows the

Related to this form of cyberattack is GPS jamming. This can

industry’s various stakeholders to have increased confidence

be broadly defined as the intentional disruption of positioning

in true vessel positions. The guessing is eliminated. Errors

signals, undermining AIS reliability.

associated with false positives are minimised. This enables

Awareness of these kinds of incidents is increasing globally

stakeholders to ensure any anomaly or vessel deviation is

too. No thanks to recent events at the Strait of Hormuz, where

immediately identified and notified, and that it is open to

AIS spoofing and GPS jamming is high. Additionally, last year,

appropriate investigation.

Finland’s Coast Guard shone a light on jamming and spoofing

As part of this approach, multiple, diverse vessel detection

in the Baltic Sea too. It has said that it has detected constant

technologies feed into live dashboards. This provides

disturbances to satellite navigation signals in the Baltic Sea

stakeholders with the essential visibility and control required to

last October, with some tankers spoofing location data and

confidently locate and manage their vessels. What is more, by

covering up visits to Russia.

adding the power of predictive analytics, artificial intelligence

In either case, AIS spoofing or GPS jamming, presents

and machine learning, stakeholders can gain far more insight

serious risks and implications for operators and crew on

into the extent of cyberattacks. This ensures secure, safe and

vessels. For shipping operators, spoofed or jammed data

compliant shipping operations.

undermines safety in congested waters. This can increase the

Pole Star Global is a leading maritime intelligence company,

chance of collision or grounding. For supply chain and logistics

fusing AIS, satellite detections, ownership, and behavioural

professionals, false position data distorts the visibility of cargo

analytics to help governments, insurers, and shipping companies

flows. This disrupts planning and undermines service reliability.

separate malfunction from manipulation. Our data offers an

Whereas for financial institutions, spoofed data creates blind

unusually granular view into how conflict, coercion, and digital

spots in sanctions compliance and beneficial ownership checks.

deception are reshaping global trade in real time – and where

This exposes organisations and clients to further regulatory and

the next fractures might appear. l

reputational risk.

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Ship Management International

Issue 120 March/April 2026

Insurance Insurers’ response to the Iran war

An analysis by Limassol-based Aphentrica Marine Insurance Brokers

O

n 28 February, the world woke up to

on legislation to formalise transit fees on ships passing

find a new outbreak of hostilities in the

through the Strait despite freedom of navigation being

Middle East that quickly turned the entire

non-negotiable under international law.

region into a battlefield, with severe

Faced with the significantly increased exposure, war

consequences for shipping and global supply chains.

insurers as well as P&I Clubs (on their fixed entries) have

According to publicly available data, the closure

exercised their rights under their policies and issued

of the Strait of Hormuz has ‘grounded’ more than

Notices of Cancellation to allow them to re-evaluate

3,000 vessels, representing 4% of the global fleet,

their contracts and consequently their rating to reflect

and according to the IMO, entrapped nearly 20,000

the enhanced risk. In parallel, the Gulf area has been

seafarers. Six cruise vessels were among the vessels

broadened compared with the previously defined High

that were stranded with thousands of passengers

Risk Area.

unable to return home, as the war has also brought air travel in the region to a virtual standstill.

Overall, the market went into a ‘panic’ mode during the first week as insurers were trying to reset themselves

Shipping was attacked daily. According to the IMO’s

and shipowners being concerned over the availability of

briefing on April 24th, there had been 29 incidents against

cover which in some instances has been pulled, albeit

ships, with 10 reported fatalities during these attacks,

temporarily. The vessels that were already in the Gulf

while ships had also been detained in Iranian waters.

before 28 February, entered under different circumstances

Navigation through the Strait shrunk by some 95% due

and under different, much lower insurance terms.

to the blockage while mines have also been detected –

Long term, what has probably been the biggest

not limited to the Traffic Separation Scheme (TSS). Some

contributor to the anxiety among shipowners, charterers

vessels managed to get through the Straits, with the

and insurers alike, is the rapidly changing picture between

majority however, being linked to Indian, Iranian, Chinese

attacks and cease fires and the closing and re-opening of

and Middle East interests while there has been speculation

the Straits, the failed exit attempts and the uncertainty

of ‘transit tolls’ in the level of US$2 million to ensure safe

that the prolonged blocking has created. Some even

passage. Iranian lawmakers are reported to br working

feared of a scenario similar to the Russia-Ukraine war and

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Ship Management International

Issue 120 March/April 2026

Insurance

the possibility of having to rely on

assume an LPG valued US$60 million,

humanitarian issue. Until the TSS is

their Blocking and Trapping Clause.

this would translate to a 12 hour

confirmed safe, the IMO is urging

This has caused great instability with

transit premium ranging between US$

shipowners and operators not to

war rates going up and down like

1.8 – US$2.25 million (if we assume

make transits in ways that place

elevators.

the 7.5% rate including a best case

seafarers’ lives at risk. De-mining and

scenario of 50% NCB).

safe passage corridor arrangements

At the time of writing (in late

should be a pre-requisite before any

April), in the last eight weeks since

The United States has mooted

the beginning of the war we have

the idea of a maritime reinsurance

seen rates fluctuate significantly.

initiative, including war risk for both

Persian Gulf rates, which were quoted

hull and cargo, aimed to insure

by shipowners as it has always done,

around 0.125% with 50% No Claim

losses of up to US$20 billion ‘on a

but the cost to the industry will only

Bonuses (NCB) for vessels entering

rolling basis’ on vessels, in an effort

be quantified at the end of it all. Will

before 28/02, with the clock stopping

to restabilise the flow of energy

the situation subside and equilibrium

for time in port in most Gulf countries,

and commercial trade in the Gulf,

be re-instated or are we looking at a

now climbed to 1% at its highest peak

which has temporarily challenged

new status quo in the area? The only

– almost 10 times higher than before

the realities of the London market.

certain thing is that shipping never

– with time in port now counting.

However, whilst the initiative has

sleeps and that the shipping industry

In some instances, NCBs were also

secured partners from recognised

has always shown resilience through

reduced and as the situation had

war leaders, it has not yet launched

adverse circumstances.

somewhat calmed down, rates

pending a viable security framework

At the time of writing, the

stabilised between 0.5%-0.75% and

and the shipping industry does not

prevailing feeling was one of hope

NCBs reinstated, with each risk being

appear to feel confident on how the

with ceasefire negotiations ongoing.

reviewed on a case by case basis.

scheme would function in practice.

It is the sincerest hope of the authors

transit takes place.

The insurance market is standing

While the market continues to

that when this article reaches readers,

accumulated premia are in the region

provide cover, albeit at these high

the situation will have been resolved

of millions of dollars depending on

levels, it remains unclear how and for

and not escalated. l

ship values making insurance almost

how long the shipping industry will

unaffordable.

be able to sustain these unforeseen

In monetary terms, some of these

On the Strait of Hormuz transit

costs and how the parties down the

side, rates in the beginning of March

chartering chain will be able to absorb

were around 3-3.5% and at some

them. The industry is also bracing for

point a 10% was quoted for a risk.

the disputes that are manifesting from

Thereafter transit rates fluctuated

the disruptive effect on the contracts.

between 5%-7.5% at the time of

Will the insurance market be faced

writing, albeit with NCBs still at lower

with a situation of unpaid premia? Will

levels ranging from nil to max of

we see an increase in FD&D disputes

50% during announced ceasefires.

on the P&I side?

Their validity, however, is only 24

As the disruption continues,

hours and brokers and their clients

brokers are defending cover and

find themselves working to secure

monitoring developments ensuring

cover today for them to be non-valid

their clients’ exposures are fully

Brokers Ltd. is a Limassol-based

tomorrow. Additionally, the list of

covered while they remain exposed to

company with an extensive client

warranties imposed on such cover, in

the hostilities in the area. Prolonged

base across Greece, Cyprus and

some instances, seemed impossible

delays are affecting stranded vessels

Middle East countries. The company

to meet considering the approvals

and conditions in this high-risk

celebrated its 30th anniversary during

required. In monetary terms, if we

area have become an increasing

Maritime Cyprus last October.

• Aphentrica Marine Insurance

War rates have been going up and down like elevators Issue 120 March/April 2026

Ship Management International

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34

Ship Management International

Issue 120 March/April 2026

Finance

When payments fail, ships do not sail

Financial infrastructure is becoming a critical operational issue for global shipping, explains this article by maritime payment solutions provider ShipMoney.

A

vessel is preparing to

Treasury risk is increasingly

depart port. Agents are

becoming operational risk

waiting for payment

When a payment corridor becomes

confirmation. Crew

restricted, when a bank suddenly

payroll is due. A supplier invoice

changes its appetite for maritime

must be settled before services

exposure, or when compliance reviews

can proceed. Suddenly a payment

delay time sensitive payments, the

is delayed for compliance review.

consequences are no longer confined

A banking corridor tightens

to finance departments. The effects

overnight. Documentation is

ripple across operations.

requested again.

“Operators that are best positioned

What begins as a financial delay can quickly become an operational problem.

Global shipping has always operated

today are those strengthening resilience in

their

diversifying

financial payment

rails

and

improving visibility across their global

Vessels

payment flows,” says Stuart Ostrow,

continuously

across

jurisdictions, currencies and regulatory frameworks, while operators manage

President, ShipMoney.

Port disbursements are delayed.

large volumes of payments to vendors,

Vendor

ports,

strain. Crew payroll becomes uncertain.

agents

and

crew

through

relationships

come

under

Voyage schedules face disruption.

multiple banking systems.

Recent geopolitical events, evolving

In a sector where timing and

tightening

reliability are critical, the ability to move

banking compliance requirements have

money across borders reliably has

begun to expose a deeper structural

become a core operational requirement

issue within maritime finance.

rather than simply a financial function.

sanctions

regimes

and

Rupert Fee, B2B Payments Lead, ShipMoney

infrastructure,

within a complex financial environment. move

Payments that were once routine can now encounter unexpected friction

Issue 120 March/April 2026

Ship Management International

35

Finance

Operators that are best positioned today are those strengthening resilience in their financial infrastructure, diversifying payment rails and improving visibility across their global payment flows Stuart Ostrow, President, ShipMoney

Hidden fragility in maritime banking

and

structures

Payments that were once routine can

geopolitical

environment.

Many maritime operators still rely

now encounter unexpected friction,”

on fragmented banking relationships

says Rupert Fee, B2B Payments Lead,

built

ShipMoney.

over

many

years.

Different

entities within a group may maintain accounts

across

multiple

banks

and jurisdictions, each with its own

Operational cost of payment delays Shipping

compliance frameworks, cut off times

where

and corridor restrictions.

paramount.

is

operational Vessel

an

industry

continuity

is

schedules

are

While this structure may function

tightly coordinated, port calls are

during stable periods, it can quickly

time sensitive and delays can carry

become

external

significant financial implications. When

conditions change. Sanctions regimes

payments cannot be executed reliably,

can shift rapidly. Banks may reassess

the impact can be immediate.

fragile

when

risk exposure to particular corridors or

A delayed port disbursement may

sectors. Documentation requirements

affect a vessel’s ability to complete a port call smoothly. Vendor payments

can increase overnight.

In these situations operators often

find

themselves

held for compliance review can strain relationships

with

critical

service

banking

providers. Crew payroll disruptions not

relationships simultaneously,

only create operational risk but also

attempting

to

affect seafarer welfare and morale.

blocked

payments

navigating

several

maintaining

resolve while

“In

continuity

rarely

across operations.

“What we are seeing

shipping, just

financial

payments

are

transactions,”

says Karen Martin, Global Brand Ambassador,

ShipMoney.

“A

port

across the industry is that

payment determines whether a vessel

many maritime treasury

can operate smoothly. Crew payroll

structures built ten or

affects morale and welfare on board,

fifteen years ago are

while vendor payments sustain critical

struggling to keep pace

relationships

with today’s regulatory

supply chain.”

across

the

maritime

Finance

Reliable

financial

execution

is

therefore fundamental to operational

Financial continuity as operational strategy The maritime industry has always

continuity.

demonstrated remarkable resilience Maritime-specific financial

in the face of global disruption. From

infrastructure

pandemics to geopolitical conflicts,

These changes reflect a broader recognition

that

shipping

is

a

highly specialised sector. Financial

operators

consistently

adapt

to

maintain the flow of global trade.

Financial infrastructure is now

general

becoming part of that resilience strategy.

corporate payments often struggle to

Ensuring that vendor payments,

accommodate the operational realities

port disbursements and crew payroll

of maritime businesses.

can continue reliably, even when

solutions

designed

for

A growing number of maritime focused

financial

platforms

are

emerging to address this challenge.

ShipMoney, for example, has developed

longer simply a treasury objective.

It is a business continuity requirement.

specifically

For ship managers and operators responsible for maintaining safe and

enabling operators to manage vendor

efficient fleet operations, the ability to

payments, crew payroll and treasury

execute global payments with certainty

oversight within a unified framework.

provides something invaluable.

designed

Solutions tailored for maritime operations

can

integrate

vendor

payments, treasury management and crew financial services into a single system. This allows operators to manage payments more efficiently while strengthening financial control and compliance oversight.

More importantly it helps reduce the

operational

risk

created

fragmented payment structures.

by

Karen Martin, Global Brand Ambassador, ShipMoney

regulatory environments shift, is no

around maritime operational flows,

infrastructure

In shipping, payments are rarely just financial transactions

Peace of mind.

Because in shipping continuity is everything, and the financial infrastructure supporting global fleets must now be designed with that reality in mind. l Issue 120 March/April 2026

Ship Management International

37

UK Report

Regional Focus UK remains leading maritime professional services hub Jos Standerwick is standing down as Chief Executive of Maritime London after nearly nine years in the position, moving on to become Head of Membership at the Baltic Exchange as well as Chair of the Steering Group for London International Shipping Week 2027 (LISW27).

Here he provides his parting observations on the UK maritime professional services sector in excerpts from his speech at the recent AGM of Maritime London – which coincided with the association’s 25th anniversary.

W

hen I first started in this role, I don’t

For Maritime London’s part, regardless of the

think that anybody could have been

geopolitical or regulatory challenge, we have consistently

aware of quite what was coming down

demonstrated our ability to inform policymakers of

the track in regard to the regulatory,

industry realities, whilst also convening and informing

geopolitical and geoeconomic environment.

Since then, we’ve lived through COVID, the invasion of

our members. During COVID, for example, we worked closely with government to inform how the market was

Ukraine, and the subsequent use of shipping as a direct tool of

responding at a time when global supply chains were

foreign policy, the effective closure of Suez, and now, of course,

under an unprecedented strain. And at the same time,

the evolving crisis in the Gulf. Alongside this, we’ve seen an

we rapidly pivoted to support our members and during

unprecedented wave of regulation, both domestic, regional

lockdown were hosting fortnightly webinars that attracted

and supranational, including CII, EU ETS, FuelEU Maritime and

hundreds of participants each time.

of course the proposed Net Zero Framework.

All of this has changed how our industry operates, how it manages risk, and how it thinks about

I think the other significant evolution we saw during COVID were the beginnings of a material shift in sanctions policy. In 2019, OFAC issued

compliance. Throughout this period

the first maritime advisory,

of complexity, the London market

quickly followed by OFSI

has adapted, and as various

in 2020. For the first

industry reports continue to

time, regulators explicitly

state, shown remarkable resilience

targeted the maritime

and positioned itself firmly as a solution centre for global shipping.

mid-sector with detailed compliance expectations.

Editorial credit: Sven Hansche / Shutterstock.com

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UK Report

The invasion of Ukraine in February 2022 meant for the

A longstanding structural issue with the UK has been

first time shipping was not just affected by geopolitics,

the decline of indigenous ship ownership. While challenges

it became a central instrument of it. The G7 response

remain, particularly in relation to the broader fiscal

introduced a complex sanctions regime that directly

and residency environment, we’ve worked closely with

targeted the maritime sector. And almost overnight

government and members to improve the competitiveness

questions of legal interpretation, compliance and

of UK tonnage tax and, as a consequence, of reforms in

commercial viability became central considerations to the

2023, we’ve seen a 20% rise in tonnage within the scheme,

market.

which I think is a significant achievement.

The introduction of the Oil Price Cap represented a

And we’ve also supported the development of the

further step change, an ambitious novel piece of sanctions

UK Shipping Concierge, taking learnings from other

policy that relied heavily on the participation of maritime

jurisdictions in terms of supporting international operators

professional services. Maritime London worked with

establish a presence in the UK.

partners, helping government to understand the practical

Maritime London was created by the Baltic Exchange as

realities of compliance and the potential consequences of

the promotional arm of the London and professional services

the mechanism.

market.

While Maritime London become independently

And I think as recent developments have shown,

constituted 25 years ago, promoting the market overseas

sanctions policy continues to evolve in ways that can be

has remained at the heart of what we have continued to do.

entirely unexpected and difficult to interpret. Supporting

Over the years, forums in Greece, Turkey, China (including

members through this complexity will be a key priority for

Hong Kong) and other countries have become embedded in

the association moving forward.

those markets’ shipping calendars, providing our members

The geopolitical disruption, of course, did not stop with

with platforms to showcase their expertise internationally.

Ukraine. We saw attacks in the Red Sea and, of course, the

Our role in London International Shipping Week has also

current crisis in the Gulf. Throughout this, I think Maritime

been significant.

London’s position has been consistent with Government.

I’d also like to take this opportunity to highlight the work

The London market is responding as it should to a crisis of

of our affiliated charity, the Maritime London Officer Cadet

this nature. The primary constraint is not commercial. It is

Scholarship. When I first became involved in the charity as

a question of safety. Safety of seafarers, of assets, and of

a trustee, we had two cadets in training. Today we have

course, to avoid significant environmental harm.

grown significantly; we have 11 cadets in training and I think

Alongside these geopolitical challenges, we’ve also

three due to join in the next intake.

navigated the evolving decarbonisation agenda. We’ve run

If I may end on a more personal reflection, I think that

seminars and briefings helping members understand the

one of the most significant changes in recent years has been

implications of new regulation, and we’ve been proactive

the level of scrutiny placed upon this industry. Shipping is

in highlighting the commercial and contractual barriers to

now firmly in the public and political spotlight, and with that

decarbonisation.

comes both opportunity but also risk.

Alongside our Maritime UK colleagues, we worked with

Misunderstandings,

whether

around

sanctions,

the Department for Transport towards the establishment

ownership structures or market behaviour, can have real

of UK SHORE and together unlocked over £700 million

world consequences now, perhaps in a way that they did

worth of government funding through to the end of the

not in the past. Maritime London has a critical role to play

term of this Parliament. We’ve also advocated for practical

in ensuring that the voice of this market is heard clearly, but

solutions to support investment into the market, including

most importantly, accurately. However, we can only do that

the recognition of UK services under export finance

with the support and engagement of the membership. We

frameworks.

should be really proud of this market and the role that it plays in the global economy. And if we want it to remain the world’s leading centre for maritime professional services, we must be as strong at telling that story as we are in delivering it. l

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Registries Challenges for flags keep on multiplying

E

By Felicity Landon

ven before the Iran war, the world’s ship

compliance is confirmed, take corrective action. “In some

registries were already knee deep in compliance,

cases, the only action may be that we request that the ship

regulatory, due diligence and admin demands.

leaves the registry.”

These related to constantly changing sanctions,

However, he said flag states could not get involved in

the growing threat of the shadow fleet and allied

every single cargo transaction, commercial operation and

instances of seafarer abandonment, the proliferation of

practice of every ship. “Our expectation is that the managers

false flags, AIS/GPS jamming and spoofing, fraudulent

will take in the requirements of port and coastal state where

documentation… to name just a few.

they operate and follow those requirements – and, if they

The conflict in the Middle East has turned the dial to max

breach those requirements, this would be reported to us.

when it comes to ongoing and new challenges. Quite apart

That is where collaboration of member states is so critical.”

from the huge concerns around the safety and wellbeing

Widespread AIS spoofing and jamming is compounding

of thousands of seafarers stranded onboard vessels unable

the difficulties, said Hutchinson. “Everyone can see

to transit the Strait of Hormuz, the crisis has added new

the benefits of technology: enhanced processes, more

dimensions to the problems that were already there.

economic and environmentally friendly. But with the

Trump’s waiver on Russian oil added confusion around

advances of technology come challenges of negative use of

US and other sanctions regimes, already complex enough.

that technology. If we had a ship that apparently travelled

AIS spoofing and jamming has gone crazy. Under Iran’s

the equivalent of five days in one day, we would undertake

selective blocking of the Strait of Hormuz, many vessels of

an investigation. Spoofing or mirroring of AIS equipment is

questionable status from the shadow (or ‘dark’, ‘grey’ or

a problem the industry is facing.”

‘parallel’ – take your pick) fleet have had the privilege of

Ships are allowed to turn off AIS if it is deemed to be a risk

passing through the Strait, while other legitimate, compliant

to the ship. “We make allowance for safety and security risks.

vessels have not; the US Navy’s subsequent blockade of

However, while AIS can be turned off under SOLAS, there

Iranian ports has merely complicated matters further.

is a mandatory requirement on Long-Range Identification

conflicting

and Tracking (LRIT). ; we say they cannot turn it off. We can

information, contradictory news, fantastical AIS tracking

increase the reporting frequency of LRIT, and we have done

reports and Trump’s sanctions policy whims. Every piece of

that without having to go back to the owners or managers.”

Ship

registries

must

make

sense

of

information must be checked and double checked.

This delivered interesting stats in the Persian Gulf.

Capt. Dwain Hutchinson, Managing Director and CEO

“When the conflict first started, we had about 28 ships

of the Bahamas Maritime Authority (BMA), said: “There is

based on our tracking within the region. This dropped to

concern in the industry that there is a lot of false information

just under 15 within two days when you looked at AIS – but

out there. Make sure you validate and verify everything

the LRIT numbers matched what we knew. So we did have a

before you share it out.”

good idea of the ships in there.”

He says the BMA position towards the ‘non-compliant

Ship registries have to learn the new sanctions

fleet’ remains the same: track vessels, pick up any potential

regulations as they evolve, said Evan Curt, VP Maritime

non-compliance, escalate, investigate and, if any non-

Security at IRI, managers of the Marshall Islands Registry.

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Registries

Capt. Dwain Hutchinson, Bahamas Maritime Authority

Evan Curt, IRI/Marshall Islands

Bill Gallagher, IRI/Marshall Islands

Nick Makar, IRI/Marshall Islands

“Sanctions compliance has become more confusing and

hijacking where people are taking ghost vessels and using

difficult because a lot of what was previously sanctioned

their identity. It is very rare, but we have to figure out how

is now legally permitted to trade – including waivers on

they are doing it and hopefully we can act.”

Venezuelan, Iranian and Russian oil. We still have to check

Much of the AIS jamming in the Gulf is due to anti-

whether a ship has a licence to go to Venezuela. It’s not like

missile systems that jam signals, he said. However, there

a free pass – you still have to check.”

have been cases of ships tracked across the middle of the

If a ship is found to be carrying sanctioned oil, the Marshall Islands acts on a case-by-case basis, he said. “The

desert. “This is all very concerning for navigation – it’s a huge safety issue.”

legal department will go to the operator and ask for their

He also warned that any electronic emissions from a

side of the story, give them the evidence we have and see

ship could help nefarious actors to track a vessel – and that

what they have to say. If they don’t have an excuse, we have

could include seafarers’ mobile phones. “We are advising

a right to strike them off.”

seafarers to shut that off.”

In fact, the Marshall Islands hasn’t had to deal with a

The Marshall Islands Registry is concerned about the

sanctioned vessel in well over a year – Bill Gallagher, IRI

emergence of false flags and/or mismanaged registries

President, said: “When you have a very compliant fleet on

and Nick Makar, IRI’s Senior Vice President, Maritime

the technical side of things, they tend not to be the kind of

Administration and Regulatory Affairs, said: “The agendas at

vessels that end up doing nefarious trades.” However, he

the IMO legal committee are dealing with this and I would like

said: “Our biggest exposure is on the corporate side. The

to see the work at IMO progress on that. We want to see the

Marshall Islands is a very well-known corporate jurisdiction

development of best practice on registration, due diligence,

for the maritime community.”

etc., but ultimately it comes down to those administrations

It’s a case of ‘pull on the string and find more degrees of connectivity’, according to IRI, which has expanded its

which have established flags ensuring they are appropriately resourced to execute their responsibilities.

legal and trade compliance teams again recently, and has

“When it comes to bad actors and those intentionally

designated compliance specialists in its regional offices as

falsifying documents, web pages, etc., that’s a much bigger

well as HQ.

issue.”

There were 185 Marshall Islands flagged vessels stuck

Here, the IMO’s GISIS (Global Integrated Shipping

beyond the Strait of Hormuz towards the end of March.

Information System) is vital for sharing information on

About 60 of these were anchor handlers, tugs and the like,

the registration status of ships, including ships that have

but the biggest concern was for a similar number of tankers

been thrown off a registry, and on false flagging, said Curt.

and gas carriers, said Evan Curt, who said conflicting advice

“When a sketchy ship leaves one registry, it goes on this

doesn’t help. Naval advice might be that vessels should

database, and all the registries can see this and know not

keep moving – ‘don’t be a sitting duck’ – but that gets

to reflag it. However, not every flag is on this system, so it’s

difficult when a ship is at anchor and the port state might

still an issue.”

want it to stay put for safety reasons.

As Gallagher pointed out, care is needed before

IRI reported a high level of AIS interference. Mid-

deciding a ship is ‘flag-hopping’ for suspect reasons.

March, AIS tracking showed a vessel that had been sent

“Ships do change flags mid-ocean legitimately from time

for scrapping was heading through the Gulf. “There is AIS

to time,” he said. Makar added: “We have to be mindful of

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Registries

Dr Ivan Tabone, Malta Ship Registry

Ms Marina Hadjimanolis, Shipping Deputy Minister, Cyprus

Giovanni Ciniglio, Barbados Maritime Ship Registry

Bertrand Smith, Maritime Authority of Jamaica

not overriding or preventing legitimate transactions. It’s

exemptions with the requisite documentary evidence;

the same with ship-to-ship transfers – it’s a fine balance,

those adhering to the rule of the law are not considered

enabling legitimate processes to take place while trying

part of the shadow fleet.”

to address those that are not legitimate but could appear to be.”

Malta is highly vigilant regarding AIS ‘dark’ periods and GPS spoofing, he added. “We treat any unauthorised AIS

Tackling the shadow fleet and other substandard ships

deactivation as a significant red flag. Our monitoring teams

should be a strategic priority, as these vessels pose systemic

scrutinise these gaps; if a lack of transmission is not justified

risks to environmental protection, maritime safety and the

by immediate safety or security concerns, it triggers an

integrity of global trade, said Dr Ivan Tabone, Registrar

immediate investigation.”

General of Shipping and Seamen at the Malta Ship Registry.

Tabone described the rise of false flags as a direct

“Shadow fleet vessels are typically defined by their age,

threat to safety of life at sea and the environment. “While

substandard maintenance, questionable insurance and

a comprehensive framework of IMO instruments exists,

registration in jurisdictions with lax oversight, all designed

the solution lies in more robust implementation and

to bypass legally enacted sanctions.

transparency. Malta advocates for a unified, global digital

“As the EU’s largest ship registry and a top-tier

verification system. We have already led by example,

global flag, Malta maintains a zero-tolerance policy

transitioning to fully digital, tamper-proof certification with

towards any activity that undermines international

QR code authentication, allowing any port state to instantly

law or maritime safety. The Malta Ship Registry is not

verify a vessel’s legitimacy. We want to see increased

merely a ship registry but a rigorous regulator. Our

international cooperation to blacklist fraudulent registries

policy is uncompromising: we ensure all vessels flying

and ensure rogue vessels are denied access to global ports.”

the Maltese flag adhere strictly to legally enacted

Cyprus deleted a number of vessels from its ship

international sanctions. By leveraging risk analysis tools

registry when the EU first adopted restrictive measures

and collaborating closely with the Sanctions Monitoring

against Russia, but there have been no reported cases

Board and other international partners, we proactively

of Cyprus-flagged vessels failing to comply with the

seek to deter and stop deceptive maritime practices.”

measures, said Marina Hadjimanolis, Cyprus Shipping

Tabone said that because of its ‘stringent gatekeeping

Deputy Minister. “Continuous monitoring, due diligence on

measures’, Malta has not had cause to deregister vessels for

the ship registration level, high safety and ship registration

sanctions breaches to date, but if it received evidence of a

standards, close communication with shipowners and

breach or failure to maintain international safety standards,

managers and the issuance of official guidance through

it would move decisively to revoke registration.

sanctions information notices and circulars contribute to

Identifying shadow activities is an evolving challenge

maintaining this high level of compliance,” she said.

because of complex ownership structures and frequent

While AIS or GPS interference has been reported

name changes but Malta, with its partners, has the technical

internationally as part of sanctions evasion practices, no

capability to trace beneficial ownership and spot suspicious

confirmed cases have involved Cyprus-flagged vessels, said

trade patterns, said Tabone. “It is important to distinguish

Hadjimanolis. “The Cyprus Ship Registry remains vigilant,

these from vessels operating under legitimate sanctions

particularly given the growing concern around shadow

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Registries Registries

fleet activities, and continues to ensure that vessels flying

stricter enforcement actions against entities facilitating

the Cyprus flag operate with transparency, safety and full

such practices. Ultimately, safeguarding the credibility

compliance with international regulations.”

of legitimate flags requires a collective and coordinated

Hadjimanolis described the proliferation of false flags or fraudulent registrations as “a matter of serious concern for

response at the global level.”

Giovanni Ciniglio, CEO and Principal Registrar at the Barbados Maritime Ship Registry (BMSR), said that if a

the international maritime community”.

“These practices destabilise the integrity of the global

vessel becomes sanctioned while flying the Barbados flag,

regulatory framework, distort fair competition and, most

it is deleted from the registry and an administrative penalty

importantly, pose significant risks to safety, security and

of US$25,000 is applied.

“Sanctions regimes are established at national or

environmental protection.”

Fraudulent

and

registries

undermine

regional level rather than universally,” he emphasised.

granted

under

registration

international

“Barbados cooperates with partner jurisdictions and

law to authorised flag administrations to lawfully grant

monitors relevant sanctions lists. In recent years, the BMSR

the nationality to ships on their registers, she added.

has deregistered vessels when they become subject to

“Furthermore, they have an adverse impact on the global

sanctions while flying the Barbados flag, but such cases

economy, which greatly relies on international shipping, as

have been relatively limited.”

the

fundamental

rights

well as a negative effect on the safety of navigation, and creating a negative image of the shipping industry.”

Monitoring vessel activity globally is complex, said Ciniglio. “Flag states rely on a combination of open-source

Hadjimanolis said the issue highlighted the urgent need

maritime intelligence, information from specialised service

for stronger international cooperation and transparency.

providers, and cooperation with other administrations and

“We support enhanced verification mechanisms within global

authorities.”

systems, particularly through closer collaboration between

He said AIS interference was an increasing concern

flag states, port states and international organisations,” she

in several regions, and determining the actual location

said. “Digitalisation and better data-sharing tools can play a

and trading patterns of vessels involved in such practices

key role in preventing fraudulent registrations.”

requires specialised intelligence capabilities.

Timely and unimpeded information exchange is

Ciniglio also warned that fraudulent ship registration

vital and the GISIS is an important platform for this,

was not limited to so-called fake flags. “In some cases,

Hadjimanolis added.

shipowners or intermediaries attempt to operate vessels

Calling

for

‘severe

and

internationally

unified’

disciplinary measures she added: “We would also encourage

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Issue 120 March/April 2026

using forged certificates from legitimate registries.”

Despite the pressure the shipping sector faces from

Registries

geopolitical uncertainty, illicit activities and environmental

Jamaica relies upon industry resources to identify vessels

requirements, there is clear opportunity where the industry

and, to this extent, does not have a difficulty with identifying

continues to invest in technology, people and cooperation,

where vessels are and the particular trade in which they

Bertrand Smith, Director General of the Maritime Authority

are involved, said the MAJ Director General. “The location

of Jamaica (MAJ), said recently.

of a vessel may be tracked by the vessel’s (LRIT) system,

He was speaking as the MAJ said that paper-based

which is constantly monitored on an international platform

processes were no longer fit for purpose in modern maritime

by service providers approved by the sector, and AIS for

operations – warning that outdated practices increasingly

vessels near-shore (Jamaican waters).

pose operational and safety risks in 2026.

“The shadow/dark fleet, and vessels otherwise

The authority said it expects operators to be able to

engaged in illicit activities, would typically turn their

demonstrate how digital systems, cyber resilience and

equipment off. Locating vessels in such instances may

crew training are being addressed as part of day-to-day

therefore be challenging. Without satellite assistance,

operations, as reliance on manual processes continues to

it is not possible to know what a vessel is doing at an

fall away across the sector.

instant in time – and more so, where the vessel engages

Jamaica is committed to international regulations and

in activities offshore.”

good practices in ship registration and is firmly against

The proliferation of illicit activity of any form is

the practice of vessels breaking sanctions and not abiding

usually an indication of perceived opportunities of high

by international regulations, Smith told SMI. “Relevant

risk, in respect of which restrictions apply, Smith points

agencies of government and the MAJ/JSR are required

out. “Shipping is no different. This issue of a larger

to ensure that all Jamaican ships, and all foreign ships

number of false flags also raises concerns in respect

calling at Jamaica ports, are compliant with applicable

of the threat to the marine environment and welfare

international conventions and regulations. Consequently,

of seafarers, who may not be fully aware of the nature

vessels are only considered for registration where such

of the operation. The international framework for the

vessels do not appear on the list of sanctioned vessels

regulation and administration of ships and shipping

published by the UN or OFAC or other sanctions lists

must be assertive, and states should be encouraged to

applicable to Jamaica.”

develop and maintain an environment of collective global

Although not a frequent occurrence, Jamaica has deleted

responsibility. Rogue states and individuals/entities must

vessels found to be in violation of international sanctions,

be encouraged to voluntarily comply and otherwise be

Smith said. A recent case involved a vessel that did not have

heavily sanctioned such that the incentive for selfish gain

a history of violations at the time of registration.

becomes unappealing.”

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Registries

Abandonment – A cause for concern The rise in the number of cases of seafarer abandonment is a serious concern, with such situations violating the essential rights of seafarers, according to Cyprus Shipping Deputy Minister Marina Hadjimanolis. “The welfare and protection of seafarers should always be a priority in the maritime industry,” she said. “The phenomenon is

Our priority will always be the health and safety of seafarers

particularly worrying when linked to vessels operating within the so-called shadow fleets, where regulatory

they seek to become involved, said the MAJ. “They should

oversight may be limited or unclear.”

stay clear of all activities that may prove detrimental to

Cyprus has a robust policy framework in place to

their interest whether directly or indirectly. States should

prevent and address any cases of seafarer abandonment,

explore welfare programmes to provide assistance to

said Hadjimanolis. It is also calling for stronger international

seafarers leaving illicit environments or otherwise seeking

coordination, improved compliance with measures to tackle

to advance their welfare.”

the issue, and increased speed and quality of cooperation

Having a robust compliance culture in place (within a

between flag states, port authorities and other stakeholders

ship registry) should prevent incidents of abandonment,

in terms of providing assistance to abandoned crew.

said Nick Makar at IRI. “However, this is not just about

“Cyprus has encountered a limited number of cases

having a strict statutory compliance approach. A lot of

over time, reflecting the high standards and strict oversight

us have worked at sea and are very deeply connected

of our registry,” she added. “Each situation is handled with

to the industry. Our seafarers group handles complaints

urgency and the utmost seriousness to ensure that affected

under the requirements of MLC, which of course also

seafarers receive immediate support.”

requires companies to have insurance in place for

Seafarer abandonment is a “humanitarian crisis and

abandonment and a system in place to address this.

a stain on the maritime industry”, said Dr Ivan Tabone at

“If all these things are working properly, we should hear

the Malta Ship Registry. “Malta views this with the utmost

any complaints first and we should see if there are certain

gravity. There is a link between illicit shipping activities and

behaviours where insurance seems to have lapsed.”

abandonment; operators who circumvent legal sanctions

Given the compliance requirements for flags and vessels

are often the same ones who disregard the human element.”

under MLC, said Makar, “It is a fair connection to associate

Malta believes that seafarer welfare is inseparable from

any rise of cases of actual seafarer abandonment with

ship safety, and that any entity ignoring the wellbeing

those involving the shadow fleet. The continued ability of

of its crew “cannot be recognised as a serious maritime

these vessels to operate under the radar poses safety and

player”. The Maritime Authority of Jamaica described

environmental risks; humanitarian risks can be associated

seafarer abandonment linked to the shadow fleet as

with that as well.

‘of grave concern’ but also emphasised that seafarers

“We take a very serious approach to this. It’s a resourcing

have a responsibility to scrutinise properly offers of

and implementation issue and, as a result, we have no active

employment and the terms that apply.

cases on the IMO/ILO database at present. If we do receive

“Seafarer supplying nations also have an obligation to

information, we work closely with all the stakeholders

sensitise seafarers to the rising dangers of the shadow fleet

involved to make sure information is communicated and

and highlight the risks of abandonment. The shadow fleet

acted upon.”

would appeal to the appetite for ‘good pay’ because of the

Capt. Dwain Hutchinson at the BMA said: “Our

risk associated. Seafarers have a responsibility to themselves,

approach to this is making sure that any ships with us have

their families and their countries to seek after their welfare

MLC provisions in place, with annual inspections. We have

and protect their interests; all that glitters is not gold.

a reporting tool through which seafarers can report to us

“A seafarer who knowingly joins a vessel operating

if something happens. But the key thing is, we can’t act if

illegally is complicit in the illegal activity and must bear the

we don’t know. If the media throws something at us that

consequences. Where seafarers do not knowingly accept

we are not aware of, we need to investigate it and make

employment in the ‘shadow fleet’, the global framework of

sure we have all the correct information. Sometimes the

support must provide them necessary assistance to leave

information coming in may not be the complete picture.

the environment.”

But once we have that, we act on it.”

Crewing agencies and seafarers are encouraged to verify the legitimacy of offers and operations with which

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Issue 120 March/April 2026

He concludes: “Our priority will always be the health and wellbeing of the seafarers on board the ship.” l

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Issue 120 March/April 2026

AdHoc

Alternative Viewpoint Is tramp box shipping dead, or ‘just resting’?

By Dr Martin Stopford, leading maritime analyst and economist

W

hen I joined shipping in 1971, my

all they could afford. So instead of picking up cargo from the

boss took me to visit a London

local port, the containers had to be transported to and from

Greek shipping company. In the taxi,

the new container terminal by trucks and the railways. At the

he explained that they tramped

time this worked well, because railways were losing passenger

tweendeckers, with cargoes like grain, or chartered to

traffic to cars, and the new motorways had spare capacity. But

liner companies, carrying general cargo.

60 years later things are very different. Inland transport systems

The company was worrying about its future. Container

are busting at the seams, costs are sky high, and their emissions

services were elbowing out cargo liners and bulkers were

are unwelcome. Meanwhile local ports, many of which can now

consolidating the small bulk parcels at rates tramp ships could

handle containers, are left out in the cold. For example, in the

not match. Switching to bulk carriers was an obvious option, but

UK less than 10 % of containers are delivered to local ports. The

for a tramp company in 1971 it looked dauntingly different. Of

rest are distributed by road and rail, an easily overlooked way

course they made the move, and never looked back!

to cut carbon.

The point of this anecdote is that history might be about to

In summary, a global spot market for ships tramping

repeat itself, in reverse! After 60 years when the big companies

containers would add flexibility to the complex liner services the

dominated container transport, maybe it’s time to welcome

big liner companies provide. It could also cut transport costs,

tramps back into the container transport business.

reduce emissions and support under-served cross trades.

There are four ways tramp companies could add value: -

Could it really happen? In Monty Python’s Norwegian Parrot

- Create a global ‘spot market where container shippers

Sketch, the parrot is nailed to its perch – it is dead, an ex-parrot.

could fix transport to a specific port by a tramp container ship

Although that roughly describes the current status of tramp box

in their loading zone. With today’s technology and container

shipping, you could argue, as I have tried to, that it may be just

cargo volume, the challenge would be getting enough tramps,

resting, and general cargo transport needs it to revive. Recently,

of the right size and type, to make a market.

container shipping has got very expensive (see chart) and the

- Serve outlying ports: globally over 1000 ports can now

cross trades need better services. Tramps could help with

handle containers, ranging from Greenland and the Pacific

both. Armed with modern technology, it would also bring an

Islands to Singapore and Rotterdam. But “cross trades”

entrepreneurial edge to general cargo transport, as it did under

between outlying ports are not well served and tramps might

the old cargo liner system. But maybe, like the Norwegian blue

be the catalyst for trade, searching out niche trades, a traditional

parrot, it really is dead. What do you think? l

tramp company skill.

- Add flexibility: another tramp company skill is getting their ships to loading zones where there are more cargoes than ships. That makes the transport system flexible, helping general cargo shippers to deal with disruption and congestion.

- Lower box freight rates: tramp companies traditionally cut costs by outsourcing everything, carrying their office ‘under their hat’. Today they can use brokers, agents, freight forwarders and logistics companies to do the heavy lifting. In the 19th century the liner companies, with their big overheads, were plagued by these outsiders, developing conferences to keep them at bay.

When containers were introduced in the 1960s, liner services continued, but with just one terminal per country, which was Issue 120 March/April 2026

Ship Management International

51

20 years of Two decades at sea: How shipowning and shipmanagement have navigated 20 years of change Largest containerships have nearly doubled in capacity since 2006 (as above)

On the occasion of Ship Management International’s 20th anniversary, SMI publisher and founder Sean Moloney looks back at how shipping has changed during that time, inviting leading industry figures to do the same.

W

hen Ship Management International was launched two decades ago, the shipping

Over the past 20 years, shipowning and shipmanagement have not simply adapted—they have been fundamentally reshaped.

industry operated largely out of sight

Historically, shipping’s low public profile allowed it to

and, for the most part, out of mind. It

operate with a degree of autonomy. That began to change in

was a sector defined by pragmatism, commercial instinct

the early 2000s and accelerated through a series of high-profile

and a quiet resilience—moving around 90% of global

events: piracy off Somalia, environmental disasters, supply

trade with limited public scrutiny. Today, that landscape

chain disruptions, and most recently, the global pandemic and

looks markedly different. Shipping has moved from the

Red Sea security concerns.

margins into the spotlight, shaped by geopolitical shocks,

The COVID-19 crisis, in particular, brought unprecedented

regulatory pressure, technological disruption and growing

attention to the role of seafarers. Crew change restrictions

societal expectations.

left thousands stranded at sea, exposing the human cost

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Ship Management International

Issue 120 March/April 2026

20 years of SMI

of global trade to a wider audience.

Governments, media and the public

Editorial credit: Kubatina Katerina / Shutterstock.com

became more aware of the industry’s reliance on a workforce that often operates under difficult and isolated conditions.

At the same time, incidents such as the ‘Ever Given’ blockage of the Suez Canal and ongoing geopolitical tensions have

reinforced

shipping’s

central

role in global supply chains. What was once a largely invisible industry is now regularly part of mainstream economic and political discourse.

Professionalisation of shipmanagement One of the most significant structural

In many respects, shipmanagement

shifts over the past two decades has

today resembles other mature industrial

been the evolution of shipmanagement

service sectors—structured, data-driven

from a fragmented service offering into

and increasingly consolidated.

a highly professionalised global industry.

If there is one theme that has

Twenty years ago, technical and

defined the past decade in particular,

crew management were often handled

it is digitalisation. While early efforts

in-house by shipowners or outsourced

were often piecemeal, the industry

in a relatively informal manner. Today,

has gradually recognised that digital

third-party

transformation is not optional—it is

shipmanagement

has

matured into a sophisticated sector, with global operators managing large, diverse

fleets

under

increasingly

complex regulatory frameworks.

Standards

have

risen

essential.

The initial focus was on operational efficiency: voyage optimisation, fuel monitoring and maintenance planning.

sharply.

Over time, this has expanded into

Compliance is no longer a box-ticking

more advanced applications, including

exercise but a core operational function.

predictive analytics, remote inspections

The introduction and tightening of

and

regulations—from the ISM Code to

systems.

more recent environmental and safety

integrated

Connectivity enabler.

fleet

management

has

been

a

frameworks—have required shipowners

key

and shipmanagers to invest heavily in

communications

systems, training and governance.

vessels to move from isolated units

This shift has also been driven

to fully integrated nodes within

Improved

satellite

have

allowed

by the growing expectations of

a global data network. This has

charterers, financiers and insurers.

transformed how shipowners and

Transparency, accountability and

managers

performance benchmarking are now

manage risk and make decisions.

integral to commercial relationships. As

POINTS OF VIEW: 20 YEARS IN FOCUS

monitor

performance,

More recently, attention has turned

a result, shipmanagement companies

to data integrity and interoperability. As

have had to develop capabilities

the volume of data has increased, so too

that extend well beyond traditional

has the need for trusted frameworks to

technical oversight, encompassing

ensure that information can be shared

risk management, data analytics, ESG

securely and used effectively across

reporting and crew welfare.

stakeholders.

Andrian Dacy, Managing Director and Group Head, Global Transportation Group, J.P. Morgan Asset Management - Alternatives “As the global fleet has grown, with attendant regulatory, crewing, emissions, safety, and geopolitical complexity, ship managers have provided the critical scale needed to solve these complex challenges for their clients. Especially for smaller and medium sized owners, working with ship managers can deliver the certainty needed to meet a growing global matrix of operational requirements not easily addressed with a small, in-house team. Ship managers can free shipowners to focus exclusively on the daily commercial challenges of building and deploying a fleet optimized to take advantage of the global trading opportunities of the future.”

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53

20 years of SMI Editorial credit: NavoraPrints / Shutterstock.com

POINTS OF VIEW: 20 YEARS IN FOCUS

Ben Palmer OBE, President, Viasat Commercial “In the time I’ve been close to shipping, the pace of digitalisation has accelerated dramatically, but expectations have moved even faster.

Connectivity has shifted from a support function to an operational backbone, underpinning safety, efficiency and crew welfare. What the industry has struggled with is moving collectively. Too often innovation is fragmented, slowing real impact and leaving significant value on the table.”

Editorial credit: Afdhaluddin / Shutterstock.com

Digitalisation is also beginning to

with regional measures such as the EU

reshape the relationship between ship

Emissions Trading System, are driving a

and shore. Remote support, automated

fundamental reassessment of how ships

reporting and, in some cases, semi-

are designed, fuelled and operated.

autonomous operations are reducing

The shift from conventional fuels

the administrative burden on crews

to alternatives such as LNG, methanol,

while enhancing oversight from shore-

ammonia and, potentially, hydrogen

based teams.

represents a step change in complexity.

However, progress has not been

Each option brings its own technical,

continues

commercial

systems,

For shipowners, the question is not

fragmented standards and a natural

just which fuel to choose, but when to

caution towards large-scale change.

invest and how to manage the risk of

Even so, the direction is clear: digital

technological obsolescence.

uniform. to

The

grapple

industry

with

legacy

capability is becoming a defining feature of competitive advantage in shipping.

and

safety

challenges.

For shipmanagers, the implications are equally significant. Managing vessels powered by new fuels requires new

Bjorn Hojgaard, CEO Anglo Eastern “The biggest change has been the industrialisation of shipping – scale, systems, and global talent have made it far more structured and professional.

What we have failed to do is move beyond short-term cost thinking. Price is still too often mistaken for value – a persistent case of being penny wise and pound foolish.”

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Ship Management International

Decarbonisation agenda Perhaps

the

most

skills, new procedures and new safety

profound

frameworks. Training and competency

and

development have become critical,

shipmanagement today is the transition

particularly as crews are asked to

to alternative fuels and the broader

operate increasingly complex systems.

challenge

facing

shipowning

decarbonisation agenda.

At the same time, operational

Twenty years ago, environmental

measures—such as speed optimisation,

regulation was a growing consideration

route planning and energy efficiency

but not a central strategic issue.

technologies—continue

Today, it sits at the heart of decision-

important role. The decarbonisation

making. The International Maritime

journey is not a single leap, but a series

Organization’s targets for reducing

of incremental steps supported by both

greenhouse gas emissions, coupled

technology and operational discipline.

Issue 120 March/April 2026

to

play

an

?????

Issue 120 March/April 2026

Ship Management International

55

20 years of SMI

What is clear is that the energy

Digitalisation

is

redefining

how

transition is no longer a compliance

ships are managed and how decisions

issue. It is a strategic imperative that will

are made. The energy transition is

shape the industry for decades to come.

reshaping investment and operational

Amid all the technological and

strategies.

Professionalisation

has

regulatory change, the welfare of

elevated standards across the board.

seafarers remains one of the most

And through it all, the human element—

pressing—and unresolved—issues.

embodied by the seafarer—remains

Over the past 20 years, there

central.

improvements.

As Ship Management International

René Kofod-Olsen, Group Chief Executive Officer, V.

Greater attention has been paid to

marks its 20th anniversary, the industry

training, safety standards and onboard

it has chronicled stands at another

“Over the past 20 years, ship management has been transformed for the better - evolving from a narrow, technical service into a professional, mission-critical discipline that touches virtually every aspect of how a vessel is run. V. embodies that evolution across our divisions, bringing together a fully integrated maritime platform which includes V.Ships, offering tier 1 ship management at scale for owners worldwide, alongside V Services, a portfolio of businesses providing capabilities across technical services, travel, catering, insurance and beyond. The best operators give owners genuine peace of mind; acting as a trusted counterparty handling everything from geopolitics and regulation to decarbonisation and AI advancement. Where the industry has fallen short is consistency. The gap between those who have professionalised at the necessary scale and those who haven’t remains too wide, and in a sector responsible for hundreds of thousands of seafarers, that matters.”

conditions. Connectivity has improved,

point of inflection. The pace of change

allowing seafarers to stay in touch with

is unlikely to slow. If anything, the next

families and access support services.

two decades promise to be even more

have

been

genuine

Yet significant challenges persist.

Long contracts, isolation, fatigue and

challenge

for

shipowners

and shipmanagers will be to navigate

affect large parts of the workforce. The

this complexity while maintaining the

pandemic highlighted how vulnerable

resilience and adaptability that have

seafarers can be to external shocks,

long defined the sector. The stakes are

with many left stranded due to travel

higher, the scrutiny greater—but so too

restrictions and administrative barriers.

are the opportunities for those able to

There is also an ongoing tension

evolve. l

between efficiency and welfare. As ships become more technologically advanced and operationally optimised, crew sizes have not necessarily increased to match the complexity of onboard systems. In some cases, the burden on individuals has grown.

The

industry

has

recognised

these issues, and there are numerous initiatives aimed at improving welfare, from enhanced communication systems to mental health support programmes.

However, progress has been uneven, and the gap between aspiration and reality remains.

If shipping is to sustain its licence to and scrutinised environment—addressing seafarer welfare will be critical.

Looking ahead The past 20 years have seen shipowning

and

shipmanagement

move

a

relatively

from

insular,

operationally focused industry to one that is increasingly visible, regulated and strategically complex.

Ship Management International

The

mental health pressures continue to

operate—particularly in a more visible

56

transformative.

Issue 120 March/April 2026

Luis Benito, Group Business Development & Marketing Director, Wallem “Adoption of technology, for greener, safer, more automated and digitally enabled industry is the biggest change I have experienced, beyond industry standard organic efficiency gains.

The adaptation to the pace of technology development and the business models enabled by them, focusing on the optimum integration of humans within the new models, and nurturing partnerships that enable the new models to thrive are the areas where acceleration would be most welcomed.”

20 years of SMI

Sebastian von Hardenberg, CEO, Bernhard Schulte Shipmanagement and President, InterManager “Over the past two decades, shipping has become safer than ever, despite far higher traffic volumes. Serious incidents and total losses are now rare. Yet this progress is under pressure as the increasing number of wars and conflicts lead to significant safety challenges.

What shipping has so far failed to do is fully integrate the vast opportunities of digitalisation.

However, change is accelerating, with some players moving faster than others, generating positive ripple effects.”

Harry Vafias, President and CEO, StealthGas and a leading Greek shipowner

Capt. Kuba Szymanski, Secretary General, InterManager

“The biggest change I have seen is the lack of common decisions and laws about shipping. In the past the IMO made the rules and everybody played by the same rules! Nowadays, the IMO says one thing and then individual countries come up with their own rules and regulations making the business impossible to run properly and in many cases leading to unfair competition! Net zero regulation was one of these farces! In addition, shipping should have been a very powerful industry with one voice, like the airline industry for example, but we have so many fora and associations with different views that we cannot influence legislators or politicians and end up shooting our own feet! “

“The biggest change has been the transformation of shipping from a largely operational business into one defined by compliance, transparency and transition.

Twenty years ago, efficiency and cost were dominant.

Today, decarbonisation, ESG expectations, cybersecurity and stakeholder scrutiny are shaping every boardroom discussion. Back then, we were offering third-party ship management. Today, what we do is much closer to secondparty ship management, a more joined-up, partnership-based way of working. We hope owners will see the value in that and be willing to build a real partnership with both their crew and ship managers.

What shipping has failed to do is address the human element with enough urgency.

We have not made life at sea sufficiently attractive; we have not reduced avoidable administrative burden enough; and we have not consistently protected seafarers from unfair treatment. The industry cannot call itself sustainable if it is not sustainable for the people working in it.”

Denis Petropoulos, past Chairman of the Baltic Exchange “Over the last 20 years I have seen, first-hand, many proposed changes to shipping legislation and even adopted changes, but no one is properly positioned to take responsibility for ensuring these measures are adhered to.

Shipowners are always keen to improve efficiencies and are persistently challenged by shippers to do so, but sadly it is those shippers who show resistance to invest in support.”

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Greece Report

Greek owners urge ‘realism’

in any industry carbon plan

T

he Union of Greek

of

upon

“We therefore urge Member States

Shipowners (UGS)

all Member States to rise to the

to work towards a global, realistic

rarely makes public

occasion in a spirit of pragmatism and

and implementable solution that can

pronouncements, but

constructive cooperation.

ensure a just and equitable transition,

Greek

Shipowners

calls

when it does they are usually

“Greek shipping, representing the

while prioritising safety and providing

worth careful consideration.

largest cross-trading merchant fleet

the necessary certainty for long-term

In mid-April, UGS President Melina

in the world, has consistently been

investments. Failing this, the risk of

Travlos issued a statement on the

at the forefront of environmental

a fragmented regulatory landscape,

forthcoming IMO MEPC 84 session,

stewardship. The Greek shipowning

marked by regional measures that distort

where talks were to resume on the

community

competition, will become inevitable.”

thorny issue of the international body’s

substantially in fleet renewal, energy

The statement ended: “In this

proposed Net Zero Framework (NZF).

efficiency and technological innovation,

context, we call upon governments

The plan failed to attract consensus

demonstrating

operational

to match the industry’s commitment

approval at MEPC 83 last October, with

excellence

environmental

with the necessary political will and

Greece reported to have departed the

responsibility go hand in hand.

to

that and

invest

determination.”

We remain firmly committed to the

official EU position of supporting the NZF and been ready to abstain in any

continues

And

vote, that in the event was postponed

then

came

the

Earlier, the Chairman of the Londonbased Greek Shipping Co-operation

decarbonisation of our sector.” kicker:

Committee

(GSCC),

Haralambos

for a year with preparatory discussions

“However, ambition must be grounded

J. Fafalios, had been even more

to resume at MEPC 84.

in

Net-Zero

forthright in his remarks at the body’s

realism.

The

draft

“With the global shipping industry

Framework (NZF) does not constitute

Vasilopita cake-cutting reception held

turning its attention to the upcoming

an appropriate solution, as evidenced

in early January, where IMO Secretary-

session of the International Maritime

by the absence of support from major

General Arsenio Dominguez was guest

Organization’s Marine Environment

and influential States representing a

of honour.

Protection Committee,” began the

significant share of global tonnage, an

mid-April

element that cannot be overlooked.

statement,

“the

Union

Lamenting that no sufficient supply of suitable alternative fuels was yet

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59

Greece Report Board of Directors at UGS, representing 20% of world tonnage

Receiving a special award at the 30th anniversary celebration of the Hellenic Chinese Chamber in late 2025, Procopiou recounted how in total he had ordered some 160 ships in China since 2000. He praised the Chinese for being a “reasonable” people who could see the difference between the “desirable” - which he said as “is what politicians promise” - and the ‘doable’ - what businesses can actually deliver.

Decarbonisation was desired by all at IMO but China (and others) in the end opposed the IMO’s NZF plan because they realised it was not ‘doable’, ran Procopiou’s argument.

available, he criticised the regulatory approach to date for having been “all stick and no carrot”.

The shipowner went on to point out that despite China being “very advanced in all sectors of renewables

“Shipping needs global solutions and tramp shipping in

simultaneously”, the country continues to “push all the

particular, which encompasses the largest part of the world

other forms of energy,”. And it’s that mix of crude oil, coal,

shipping fleet, cannot rely on haphazard solutions which are

gas, wind, hydroelectric, nuclear, solar etc, that is now

not yet there in terms of reliability and, more importantly, in

needed, he said, calling it an “energy addition” rather than

terms of safety,” Fafalios said.

“energy transition”.

“The carbon-free solution is still not around and will not

Echoing the sentiments of UGS President Melina Travlos,

be so for the next 10-20 years and therefore levying more

Procopiou declared that “cooperation, not confrontation,

taxes will not encourage a cleaner world. Those who are

should be the motto of our times.”

levying these taxes should be responsible for finding the

In short, Procopiou and fellow Greek shipowners seem to be pushing for a more inclusive, less punitive, approach

real solutions.”

He continued: “With regards to the IMO NZF, unless

to decarbonisation going forward. Advancing at a realistic

the world shipping industry can be directly involved in the

pace with a ‘coalition of the willing’ leading the way, one

drafting of this legislation, it cannot be anything more than

might say, rather than a route march at breakneck speed

window dressing. More taxes only mean a greater burden

that is enforced on all.

for the consumer since it is they alone who will pay.”

All of which suggests that what is generally considered

Shipping’s neutrality

the world’s largest shipping nation will not be a willing

The UGS, and Ms. Travlos personally, have also been very

party to any revival of the NZF in its current format, despite

outspoken on the issue of military attacks on commercial

IMO’s stated intention that a one-year pause on debating

vessels, and excerpts from their statement made at the

its adoption was merely a ‘postponement’.

beginning of the year remain even more relevant today.

Meanwhile, great strides in energy efficiency and

“Shipping is not a battlefield and it should not be used or

emissions reduction are already underway with existing

targeted as a means of political pressure,” declared the UGS

design ships, the GSCC Chairman pointed out, and this

President. “As I also stated at the United Nations Security

is borne out by the number of vessels among Greek

Council in May 2025, shipping should be kept out of fields

shipowners’ voluminous fleets and newbuilding orders

of geopolitical tension and military confrontation. Seafarers

that are dual-fuel-capable, scrubber-fitted and/or fitted

are civilians … [and] protection of seafarers and freedom of

with energy saving devices. Leading Greek shipowners are

navigation are not optional, they are fundamental European

also involved in joint technical efforts on decarbonisation

and international obligations.

such as Athens-based non-profit collaboration the Maritime Emissions Reduction Centre (see following article).

“As Greek shipping, we have consistently served and continue to serve peace, cooperation, and stability. …

The European Union must immediately take steps, in a

Desirable’ vs. ‘doable’

coordinated and decisive manner, to protect its shipping

One Greek owner involved in particularly aggressive fleet expansion – and a staunch opponent of the NZF in

industry, its people, and the strategic role shipping plays in the prosperity of Europe and its citizens.

its current form - is Dynacom group founder George

It must make it clear that no attack on civilian vessels is

Procopiou, who has as many as 80 new vessels on order, the

acceptable and no threat against seafarers can be tolerated.

vast majority at Chinese yards including much-in-demand

“Shipping connects the world, and no geopolitical argument can justify it being violently targeted.” l

Hengli Heavy Industries

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Greece Report

MERC moves ahead on practical emissions reduction

T

he Athens-based Maritime

several research and development

Emissions Reduction Centre

pillars,

(MERC) was co-established

hydrodynamic efficiency, benchmarking

two years ago by the Lloyd’s

wind assisted propulsion solutions,

including

optimising

Register Maritime Decarbonisation

exploring alternative auxiliary power

Hub and leading shipowners Capital

generation,

Group, Navios Maritime Partners,

programme to integrate technical and

Neda Maritime Agency, Star Bulk

commercial use of performance data to

and Thenamaris (Ships Management)

drive emissions reduction optimisation

Inc., with enabling support from

and benefit sharing.

Lloyd’s Register. Its stated aim

Dubai-based

and

scoping

a

data

gained through decades of delivering World

major retrofit projects. This expertise

was to accelerate the reduction of

shipyard became the latest international

will help us understand not only what

greenhouse gas emissions of the

partner to join, in February this year.

is technically possible, but what can be

global shipping fleet by identifying,

MERC’s newly appointed Managing

delivered efficiently and safely in a real

validating and promoting technology

Director

shipyard environment.

and operational solutions that can

commented that Drydocks World’s

deliver efficiency and scalable impact

involvement provides “an essential layer

engineering knowledge and hands-

and ensure existing vessels contribute

of applied engineering experience that

on experience will help MERC ensure

to global decarbonisation efforts.

complements MERC’s technical and

that emerging technologies can be

Since its inception, MERC has

analytical work. The organisation brings

installed safely, efficiently and in a

developed its impact strategy around

the kind of practical insight that is only

commercially viable way.” l

62

Ship Management International

Nikos

Drydocks

Kakalis

Issue 112 November/December 2024

(pictured)

“That

combination

of

deep

Issue 120 March/April 2026

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63

Greece Report

Navios’ multiple segment strategy: Strength

through diversification

Piraeus-headquartered Navios

A

control

of

Maritime Partners (NMM),

national

security

delivered some plain truths about the situation that shipping now

decision

and

income of $285.3 million, allowing it

finds itself in when presenting the

geopolitical tensions are rerouting

to continue to reduce net leverage

company’s 2025 Q4 results in mid-

trade, increasing voyage distances,

while also increasing its distributions

February this year.

costs, and transit times. As political

to unitholders by 20% while also

considerations grow in importance,

continuing its $100 million Unit

trade

Repurchase Program.

ngeliki

wide

Frangou,

conditions.”

Chairwoman

evolution

of

a

new world order, with new trade

with

Navios Partners reported EBITDA of

considerations

$744.6 million - virtually unchanged

increasingly at the forefront of

from $757.4 million in 2024 with net

supply

making.

routes

are

chains,

Conflicts

no

longer

Navios’ financial stability lies in its

determined solely by efficiency.”

the

“In this changing environment,

unique fleet structure as it owns and

dust of decaying institutions. At

we believe our proven platform—

operates a 170-vessel fleet, divided

the same time, trade has become

combining a diversified fleet with

almost equally across three different

an instrument of national policy,

a

management

segments (66 dry bulk vessels, 51

as governments prioritise exports,

culture—positions us to continue

containerships and 53 tankers) and

industrial

delivering

15 vessel types.

agreements

64

market

bore out that confidence.

Angeliki Frangou - “We are the

of

Financial results for 2025

and CEO of

witnessing

range

emerging

policy,

and

from

strategic

Ship Management International

disciplined

Issue 120 March/April 2026

risk

value

through

a

Greece Report

We have the advantages of getting even returns while there is uneven performance in the different segments The fleet includes 26 newbuilds,

that creating a single platform

the ongoing digital transformation

of which 16 are tankers (11 aframax/

worth around $4.5bn not only

of our business.”

LR2 and five MR2 product tankers,

provided the benefits of scale but

eight are containerships (8,000 to

also avoided the risk of “single-

who took over control of Navios

9,000 TEU), and two are capesize

segment volatility” and allowed

in 2004 through a reverse merger,

vessels. The new buildings will be

cross-segment subsidy, facilitating

Frangou herself from the triple

delivered starting in H2 2028 and H1

better chartering and acquisition

advantages of tradition, technical

2029. Navios has also been taking

decisions. Specifically, a big uptick

training and financial trading. From

advantage of a strong asset market

in the container market -following

a young age, when she would

to dispose of older, less fuel-efficient

Covid-induced disruption of supply

visit shipyards with her father, she

tonnage across all three segments,

chains from early 2020 onwards

learned the inherent cyclicality of

giving an average vessel age (fully

- had provided the security of

shipping

delivered fleet) of 9.6 years, versus

lower

rest

studies in Mechanical Engineering

an industry average of 13.5 years.

of

greater

to Master’s level (at Columbia

(By segment - dry bulk of 11.5 years,

flexibility in chartering options,

University),

containerships of 9.8 years and

and also enabling Navios Partners

intricacies of how to run ships safely

tankers of 6.5 years).

breakeven

the

fleet,

for

allowing

the

A

fifth-generation

markets.

she

shipowner

Through

gleaned

her

the

to acquire an established tanker

and efficiently. And in early work

Navios

company with 45 vessels at a good

experience as an analyst on Wall

Partners’ diversification started in

entry point for that segment during

Street, she came to understand the

2021, when Navios Partners began

a depressed cycle.

workings of the financial markets

The

foundations

for

consolidating the different Navios

More

recently,

announcing

and how they are influenced.

Group businesses to form a single,

several

appointments

This background seems to have

large-scale shipping entity. Initial

earlier this year, Frangou provided

allowed Angeliki Frangou to shape

moves included Navios Partners’

this account of group strategy:

– and explain to skeptical financial

mergers with Navios Containers

“With these promotions, we will

analysts

and

later

continue to build optionality in

strategy of diversification across

augmented by the buyout of Navios

chartering and capital allocation

different shipping segments. This

Maritime Holdings’ fleet in 2022.

across market cycles through our

marks something of a return to a

diversified fleet while optimising

typical private shipowner model

leverage and liquidity. In parallel,

for spreading risk, and one that

we are also advancing operational

others might care to heed amid

Ship Finance Forum interview in

efficiency,

the heightened volatility of the

2021, Angeliki Frangou explained

performance, and safety through

Navios

Acquisition,

Rationale & benefits In

a

Marine

Money

Greek

senior

environmental

–

Navios

Partners’

times. l

Issue 120 March/April 2026

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65

Greece Report

Maritime AI developments to be showcased at Posidonia 2026

imagery,

scanning

and

intelligent

data processing, AI enhances survey precision while preserving human oversight.

Alex

Gregg-Smith,

President,

Marine & Offshore at Bureau Veritas, said: “AI adoption in the shipping industry

is

progressing

steadily

and is expected to accelerate as digitalisation,

decarbonisation

and

data-driven decision-making become central to maritime operations. Rather than replacing existing practices, AI is increasingly embedded in practical applications such as vessel routing

N

optimisation,

fuel

consumption

prediction,

risk-based

inspection,

and predictive maintenance schemes. ewly available maritime

but structured experimentation. The

Regulatory drivers and the growing

Artificial Intelligence (AI)

maritime industry is assessing AI

availability of real-time ship data are

services and products

through the lens of safety, compliance

further supporting this shift.” l

will be presented at

and return on investment.”

Posidonia, as the industry is slowly incorporating

its

potential

into

“In a period of intense geopolitical turbulence,

the

shipping

industry

everyday operations. The maritime

is already preparing for the next

industry, traditionally measured in

day. Posidonia 2026 will be more

its adoption of new technologies, is

topical than ever, as a wide range

steadily advancing its engagement

of issues and developments will be

with AI, though not without caution,

discussed, including, among others,

according to findings of a recent

the consequences of the conflict in

Posidonia survey.

Iran. But as has been proven in the

Ahead of Posidonia 2026, which will

past, shipping responds faster than

• The growing presence of women

take place from 1-5 June at the Athens

other sectors to challenges, and this is

in top shipping roles in Greece will be

Metropolitan Expo, organisers observe

also reflected in this year’s survey on

in evidence at this year’s Posidonia.

growing dialogue among exhibitors

the adoption of Artificial Intelligence,”

Leading associations the Union of

and industry stakeholders around AI-

continued Mr. Vokos.

Greek Shipowners (UGS), HELMEPA

driven solutions spanning predictive

Industry responses, gathered in

and HEMEXPO are currently helmed

maintenance, fuel optimisation, digital

the run-up to the exhibition, reveal

by Melina Travlos, Semiramis Paliou and

compliance, and operational analytics.

three

active

Eleni Polychronopoulou, respectively,

Yet, the overall sentiment across the

adopters embedding AI into products

while Greece’s Elpi Petraki is nearing

sector remains balanced: shipping is

and services; companies selectively

the end of her second two-year term as

neither rushing into AI nor standing

integrating AI for internal optimisation;

President of international body WISTA

still.

and others maintaining a cautious,

(Women’s International Shipping and

observational stance.

Trading Association). In addition, several

“Artificial Intelligence is clearly

distinct

and

women now feature among Greece’s

discussion to operational application,”

technology leaders appear among

leading shipowners, including Maria

said Posidonia Exhibitions Managing

the most proactive. Bureau Veritas,

Angelicoussis, Angeliki Frangou and

Director, Theodore Vokos. “Over 40

for example, sees AI increasingly

Ioanna Procopiou. Pictured is the newly

Posidonia 2026 exhibitors have lent

embedded in routing optimisation,

elected Board of Directors of WISTA

their insights regarding AI adoption

fuel consumption prediction, and risk-

Hellas.

by their businesses, and what we

based inspection frameworks. Through

are witnessing is not blind adoption,

digital tools that combine drone

transitioning

66

from

theoretical

Ship Management International

Classification

approaches:

Issue 120 March/April 2026

societies

Issue 120 March/April 2026

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67

Cyprus Report

Cyprus Shipping holds steady as cluster broadens and digitalisation gains pace

C

yprus’s shipping cluster

Technology

is

part

of

that

continues to show

story, although the CSC is careful

resilience, with its core

not to overstate it. According to

shipmanagement base

Mr Josephides, there is growing

remaining strong while the wider

discussion around AI, IT and digital

maritime ecosystem expands into

services,

new service areas, according to

focused companies are gradually

Alexandros Josephides, Director

expanding

General of the Cyprus Shipping

the same time, more traditional

Chamber (CSC).

service providers, including engine

He said the sector continues to

and

that

their

manufacturers

technology-

presence.

and

spare

At

parts

make a substantial contribution to

suppliers, are also building their

the national economy, accounting

operations in Cyprus in response

for around 7% of GDP, and stressed

to the scale and stability of the

that the value of that contribution

shipmanagement cluster.

has increased as Cyprus’s economy

The Cyprus flag has also shown

has grown. Rather than a rush of new

encouraging progress. Government

shipmanagement companies setting

figures indicate that tonnage has

up on the island, the more notable

risen by close to 20% over the past

trend has been the strengthening

two to three years, with the registry

of existing players, with established

maintaining its standing and adding

members managing more tonnage and

new ships without sacrificing its focus on

deepening their presence.

quality. While this has not transformed

That steady growth is being supported by the broader development of the Cyprus maritime cluster. Mr

Cyprus’s ranking overnight, it points to steady, credible expansion.

A

major

factor

behind

that

Josephides pointed to an increasingly

confidence remains Cyprus’s tonnage

capable network of service providers,

tax regime. Mr Josephides described

ranging from technical and operational

it as the foundation of the island’s

support to finance and other specialist

attractiveness, noting that the current

services. He said the island was now

framework is secure until 2029 and that

offering a much stronger service

there are good prospects for renewal

environment capable of supporting a

beyond that. He also highlighted the

wide range of shipping activities, with

government’s

banks, suppliers and manufacturers all

maritime administration, particularly

playing a larger role. The arrival of new

through

financing capacity, including stronger

seafarer certification and taxation.

ship finance support, is also helping to

These changes, he said, are beginning

reinforce Cyprus’s position.

to improve speed, efficiency and ease

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efforts

new

Issue 120 March/April 2026

to

modules

digitalise covering Alexandros Josephides, Director General of the Cyprus Shipping Chamber (CSC)

Cyprus Report

of interaction between the administration

Cyprus remains on solid ground, and if

shipmanagement hub, and the next

and the resident shipping industry.

it continues to improve competitiveness,

phase of growth will come from

Looking ahead, the CSC believes

services and administrative efficiency,

strengthening the broader ecosystem

decarbonisation could create further

the cluster is well positioned for the next

around it,” he said.

opportunity for Cyprus. In his view, large

phase of growth.

That means creating more depth in next

specialist and value-added services as

on the island are well placed to help

phase as a maritime centre from a

shipping becomes more demanding.

owners navigate an increasingly complex

position of growing confidence, with

Georgiou points to clear opportunities

regulatory and commercial environment.

shipmanagement still at the heart of

in

Their ability to provide integrated

its proposition but with increasing

capability and operational support, all

technical, crewing, IT and commercial

emphasis on building a wider, more

areas that are becoming more central

services could make Cyprus an even

sophisticated services cluster, according

to owners and managers as regulatory

more attractive base for managing fleets

to Kyriacos Georgiou, Chief Operating

obligations

through the transition.

Officer at MCTC.

models evolve.

shipmanagement

companies

based

Cyprus

is

entering

its

compliance,

sustainability,

intensify

and

digital

operating

Cyprus, he argues, is already

At the same time, he acknowledged

The island’s future growth will

that geopolitical tensions are weighing on

depend not simply on expanding

moving

the wider economy, particularly tourism,

shipmanagement

Growth is being seen not only in

and are creating concern for vessels and

on deepening the ecosystem that

shipmanagement

seafarers in the Gulf region. Even so, his

supports them. “Cyprus has already

in legal, insurance, advisory and

overall message on shipping was clear:

established itself as a very credible

other specialist maritime services.

Kyriacos Georgiou, Chief Operating Officer at MCTC

volumes,

but

in

that itself,

direction. but

also

???

Cyprus Report

“Cyprus is gradually evolving into a more complete

Georgiou believes Cyprus is well placed as a stable alternative

maritime services hub,” he said.

within the wider region. “For Cyprus, this reinforces its position

That evolution reflects a strategy focused on integrating

as a stable and established alternative,” he said, adding that any

shipmanagement with legal, financial and technical expertise,

change is more likely to be a gradual rebalancing of activity than

while also aligning with broader industry priorities such

a sudden shift.

as compliance, sustainability and digital transformation.

For MCTC, Cyprus remains central. “Cyprus is central

Progress, Georgiou suggested, is steady rather than dramatic,

to MCTC as our headquarters and foundation, both from an

with long-term success depending on consistent execution.

operational and strategic perspective, while our activities are

Cyprus has also continued to strengthen its appeal to

fully international,” Georgiou said.

Greek owners, helped by geographical proximity, familiarity

He added that growth opportunities are emerging as

and what Georgiou describes as a strong operational

clients place greater weight on reliability, transparency and

framework. While there is further room to develop

crew welfare. In a market shaped by geopolitical uncertainty,

complementary services such as arbitration and insurance,

cost

the overall direction remains positive.

Georgiou’s message is clear: those who stay adaptable, while

At the same time, regional instability is sharpening Cyprus’ appeal. With conflict and tension affecting sentiment in the Gulf,

volatility

and

tightening

compliance

demands,

maintaining quality and protecting seafarers, will be best placed to succeed. l

Cyprus is being shaped by global issues

C

yprus is entering a new phase in the

regulatory advantages for greener

development of its maritime cluster,

ships,

according to Martina Meinders, Managing

shop for opening shipping

Director of Marin Shipmanagement (pictured

companies and the continued

a

digital

right), moving beyond traditional expansion in ship

attractiveness

management and towards a broader, more diversified

tonnage tax regime.

services base.

While

the

of

one-stop-

Cyprus’

Referring to the issue of island

remains

a

top-tier

global

decarbonisation, she told SMI:

shipmanagement centre with the strength of an EU flag,

“Yes, I think it stays relevant, even with

growth is increasingly being shaped by the wider changes

the current push to drill more oil. What we are seeing is a

affecting international shipping.

short-term reaction to energy security and high prices, but

She points to digitalisation, decarbonisation and the steady arrival of ancillary maritime services as the key drivers

not a reversal of the long -term direction,” she said.

“Taking our industry as an example, the IMO just

of this shift. Bunker suppliers, chartering specialists, technical

postponed

companies and firms focused on fleet optimisation are all

pushback, but it wasn’t cancelled. The industry remains

becoming more visible in Cyprus. At the same time, the

firmly committed, the work continues, and shipowners

cluster is expanding into areas such as finance and insurance,

are still planning around it. Hydrocarbons will not vanish

particularly where Cyprus offers practical advantages for

overnight, but the green transition keeps moving as it is

Greek shipowners, including proximity, familiarity, language

increasingly driven by economics, regulation, and resilience

and a strong legal and banking framework.

and especially for energy security, not just climate reasons.

Martina argues that human capital remains a shared

its

Net

Zero

Framework

after

political

“It is less about ‘if’ and more about ‘how’ fast it moves.”

challenge across all shipping centres. Cyprus is still working to

Despite regional instability, Martina does not believe

attract more young people into seafaring, but is also creating

the current conflict in the Gulf will damage Cyprus’ shipping

opportunities beyond the traditional shipmanagement model.

prospects. Tourism may feel the strain more directly, but

Institutions such as the Cyprus Marine and Maritime Institute

shipping, she says, is adaptable and resilient. In fact,

are helping to position the country as a centre for research,

Cyprus may emerge stronger if it continues to make itself

innovation and technology, while incentives are being used

easier, faster and more attractive for international maritime

to attract skilled people back to the island after studying or

business.

For her, the biggest long-term opportunities lie in

working abroad.

Government support is also playing a role. Martina highlights financial incentives linked to decarbonisation,

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Issue 120 March/April 2026

greener ships, smarter operations and better-trained, better-supported seafarers. l

Cyprus Report

With Mrs. Sylvia Loizides Board Member, Head of Audit KPMG in Cyprus Q) Hostilities in the Middle East this past month have

prohibited trades, particularly where there are concerns

severely disrupted shipping in the region, with knock-on

around opaque ownership structures, suspicious trading

effects on energy supplies, stock prices and the global

patterns or links to sanctioned cargoes and vessels.

economic outlook. What advice are you giving clients to deal with this period of extreme turbulence?

Our advice to clients is simple: raise your threshold for comfort, know exactly who you are dealing with and what

In recent days, we have seen disrupted Hormuz flows,

trade your vessel is supporting, and do not rely on a one-

higher energy prices, tighter financial conditions and

off screening check. For owners in particular, that means

weaker global growth expectations, all of which can rapidly

understanding all parties connected to the transaction

translate into pressure on freight markets and liquidity.

chain relating to their vessels, both direct and indirect: from

In this kind of environment, the companies that perform

the immediate charterparty counterparty through to the

best are those that already have a clear understanding

ultimate charterer or operator. Counterparties, ownership

of their operational and financial vulnerabilities. That

structures, trading patterns and unusual operational

means stress-testing voyages, fuel exposure, insurance

behaviour all need to be monitored much more closely.

cover and counterparty risk under a range of scenarios,

In this environment, stronger due diligence, ongoing

including a more prolonged period of disruption. It also

monitoring and a willingness to walk away from questionable

means engaging early with banks, insurers, charterers and

business are the best protections against exposure to

shipowners, so that if conditions deteriorate, decisions can

sanctioned counterparties, prohibited trades and high-risk

be taken calmly, quickly and from an informed position.

service relationships.

Q) Over recent months sanctions on so-called ‘dark’ or

Q) As regards Cyprus, how is it affected by its proximity

‘shadow’ fleet have intensified, including widening them

to both the Middle East and Black Sea areas of conflict?

along the supply chain to include all those involved with

Do you think that the perception of the island as being a

prohibited trades and vessels. Can you please provide

‘safe’ place to do business may result in a new influx of

an update on the new restrictions and explain what

companies relocating to the island?

advice you are giving clients on how to avoid being inadvertently blacklisted?

Cyprus is inevitably affected by its location. Its proximity to both the Middle East and the Black Sea means regional

What has changed in recent months is that sanctions

instability is felt quite quickly, even through business sentiment

enforcement is no longer focused only on the vessel itself.

alone. Even where Cyprus is not directly involved, it is close

Restrictions are being applied more broadly across the

enough to these fault lines to feel the secondary effects, and

supply chain, with greater scrutiny on owners, operators,

we have seen that reflected more broadly in Europe’s focus on

managers, traders and service providers connected to

Eastern Mediterranean security and maritime traffic.

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Cyprus Report

That said, proximity cuts both ways. It brings exposure, but it also reinforces Cyprus’ relevance as a well-established

timeframe that still aligns with regional demand, infrastructure availability and Europe’s diversification priorities.

base for managing regional operations from within the EU. I

These are still technically complex, capital-intensive

do think the island’s reputation as a stable and familiar place

projects, and markets can change quickly. So while the

to do business will continue to attract relocation interest,

strategic case for developing Cyprus’ reserves is now

particularly from companies that want to remain close to

stronger, the real priority is to maintain momentum and

the region without being directly exposed to the disruption.

avoid delay.

Recent

investment

promotion

activity

and

business

engagement also suggest that Cyprus continues to be

Q) Are there any recent changes to tax laws that are

positioned in exactly that way: as an Eastern Mediterranean

affecting your clients in Cyprus and if so how are you

hub for regional growth and operational scale.

helping them address these challenges?

Q) With ‘energy security’ becoming more important than

implementation of Cyprus’ wider tax reform from 1

ever due to the aforementioned geopolitical instability,

January 2026. While the increase in the corporate tax rate

how do you think this affects the importance of Cyprus’

to 15% has attracted most of the attention, the reform is

plans to exploit its natural gas reserves and their

broader and more balanced than a rate change alone.

scheduled timeframe?

It reflects Cyprus’ alignment with the wider international

Yes,

Geopolitical

instability

has

clearly

increased

the

tax

the

main

environment,

development

while

also

has

introducing

been

the

measures

strategic importance of Cyprus’ gas plans. When energy

intended to preserve competitiveness and maintain the

security moves higher up the agenda, projects that may

jurisdiction’s overall attractiveness.

once have been viewed mainly in commercial terms start to

For our clients, the main challenge is less about

take on broader significance, particularly for regional supply

headline rates alone and more about implementation.

diversification and Europe’s effort to reduce dependence

They need to understand how the new framework affects

on less secure sources and supply channels. That is very

structures, effective tax positions, the treatment and

much the context in which Cyprus now finds itself. Cyprus

timing of profit distributions, incentives and compliance

is targeting first gas exports around 2028, although as

processes. Our role is to help them assess the impact in

with any project of this scale, the timing will depend on

practical terms, model the effect on their business and

execution and delivery staying on track.

make any necessary adjustments early so they remain

My view is that this makes timely execution more

efficient and compliant. l

important than ever. The opportunity for Cyprus is not just to have gas reserves, but to bring them to market within a

Issue 120 March/April 2026

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73

Cyprus Report

Resilient onboard catering more essential than ever

By Yannis Petrakis, MD of BSM Catering Services BSM Catering Services provides integrated catering and hospitality management across the global fleet. Our scope covers catering management, housekeeping, supply chain management, training, auditing, and consulting, including menu planning, nutrition management, procurement, logistics, hygiene compliance, and onboard service support.

We support multinational crews with healthy, cost efficient meal planning and maintain safe, clean living conditions onboard.

W

e currently serve more than 600 vessels

The outlook remains uncertain. Volatility is likely to

and cater to crews representing over

continue in the near term, and constraints on transit and

40 nationalities. Our portfolio spans gas

supply routes may persist until there is a clear geopolitical

carriers, tankers, bulk carriers, container

de-escalation. Our priority is straightforward: maintain

vessels, offshore units, and specialised tonnage across

continuity and ensure crews onboard remain fully supported,

multiple fleets. We operate with a standardised global

regardless of external disruptions.

model designed to ensure consistent quality, cost control, and safe living conditions for seafarers.

Tackling disruption

A substantial share of the vessels we serve are owned by

The most effective way to manage disruptions of this scale is to

the Schulte Group or technically managed by Bernhard Schulte

operate with resilience built into the system. We rely on diversified

Shipmanagement (BSM). Approximately 70% of our catering

sourcing, multiple supply routes, and clear decision lines. When a

portfolio falls within the Schulte/BSM fleet.

region becomes unstable, we shift immediately — no delays, no

Our focus remains on delivering reliable, transparent, and scalable catering solutions that meet the operational and welfare requirements of modern shipmanagement.

dependence on single points of failure. Flexibility in procurement and logistics is not optional; it is a core operating principle.

We have tightened our risk assessments, increased the speed of internal coordination, and expanded the use of

Middle East impact

alternative supply points. These measures ensure that service

The conflict in the Middle East and the effective closure of the Strait of Hormuz have created a high volatility operating

levels remain stable even when vessel movements or regional access change with little notice.

environment. For us, the impact is clear: disrupted supply chains, longer routing, and reduced predictability in vessel movements.

These factors directly affect planning, provisioning cycles, and logistics for vessels that would normally transit the area.

We have acted early. We increased forward planning, diversified supply points, and built more flexibility into procurement and delivery schedules. Our global network allows us to reroute catering and hospitality support without compromising service levels. The situation demands faster decisions and tighter coordination, and we have adjusted accordingly.

Cost pressure is present, especially in logistics and selected food categories affected by regional constraints. We manage this through diversified sourcing, long term supplier partnerships, and strict cost control. Despite the pressure, service delivery has remained stable and vessel operations have not been materially affected.

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75

Cyprus Report

Going forward, we are strengthening our procedures further. This includes broader supplier diversification, deeper data driven forecasting, and additional contingency planning for high exposure regions. The objective is straightforward: maintain uninterrupted support for crews and vessels, regardless of external volatility.

Importance of diet Diet is a core element of a seafarer’s health, wellbeing, and overall performance. Long voyages, demanding work, and limited access to fresh provisions make nutrition a critical operational factor, not an afterthought. We treat it as part of our duty of care. A well structured diet reduces fatigue, supports

preparation across all vessels. This is essential for maintaining

mental resilience, and directly contributes to safety onboard.

standards in a global fleet.

To optimise this, we have standardised menu planning

Digitalisation is also reshaping the way catering is managed.

based on nutritional guidelines, caloric needs, and the

We are expanding data driven forecasting, standardised recipe

physical demands of different vessel types. We use

management, and structured procurement to improve planning

structured procurement, controlled portioning, and regular

and reduce waste. These tools help us maintain quality while

audits to ensure consistency. Our training programmes for

keeping costs stable, even in volatile markets.

cooks and stewards focus on balanced nutrition, food safety,

Cultural diversity remains a constant factor in maritime

and cost efficient preparation. These measures ensure that

catering. The trend here is not new, but the expectations

crews receive healthy, reliable meals regardless of where the

are higher. We manage this through menu cycles that reflect

vessel operates.

regional preferences and religious requirements, while

Catering for multinational crews is a practical challenge, but it is one we manage through planning and cultural awareness. We

maintaining nutritional balance and operational discipline.

Variety is important, but structure is essential.

work with menu cycles that incorporate regional preferences,

In hospitality, the focus is on maintaining safe, clean, and

religious requirements, and familiar comfort foods. At the same

predictable living conditions. We continue to strengthen

time, we maintain nutritional balance and cost control. The

hygiene standards, housekeeping procedures, and onboard

aim is simple: respect cultural diversity without compromising

training to ensure that crews have a stable environment that

operational standards.

supports wellbeing and performance.

In practice, this means offering variety, maintaining flexibility,

Our approach is straightforward: adopt trends that improve

and ensuring that every crew member can access meals that

health, efficiency, and reliability, and avoid anything that adds

align with their dietary expectations while still meeting the

complexity without operational benefit.

health and safety standards we set across the fleet.

Catering services

Final conclusions One point I would highlight is the increasing importance

Catering, hospitality, and food science are moving toward

of discipline and standardisation in maritime catering and

greater standardisation, stronger nutritional focus, and

hospitality. The industry is operating in a more volatile

more data driven planning. For us, the priority is to integrate

environment, and the ability to deliver consistent, reliable

developments that improve crew health, operational reliability,

support across a global fleet is becoming a differentiator. This

and cost control. Trends only matter when they deliver

requires strong processes, trained people, and a clear operating

measurable value onboard.

model.

One clear shift is the move toward healthier, performance

I would also underline the role of crew wellbeing. Nutrition,

oriented diets. We have strengthened our menu planning with

hygiene, and living conditions are not secondary services —

updated nutritional guidelines, structured portioning, and more

they directly influence safety, performance, and retention. As

balanced meal cycles. This ensures crews receive the right caloric

vessels become more complex and voyages more demanding,

and nutritional profile for demanding work at sea. We also apply

the basics matter even more.

tighter controls on salt, sugar, and processed ingredients.

Finally, resilience is essential. Whether the disruption

Training is another important trend. Expectations for

comes from geopolitics, supply chains, or market volatility, our

onboard catering competence are rising, and we have

responsibility is to ensure continuity for the crews onboard.

expanded our training programmes for cooks and stewards

That remains our focus, and it will continue to guide how we

to ensure consistent nutrition, food safety, and cost efficient

develop our services going forward. l

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Ad Hoc

APM holds record-breaking event in Singapore The 19th Asia Pacific Maritime (APM) exhibition and conference held in Singapore during late Match was the largest ever edition of the event, welcoming 19,431 attendees over its three days alongside more than 819 exhibitors from 41 regions/ countries, including 20 pavilions, and 112 speakers from across the globe.

Notably, the Indonesian National Shipowners’ Association (INSA) led a delegation of 60 shipowners representing 20 shipping lines.

Yeow Hui Leng, Group Project Director of APM, said: “The numerous deals and partnerships announced at the event underscore APM’s role beyond that of a maritime marketplace; it also serves as a platform for showcasing best-in-class innovations and setting the stage for solutions that will shape the future of the industry.”

The conference stressed that alternative fuels need to continue to progress, despite uncertainty in formal regulatory adoption, especially given the concerns over energy sovereignty, with an emphasis on fuel optionality.

APM will return for its 20th edition from 22-24 March 2028. l

Executive Group celebrates International Women’s Day

Executive Group celebrated International Women’s Day (8 March) across its field offices in India, acknowledging the contributions of women and the importance of gender equality in the workplace.

In Mumbai, a gathering was hosted which was attended by employees from multiple departments of Executive Ship Management (ESM), along with representatives from Group companies SIMS Mumbai and Arc Marine. Ms. Akshaya Mondkar, ESM’s in-house nutritionist, spoke on the role of nutrition in supporting women’s hormonal health, while Mr. Maneesh Jha, Principal,

SIMS Mumbai, shared personal reflections on gender equity, and Capt. Sumit Sahni, Director, ESM India, spoke on the growing representation of women within ESM. Other International Women’s Day events were held at Executive Group offices in Chandigarh, Cochin, Chennai and Patna.

Pictured is Executive Group Deputy CEO Sikha Singh with SIMS (Samundra Institute of Maritime Studies) female cadets. l

DP World launches seaweed farming initiative in India As climate pressures and declining fish catches continue to impact coastal communities in India, DP World has launched a seaweed farming initiative along Maharashtra’s Raigad coastline supporting fishing families to diversify their income while remaining closely connected to the marine environment.

More than 250 cultivation units have already been established, offering a low-impact livelihood that requires no land or freshwater and can be harvested multiple times a season. The seaweed farms also act as natural biofilters, improving water quality while creating habitats for marine species such as prawns, crabs and small fish.

Biodiversity and ecosystem impact are being monitored as the programme develops.

The programme is engaging women-led self-help groups, supporting broader community resilience in the face of climate change. l

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Ad Hoc

CMA remembers founder Jim Lawrence The Connecticut Maritime Association’s (CMA) Shipping 2026 event closed with the traditional Gala Dinner on its third day in mid-March.

Here Dag von Appen, on the Board of global shipping giant Ultranav (and previously its CEO) as well as serving as Non-Executive Chairman of Navigator Gas, received the prestigious Jim Lawrence Commodore Award.

After receiving the award from 2025 honoree Todd Clough (a long-time executive with Fairfield Chemical Carriers- now part of MOL Chemical Carriers), and donning the Commodore hat (pictured, courtesy Tom Butler Photography), von Appen emphasized the importance of “family business” traditions. Ultranav, controlling hundreds of vessels across multiple sectors, was founded in the 1960s by his grandfather.

The dinner, with 500+ attendees, also included a tribute to Jim Lawrence- who passed away a year ago, creator of the annual event and driving force behind its growth. This year, the Commodore award had been re-named in his honour, and a separate Jim Lawrence Memorial Scholarship Award went to Leith Elzie, a student at Great Lakes Maritime Academy. l

National Maritime Museum publishes ‘The Ocean Map’ To celebrate World Ocean Day 2026, the UK’s National Maritime Museum has published a new illustrated book, ‘The Ocean Map’, and is hosting a free festival inviting families to explore the wonders of the ocean.

Written by Aimee Mook, ocean expert and Museum curator, the book presents the ocean as a single, connected system using the Spilhaus projection, and explores its many facets, drawing on the Museum’s work in ocean literacy. It is intended for younger audiences and anyone beginning to explore ocean science.

Copies can be ordered at: https://shop.rmg.co.uk/collections/ our-publications/products/the-ocean-map-exploring-our-wateryworld l

Maritime London marks silver anniversary UK professional services body Maritime London celebrated the 25th anniversary of its incorporation with a special reception held fittingly at the historic Watermen’s Hall in the City of London.

The event was attended by more than 120 guests – members, current and former directors, and government representatives, including UK Maritime Minister Keir Mather MP. Pictured is Maritime London’s Honorary President Lord Mountevans (centre foreground), sharing a joke with Foresight Group’s Founder & Executive Chairman Dr Ravi Mehrota CBE (right), now based in Dubai, and HFW’s Guy Main (left). l

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Analysis Gulf conflict has only minor impact on dry bulk trades

By Ian Cochran

D

espite geopolitical uncertainties and shifting trade routes, total global dry bulk demand is forecast to grow by around 2.5% this year, Veson Nautical reports.

Longer-haul voyages and evolving commodity flows are

reshaping tonne-mile demand and creating new commercial dynamics for owners, operators, and charterers.

Now in its second month, the escalating Middle East conflict risks disrupting nearly 30 mill tonnes of dry bulk trades per month, equivalent to over 1,000 bill tonne-miles, or more than 7% of global drybulk shipping demand, according to Drewry Maritime Research.

However, vessels diverting away from the area and sailing via

Distances travelled translates to more than 1,000 bill tonne-

the Cape of Good Hope, plus the potential to substitute coal for

miles per year, a little over 7% of global dry bulk shipping

oil and gas, for use as energy, could provide a partial demand

demand. Notably, more than 40% is carried on Supramaxes,

upside, particularly for Supramaxes and Panamaxes.

making this segment particularly exposed, Drewry said.

The Middle East region imports more than 150 mill tonnes of drybulk commodities annually, including grain, iron ore, coal,

HORMUZ TRANSITS

sugar, rice, steel products, cement and clinker and exports a

Before the conflict began, dry bulk vessels undertook

similar volume, including fertilisers, gypsum, limestone and

around 7,000 transits of the Strait of Hormuz each year or

other minor bulks.

roughly 20 transits per day, which underlines the exposure to

In addition, intra-regional dry bulk trades amount to roughly 50 mill tonnes per annum, largely involving aggregates, sand and steel products.

Drewry estimated that dry bulk cargo movements of nearly 30 mill tonnes per month, involving both international and intraregional voyages, are at risk of disruption if the conflict continues for any length of time, as a result of the Strait of Hormuz shutdown and Iranian-backed Houthi militia possibly restarting attacks on shipping passing the Bab al-Mandab Strait at the Red Sea’s southern entrance.

The region’s cargoes are usually destined for India, China, the US, Europe, Canada and Brazil, while imports mainly originate from Russia, India, China, Turkey and the US.

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any closure or part closure.

Analysis

A prolonged disruption, especially to energy supplies, would tilt the balance towards firmer dry bulk demand, with Supramax and Panamax segments standing to benefit the most, Drewry said.

Signal Ocean said that during the first week of the conflict, about 240 bulk carriers of plus 25,000 dwt were stuck inside the Strait of Hormuz, split almost evenly between laden and ballast vessels.

The laden vessels were mainly carrying minor commodities with corn (maize) being the largest at around 12.5% of the total.

Other commodities trapped on vessels inside the Gulf Any disruption or closure would have immediate knock-on

included fertilisers (mainly urea), bauxite, limestone, sands,

effects on fleet deployment, voyage economics and regional

sulphur, and iron ore, according to AXSMarine, which recently

trade flows, even if actual cargo volumes were partially diverted

became a subsidiary of Ocean Signal.

or deferred.

Even with the Red Sea attacks over the past year, more than 2,000 dry bulk vessels continued to transit the Suez Canal each month, Drewry said.

With renewed threats to attack vessels, bulkers are now likely to avoid the region entirely and use the Cape of Good

Later, AXSMarine estimated that dry bulk outbound transits fell from 387 in February to 65 in March, down by 83%, while inbound transits dropped from 386 to just 28, a fall of 93%.

At the end of March, 319 bulk carriers and multi-purpose carriers were reported to be still stuck in the Gulf, including 82 operating with AIS disruption. l

Hope route, significantly increasing voyage distances and sailing days, thereby raising tonne-mile demand and absorbing additional vessel capacity, offering near-term support to dry bulk demand fundamentals.

In addition, if Middle Eastern oil and gas exports remain constrained for any length of time, which looks highly likely, coal demand could rise sharply.

Asia currently accounts for nearly 90% of global coal demand, with India, China, Japan and South Korea collectively importing almost 700 mill tonnes of thermal coal in 2025, out of total global seaborne trade of just over 1,000 mill tonnes.

Thus any increase in coal shipments would translate directly into higher dry bulk trade volumes, tonne-miles and freight rates.

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Technical Cargo liquefaction still an ever-present hazard

By David Tinsley

Not always plain sailing for bulkers carrying cargoes subject to possible liquefaction

Alerts from the insurance sector stress the undiminished need for extreme caution and rigorous oversight with shipments of iron ore fines and nickel ore.

C

argo liquefaction has

Sensitivities have been sharpened

motions in a seaway. Ensuing liquefaction

been of concern for over

by memories of a multiplicity of cases

can result in a loss of the ship’s positive

a century and even in

since 2010 where the death tolls ranged

stability

recent decades has taken a

from between 10 and 22 from ships

metacentric height (GM). The effect can

lost as a consequence of cargo shift

be sudden and dramatic, the rapidity in

through

the loss of stability hampering the crew’s

shocking toll of seafarers’ lives.

The

phenomenon

remains

a

liquefaction,

primarily

with

through

a

reduction

in

ability to evacuate and survive.

compelling safety issue for bulk carriers

nickel ore brought out of Indonesia and

and potentially other dry cargo vessels,

the Philippines. The number of fatalities

Stakeholders in the cargo supply chain

and some specific trade developments

linked to incidents with vessels carrying

are required to know the cargo hazards,

have again concentrated minds on the

nickel ore is all the more alarming

provide correct cargo declarations, and

issue. In particular, the resumption of

given the specific cargo type’s very low

comply at all times with the International

shipments of iron ore fines out of Goa

proportional representation (perhaps no

Maritime Solid Bulk Cargoes (IMSBC)

and new export flows of nickel ore from

more than 2%) in seaborne bulk freight

Code. Although just a handful of

the Solomon Islands have led to calls by

transportation as a whole.

commodities are under the spotlight,

industry bodies and the P&I insurance

If certain minerals are taken aboard

IMO has in fact identified 75 bulk cargo

community for stringent oversight of the

with a moisture content (MC) exceeding

types that have the potential to liquefy

loading and transport process to ensure

prescribed limits, the cargo may develop

under certain circumstances—these fall

safe carriage by sea.

a fluid state as a consequence of vessel

under the Group A categorisation.

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Technical

potentially having an adverse impact on cargo characteristics. Moreover, it is claimed that fully representative sampling of static stockpiles for laboratory testing had not been possible due to sampling having been limited to three-metre-deep pits. This underscores the importance of appointing an accredited surveyor in good time to ensure that local and international requirements will be fully met in relation to all phases of handling.

As concerns the Solomon Islands trade, export material is typically a minimally processed, direct shipped ore with a wide range of particle sizes and a material structure influencing material behaviour at differing degrees Barges being loaded with nickel ore in the Solomon Islands for transhipment to bulkers.

Credit: Nanang Sugi/Shutterstock.com

of saturation. Cargo consignments are prone to water retention if exposed to rainfall and/or if the mineral is already

high-profile

stages, while the resumption of iron ore

wet when extracted from the mine.

cases have shown that many non-

fines exports from Goa has followed a

P&I specialists have alluded to the

compliant cargoes have been shipped

period of prolonged inactivity at some of

immaturity of the trade and the bearing

before an incident ultimately occurred.

the source mines. Iron ore fines are iron

of this on the availability of experienced

Shortcomings in operational procedures

ore with a very high proportion of small

know-how

from

Investigations

into

as

to

cargo

condition

those

particles (10% smaller than 1mm and

evaluation, together with concerns

pertaining to cargo condition verification,

50% smaller than 10mm), and carry the

related to the Solomons’ developing

are at the heart of the problem, colouring

risk of liquefaction if the moisture content

country status and the degree of

fresh concerns over consignments from

exceeds the transportable moisture

regulatory oversight exercised.

various new or revived outlets.

the

outset,

including

limit (TML). The latter is determined as

Liquefaction is a consequence of

While various solid bulks such as

90% of the flow moisture point (FMP),

cargo compaction. Even in its so-called

iron ore fines and nickel ore usually

which refers to the percentage moisture

‘dry’ state, a bulk cargo consists of a solid

contain a degree of moisture within

content at which a flow state develops.

component, a moisture component, and

the particles, there can be a substantial

Establishment of TML is essential

an intervening amount of air (void space).

increase in moisture levels if the

to the prevention of the risk of cargo

In the dry state, the particles are in

prospective cargo has been stored in

liquefaction, and resulting instability,

contact with each other, and the frictional

the open at source or at the terminal.

listing or capsize. TML is determined by

forces between them confer a measure

This calls for the utmost prudence in

certified laboratory tests and must be

of physical shear strength. During the

the pre-loading stage to establish the

documented to the ship’s master before

voyage, when the cargo is subject to

actual condition of the freight.

loading. Should the cargo be assessed

recurring cycles or cyclic forces from

Concomitant to Indonesia’s export

as having higher actual moisture content

ship motions such as rolling, pitching and

restrictions on nickel ore, and a decline

than its TML, the IMSBC Code precludes

slamming, and potentially also vibrations,

in exports from the Philippines, there has

loading and transportation, unless the

the cargo gradually compacts.

been an upturn in shipping activity with

vessel has been specially built or fitted

cargoes out of the South Pacific, notably

for confining cargo shift.

In some conditions, cargo compaction can reach the extent whereby there

the Solomon Islands and New Caledonia.

Prior to the resumption of exports of

is minimal or no void space between

Although a circumspect approach

iron ore fines from Goa and other west

the solid and water particles. Once the

is essential to all localities and spheres

coast ports in India during the latter

amount of water within the cargo exceeds

of trade in minerals susceptible to

stages of 2024 after the ending of the

the void space between the particles

liquefaction, at issue presently is the

southwest monsoon, stockpiling and

or ‘grains’ of cargo, the water pressure

fact that shipments of nickel ore from

consequent exposure to the elements

may rise. The increase in the pore water

the Solomons are still only in their early

had taken place over many years,

pressure pushes the cargo particles apart

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Stakeholders in the cargo supply chain

been performed, such as a prolonged

must not only be conversant with the risk

period of rain, which might have

presented by specific cargoes, but must

significantly

certain point, the shear strength of the

also correctly declare condition adhering

content of a cargo that has been left

material will be lost. The cargo enters

to the requirements of the IMSBC Code.

unprotected. It is often suggested

a transitory stage where it begins to

The term ‘dynamic separation’ was

that, as an added precaution, the

react like a fluid because of the loss of

introduced by amendments 06-12 to

master may take his or her own

internal friction, in the process known as

the edict, effective from December 2023

inspection by way of a ‘can test’ during

liquefaction.

onwards, to describe another mechanism

loading, with associated record-taking

that can lead to moisture-related, Group

or photography. Although not fully

A cargo failure.

definitive, this may indicate whether

and diminishes the frictional forces within the cargo.

Should the pore pressure reach a

In liquefied form, the viscous state may unexpectedly flow from one side of

altered

the

moisture

the cargo has exceeded its flow

the hold to the other, causing a shift in the

If the moisture that turns into water

vessel’s centre of gravity, with a dramatic

through compaction can escape from

effect on ship stability. Progressive cargo

some of the void spaces in the cargo,

In a joint advisory entitled ‘Reducing

shift in one direction with the ship’s

but cannot drain completely, the water

the risk of liquefaction’, Bureau Veritas

motions can lead to gradual weight

may migrate upwards through pressure

and its consultancy affiliate TMC Marine,

aggregation on one side, accentuated

differential to ultimately collect on the

together with London P&I Club, prepared

and hastened in heavy seas, causing an

surface of the cargo in the hold, forming

a flow diagram illustrating steps to be

increasing list and further loss of stability

a liquid slurry composed of water and

followed prior to and during loading

with potential for capsize.

fine solids. Under this so-called dynamic

of susceptible cargoes. The sequence

separation,

moisture point.

the

of considerations was laid out thus:

of

slurry with the motion of the vessel can

Has the shipper provided all the cargo

liquefaction. The largest exporters have

impair the ship’s stability, to potentially

information?; Has the IMSBC Code

traditionally been Indonesia and the

disastrous effect.

been consulted?; Does the master have

Nickel ore is regarded as posing particular

risks

in

the

context

the

movement

of

Philippines, and much of the mineral,

In the pre-loading stage, laboratory

sufficient information to plan the loading?;

which is used for making stainless steel,

tests undertaken ashore to determine

Has the cargo been correctly identified?;

is obtained from remote, open pit mines

the TML of a cargo should be conducted

Is the moisture content lower than the

subject to the monsoon season. Recent

within six months of loading. Furthermore,

TML?; Are the cargo spaces free of liquid?

new export flows of nickel ore originating

the master should check that the moisture

With the decision to implement

from two mines in the Solomon Islands

content has been established as near as

loading, it is then important to visually

have also led to the P&I sector calling

practicable to the loading date, and not

monitor the handling, take suitable

for closer scrutiny of all phases of the

more than seven days.

measures to prevent water ingress,

pre-loading period, due to prevailing

Even if the master has been

and review any need for trimming once

environmental conditions and reported

presented with valid certification, he/

the cargo is aboard. In the event of any

issues relating to the verification of tests

she should be aware of the prevailing

single step arousing doubt or not being

to establish the TML.

climatic conditions after the test has

properly fulfilled, loading must not take place or be halted.

For

sure,

professional

cargo

management needs to be applied acrossthe-board, by regulatory administrations or authorities, charterers, shipowners, and crew members, so as to avoid further loss of lives, ships and cargoes attributable to liquefaction or other excess moisture-induced events.

There is a need for comprehensive understanding of the mechanisms that give rise to such phenomena, along with adherence to rigorous testing procedures P&I sector concerned by the resumption of iron ore fines shipments from Goa

and

systematic

safety

measures throughout the handling and transportation chain. l Issue 120 March/April 2026

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Ship Recycling With the Hong Kong Convention in force, now the industry has to prove it means it

Editorial credit: Sun_Shine / Shutterstock.com

T

he ship recycling industry in the HKC party states and

the seriousness of its implementation. On the first point, HKC

ship owners who want to recycle their ships in HKC

is strong as it provides a detailed structure for the movement

party states have been left with no more excuses for

of ships to recycling destinations, the standards expected of

treating safe and environmentally sound recycling

ship recycling facilities, the handling of hazardous materials and

as optional, following the introduction of the Hong Kong

for downstream waste management refers to the national laws

Convention (HKC) which came into force on June 26, 2025.

of the countries which are party to Basel Convention. It gives

The debate is no longer about whether a proper global

the industry a proper framework, and there is no longer any

framework exists. It does. The real question now is whether the

credible argument that responsible recycling standards are too

Competent Authorities in the HKC party states are effective

vague, too fragmented or too impractical to follow.

to implement it properly, or whether uneven enforcement will create disparities in HKC implementation for recycling ships.

The challenging question is implementation because conventions do not enforce themselves. Real enforcement

Too much attention is still paid to the number of ratifying

happens through national laws, national procedures and by

countries and reference is made to pre-existing regulations,

national authorities, and that is where the market is now being

when the more important point is that the major ship recycling nations handling most of the global recycling tonnage are now within HKC. That changes the market in a practical way. If a vessel is sent for recycling to a party state, it must be recycled in accordance with HKC requirements. That principle does not change because of flag, ownership structure or commercial convenience, and that alone has already shifted expectations across the sector.

The convention should, however, be judged on two things: the quality of the framework itself, and

By Hiitesh Vyas, VP Middle East & Green Recycling Coordinator, Wirana Shipping

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Ship Supply

tested. Some recycling states have moved faster and more

fleet now represents a large body of ageing tonnage, much

clearly than others in integrating HKC requirements into

of it associated with opaque ownership, weak accountability

domestic systems. That is understandable in the early stages,

and higher operational risk.

but it is important for Competent Authorities of HKC parties

During trading life, those characteristics are already a

to avoid complacency and at the same time IMO should play

serious concern. At end of life, they become even more

an active role in making sure that HKC implementation is

problematic, because the ships retain scrap value while

uniform across the party states.

the people behind them often have little interest in how,

If documentary and procedural requirements are

where or under what conditions they are recycled. That

embedded strongly in one jurisdiction but are still evolving in

is the core issue. In a conventional recycling transaction,

another, the industry is not yet operating on a fully level playing

the ownership chain is generally clear and responsibility

field. Ship recycling has suffered for too long from grey areas,

remains visible until the point of sale. In the dark fleet,

inconsistent standards and selective enforcement, and HKC

that visibility is often absent, and the beneficial owner

was adopted to reduce those weaknesses. If implementation

may be obscured, detached or impossible to identify

is uneven, weaker operators will always try to find the least

with confidence.

demanding route, and responsible yards that have invested

While such owners are unlikely to walk away from a vessel

in compliance, worker protection and environmental controls

if value can still be extracted, they are equally unlikely to

will continue to face distorted competition.

prioritise worker safety, environmental protection or proper

For shipowners, managers and commercial decision-

recycling compliance. Their objective is exit, not responsibility,

makers, ship recycling is no longer a simple disposal exercise

and that is exactly why this issue matters so much. When

driven only by price and delivery. It is a compliance-led

ownership is opaque and accountability weak, the burden

process that demands planning, credible documentation,

of safe and environmental recycling falls completely on the

proper yard selection and meaningful due diligence on

recycling state and the ship recycling facility to make sure

counterparties. Anyone still treating demolition as a purely

those standards are upheld.

transactional end-of-life sale is ignoring where the market

This is where responsible cash buyers can play an

is heading and underestimating how much the baseline has

important role. If dark fleet vessels or sanctioned vessels

already changed.

can lawfully be channelled through responsible cash buyers

In my view, HKC has already made a real difference.

such as Wirana Shipping and others operating to proper

It has raised expectations, increased scrutiny and made

standards, an additional layer of oversight is introduced

it harder for substandard practices to hide behind

into the process. Responsible buyers do not simply broker

ambiguity. That is meaningful progress, but progress

value. They assess counterparties, scrutinise facilities and

is not the same as completion, and the industry should

work to ensure that the recycling outcome aligns with HKC

work hard and start asking a tougher question: who is

requirements and responsible industry practice. In a segment

truly implementing it, and who is still relying on transition

of the market defined by opacity and detachment, that

language, partial alignment and weak enforcement?

added layer of supervision matters.

HKC has given ship recycling a serious framework and a

But this is also where the problem becomes politically

very good start to bring about an effective improvement

and legally difficult. Sanctioning countries are right not to

in ship recycling standards considering it reaches

want sale proceeds flowing back to sanctioned owners,

to more than 90% of global ship recycling volume. It

and that concern is legitimate. Yet if there is no lawful and

is important for all stakeholders to support HKC and

practical route to send these ships for responsible recycling,

bring about improvements over a period rather than

the alternative is not a cleaner outcome.

denigrate HKC.

In my view, this is now one of the most urgent unresolved issues in the maritime industry because

Dark fleet challenge

dark fleet is essentially old tonnage that will need to be

Meanwhile, the shipping industry has spent years

recycled very soon. Unless an official exit route is provided

discussing the dark fleet as a sanctions problem, a compliance

for these dark fleet vessels, they will either be abandoned

problem and a maritime safety problem. All of that is true, but

creating a risk to marine environment or they will be sold

it has still not dealt seriously with one unavoidable question:

to recyclers who are less caring for the global issues and

what happens when these vessels reach the end of their lives?

create unfair competition for ship recyclers who are ethical

That question is becoming harder to avoid, because the dark

and only work clean ships. l

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Clean Oceans

New hull cleaning standard ready to ensure best environmental practices A newly published ISO standard will simplify the rules and process of hull cleaning for ports and ship owners and operators, marking a milestone in ensuring clean hulls to avoid both transfer of aquatic invasive species as well as cutting ship emissions and fuel usage, reports industry coalition the Clean Hull Initiative.

I

n March, a new ISO (International Organization

ensuring that hull cleaning is carried out responsibly

for Standardization) standard was published to

and does not release organisms or chemicals into

help port authorities, shipowners and operators

the environment, in line with the United Nations’

navigate rules on how ships should be cleaned in

‘Sustainable Development Goal 14: Life Below Water’ to

an environmentally sound way. Hull cleaning is gaining

protect marine ecosystems and prevent ocean pollution.

traction

are

ISO 6319 aims to help ports and regulators request

increasingly introducing regulations—but many ports

among

shipowners,

while

countries

documentation from service providers intending to clean

still lack practical guidance on how to manage it.

ship hulls, making it easier to assess whether the technology

“Biofouling on ships’ hulls can spread invasive aquatic

used provides adequate environmental protection.

species and damage ecosystems. It also increases drag,

One of the contributors to ISO 6319 was Port

reducing a vessel’s efficiency and leading to higher fuel

Environment Expert at Port of Antwerp-Bruges, Luc

consumption and increased greenhouse gas emissions,”

Van Espen. He explains that at the Port of Antwerp-

says Irene Øvstebø Tvedten, Senior Adviser at Bellona.

Bruges, hull cleaning is permitted as part of the port’s

Tvedten is the project manager for the Clean Hull

commitment to sustainable shipping.

Initiative (CHI) and has led the work on the new ISO-

“An internationally accepted and applied standard

standard known as ISO 6319, titled “Conducting and

creates a level playing field among seaports worldwide,

documenting in-water cleaning of biofouling on ships”.

strongly limiting the transfer of invasive alien species

One of the key solutions for managing biofouling on ships—hull cleaning—can help prevent the spread

from one port to another,” says Van Espen.

Globally,

approval

procedures

vary

widely

of invasive aquatic species and reduce greenhouse

among ports and authorities, creating challenges for

gas emissions. ISO 6319 supports these practices by

shipowners. Wallenius Wilhelmsen, a leading global

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Clean Oceans

Irene Tvedten

Luc Van Espen

Mark Riggio

Petter Korslund

Kim-Helge Brynjulfsen

RoRo operator, was among the shipowners contributing

“ISO 6319 helps guide approval authorities as to

to ISO 6319 and is working to lower fleet emissions

what the actual risks of cleaning are and how to manage

through enhanced hull maintenance.

and mitigate those risks to the greatest extent possible

“When applications follow the same structure and

while promoting the environmentally-sound cleaning of

technical specifications, ports and authorities can

ships.” says Mark Riggio, one of the contributors to ISO

process them more efficiently. For us as a shipping

6319, and Technical Director at BEMA, an organisation

company, this means fewer operational disruptions and

consisting of several hull-cleaning service providers.

greater predictability,” says Senior Manager Kim-Helge Brynjulfsen at Wallenius Wilhelmsen.

Another contributor to ISO 6319 was Jotun, a global leader in marine coatings to tackle biofouling, which also offers a proactive hull-cleaning robot and compatible coatings.

“In the group developing this standard, competitors have put commercial interests aside and collaborated to set the terms for hull cleaning. I’m truly impressed by their efforts,” comments Tvedten.

Originally, the standard was initiated by the Clean Hull Initiative, which consists of a range of stakeholders

“At Jotun, we find that many ports and authorities

with a shared interest in proactive hull cleaning—

lack detailed knowledge about hull cleaning and are often

meaning sufficiently frequent cleaning to maintain a thin

unnecessarily sceptical of cleaning ships,” says Petter

layer of biofouling on the hull. The group produced the

Korslund, Regulatory Affairs Manager. “ISO 6319 can help

original draft four years ago, under the leadership of

ports assess permits on a case-by-case basis, depending on

Bellona.

whether the hull cleaning technology sufficiently protects

“Ports and regulators play a key role in enabling or

the environment. There are significant quality differences

prohibiting hull cleaning. ISO 6319 will help them make

between hull cleaning systems.”

informed decisions,” Tvedten concludes. l

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Objects of desire Objects of Desire Health, Styled Differently Somewhere between jewellery and technology, the Oura Ring 4 slips onto your finger and quietly begins tracking heart rate, variability, blood oxygen levels, sleep stages and recovery. A slim titanium band that looks like jewellery but behaves more like a discreet guide to the body, the Oura Ring will ensure that your health is better than ever before. Designed for uninterrupted wear, it is made from nonallergenic titanium and can be worn in the shower, the pool or even at sea.

With everything feeding into an app on iOS and Android, backed by more than a decade of research and a multidisciplinary team of over 30 PhDs, you can move with the quiet confidence that your health is taken care of.

Approx. £350 to £500

https://ouraring.com/store/rings/oura-ring-4

From Wheels to the Water

Editorial credit: www.youtube.com/@frauscherboats

There’s something comforting about bringing a sense of home with you, even out on the water. The Frauscher x Porsche 850 Fantom Air captures that feeling perfectly. Reimagined for a different element, where the certainty of roads gives way to the freedom of open water, this day cruiser blends Frauscher’s classic boat-building with Porsche’s latest E-technology, moving across the sea with quiet confidence. It offers four driving modes, including Sport mode for those who crave speed, with a recorded average speed of 49.84 knots. It is the kind of boat that feels considered in every detail. Step aboard and you’re looking at a space designed to bring luxury to the water, impressing even the most discerning of guests.

Price quoted by the manufacturer on request. (Approx £450,000)

www.frauscherxporsche.com/en/fantom-air/#details

Not Just a Product, but an Experience

Editorial credit: Erman Gunes / Shutterstock.com

If you’ve ever wished your living room could double as a private cinema, Apple Vision Pro brings that idea to life. With 23 million pixels across both eyes, Apple’s 3D Immersive Video and Spatial Audio create a depth that draws you into what you are watching. Navigation responds to eye movement and simple gestures, allowing you to move between content with ease. The Dual Knit Band is designed for comfort over longer viewing, while the battery slips discreetly into your pocket. ZEISS Optical Inserts can be magnetically attached for those who require prescription lenses, and Optic ID uses iris recognition to unlock the device and authorise purchases securely.

Prices start from £2,588

www.apple.com/apple-vision-pro/

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Objects of Desire

Space Meets Luxury There are spaces that feel less like rooms and more like escapes from time itself. Apollo is a private lounge that draws you into that world, conceived by Timothy Oulton Studio and built to the scale of NASA’s Apollo 11 space capsule, with its polished steel exterior creating a striking presence that piques interest before you even set foot inside. Once inside, each pod adapts to its owner’s needs, from a private seating area to a workspace or dining pod, with interiors tailored in materials such as leather, sheepskin, velvet and linen.

Refusing to sacrifice impact for size, even the smallest of details have been thoughtfully considered. This statement piece is designed to elevate any occasion, creating a setting of both intimacy and allure, and can be made for indoor or outdoor use.

From £130,000

www.timothyoulton.com/studio/apollo

A Postcard in Person For those who love experiencing nature without sacrificing luxury, The Ritz-Carlton Yacht Collection offers a different way to experience the northern coastline with its Whittier to Vancouver Voyage this August. Time onboard moves between open water and forested shores, with glaciers and shifting landscapes along the way. Each day brings a new location.

Onboard, the interiors are elegant and spacious, with a quiet sense of grandeur, alongside 24-hour in-suite dining and service that feels quietly attentive throughout the day. With views like this, it is travel defined as much by the journey as it is by the destinations.

Prices start from £14,400 GBP pp

www.ritzcarltonyachtcollection.com/luxury-alaska-cruises/whittier-to-vancouver-13260806

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Review Blooming: The Art of Gardens in East and West Hong Kong Museum of Art This exhibition is an unprecedented Hong Kong showcase of 106 selected paintings and artefacts from The Palace Museum in Beijing, the Art Institute of Chicago, the Palace of Versailles in France and the Hong Kong Museum of Art. Curated around a central theme of garden landscaping, activities in garden and appreciation of artworks inspired by garden culture, the exhibition takes the audience on a journey through the grand gardens of kings and nobles, including Emperor Qianlong of China and King Louis XIV of France. It also highlights romantic gardens portrayed by master artists like Claude Monet, Zhang Daqian and Wen Zhengming, to explore a stunning variety of gardens and the cultural significance behind their designs.

From 24 April to 29 July, 2026

Armada: The Fire Historical novel by Robert Oliver

‘Armada: The Fire’ is a sweeping historical fiction by US author Robert Oliver released this February, that details the long strategic arc leading to the Spanish Armada in 1588.

Examining fleet decision-making, and the human dimensions of maritime management, this narrative provides historical insights into how leadership choices under extreme geopolitical stress can shape maritime outcomes across decades. It shows how most decisive battles are often fought in letters, in council chambers, and in the private conscience of rulers.

With a sequel, ‘Armada: The Fury’, already planned for release in mid-July 2026, these companion works could make engrossing summer reading for fans of historical and/or nautical fiction.

For details see Amazon.com

War Horse National Theatre, London nationaltheatre.org.uk/productions/war-horse The global phenomenon that is ‘War Horse’ gallops home to London’s National Theatre, where it first opened 20 years ago, for a limited 10-week run, 16 May — 30 July 2026.

Based on Michael Morpurgo’s beloved novel, it is a timeless story of love, courage and friendship, brought to life by astonishing life-sized horses from Handspring Puppet Company and a stirring musical score.

At the outbreak of the First World War, young Albert’s beloved horse Joey is sold to the cavalry and shipped to France. Too young to enlist, Albert refuses to forget him, embarking on an extraordinary journey from the fields of rural Devon to the trenches of wartime France – determined to bring Joey home.

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Review

books, theatre, dining, events, culture, films, festival, music, art, dvd, wine

Jeff Koons: ‘Venus’ Lespugue Museum of Cycladic Art, Athens The exhibition Jeff Koons: ‘Venus’ Lespugue is a unique curatorial project that spans more than 40,000 years of human creativity, exploring the significance of the female form from the paleolithic period to the present day.

It showcases ‘Balloon Venus Lespugue (Orange)’ (2013-2019) by internationally acclaimed artist Jeff Koons, most famous for his 1990s series of giant mirrored-glass ‘Balloon Dog’ statues. The work is a homage to the original Venus of Lespugue - a small prehistoric figurine carved from a mammoth tusk approximately 28,000 years ago, that Koons says he has been influenced by ever since the late ‘70s - which is presented in dialogue with 10 paleolithic Venus figurines, certified copies of originals housed in different major European museums.

Loaned from a private collection, Koons’ sculpture is making its first public display at this world-class small museum, which also houses an impressive permanent display of ancient Cycladic figurines.

Bookings: cycladic.gr/en/ticket/jeff-koons-venus-lespugue Until 31 August.

The Doom Loop: Why the World Economic Order Is Spiraling into Disorder

by Eswar S. Prasad The United States is no longer the world’s undisputed superpower. China and India increasingly flex their economic muscle, as the West’s share of global GDP steadily declines--and America’s rules-based system risks becoming irrelevant. In business, competition brings efficiency, balance, and innovation. But not in the marketplace for global power.

Acclaimed economist Eswar S. Prasad argues that the very forces expected to stabilise the world order are fuelling disarray. Globalisation has deepened inequality in many countries, stoked political backlash and triggered trade wars.

Economic institutions like the IMF and WTO are no longer fit for purpose. The rise of ‘middle powers’ like South Africa, Brazil, and Indonesia once suggested multipolar stability; but today, such economies are forced to pick sides in the intensifying US-China struggle for hegemony.

Hardcover book, published February 2026.

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Lifestyle THE NEW OLD AGE – LIFE MAY GO ON LONGER THAN YOU EXPECT

By Margie Collins

“I

t’s taken me 15 years to work out how to be a

65 is now deemed by many experts to be a “post-war relic”.

former Prime Minister,” said Tony Blair, 72, who

People are finding they are trying to finance a 30-year (or more)

has been out of office for nearly two decades. It’s

retirement with just 40 years (or fewer) of work. “The worst

crazy, he bemoans, that someone can become

thing people can do for their mental and physical health, their

Prime Minister without prior governing experience. “The

life, is to retire in their 60s,” says Lyndsey Simpson, CEO of

tragedy of power is that leaders only acquire true wisdom to

55/Redefined consultancy, which focuses on age-intelligence

govern after they have left office.” He remains close to the

for the over-50s.

nexus of power through his influential Tony Blair Institute

Bloomberg News’ Stacey Vanek Smith argues that as

for Global Change and his post as a founding member of

people over 60 fear they cannot afford to stop working,

Donald Trump’s Board of Peace. He told documentarians he

“the best retirement is no retirement at all.” Old age arrives

sometimes wishes – with the experience he has gained - he

slowly and then all at once. Figures from a 2024 study by

were still in Downing Street as he would “do the job much

Age UK found that 9.5% of people aged 66 and older were

better this time around.”

still working, despite some of them saddled with debility or

A former partner for the consulting firm EY, Deepak

infirmity. Those ruing retirement regret are scrubbing their

Swaroop, 60, retired at 55 but within months felt something

age from their CVs, using AI to improve their LinkedIn profile,

was missing from his life. He told i Paper’s Pension Diaries:

resorting to cosmetic tweakments to forestall age bias.

“I realised I still had the energy and drive to contribute

“People are living longer, but our social institutions

somewhere.” After a nine-month hiatus, he signed up for

– education, employment, housing – were created for

teacher-training and today teaches maths at a local school,

populations that didn’t live beyond

which he says “has been incredibly rewarding.”

their 60s and 70s.

Roger Cliffe-Thompson, 82, has a full-time job as a carehome activities coordinator. A former teacher, he says he lives with insecurity and never expected to be working 37.5 hours a week at this stage in his life. “I work out of necessity,” he told Pension Diaries. “The only way I can keep my head above water is to keep working - till I drop.”

Based on the average life span, the concept of retirement at

Extended longevity

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Experts say the new old age requires rethinking how we learn, live and work,” wrote Alice Parks in Time.

Ken Dychtwald, a gerontologist and host of “The Boomer Century”, has been studying the issue of funding longer lives, with only one in seven people saving enough for a decent retirement, and facing downward mobility and pretty thin gruel. “A third of the boomers (56-74 years old) have close to nothing saved for retirement. Far too many people think far too small. That is a massive poverty phenomenon about to happen, unless millions of people work a bit longer, spend less, downsize,” he wrote.

A 2025 study in the journal Intelligence showed that cognitive and behavioural performance often peaks in mid-

Mental stretching important too

life, from 55-60, the stage when many organisations begin to push people out of their jobs. From a Times leader: “Why push

a great number of disaffected youth is declaring itself “too

a perfectly capable and useful employee off the cliff edge into

mentally unwell” to get out of bed and find a job, hence the

retirement at 66 or 67 when they would happily continue

burden of keeping the lights on falling on older people.

to work until 70-75 as long as their hours were reduced in a

In many southern and eastern European countries, fewer

controlled manner or structured for job shares?” John Rowe,

workers are supporting a growing non-working, elderly

professor of health policy and ageing at Columbia University

population. This cohort is forecast to fall further by as much as

asks: “Should employment be confined to a finite number of

20% in about 20 years. Unemployment for those aged 50-64

years? Or should employment ebb and flow throughout an

has risen from 2.8% in 2020 to 3.3% in 2025. Just over 66% of

entire lifetime? We have to re-engineer our society because

those over aged 55-64 are in work, and many continue working

our institutions are not designed to support a population with

beyond state-pension age. According to Fidelity International,

the age distribution we are going to have.”

the UK’s state pension is the lowest among the wealthy G7

As medical advances, biohacks and social progress extend

countries, with pensioners receiving less than a quarter of

longevity, it means most people are now more useful to society

their pre-retirement salary. Italy is the highest with the average

for far longer than ever before. A recent study found that the

person receiving 76% of their working salary through their

slide into cognitive decline as people age is far from inevitable

pension. In France, where a prime minister quit because he

and that almost half of people actually improve mentally

couldn’t get a budget passed and the public won’t accept

or physically as they grow old, with the biggest boost seen

raising the pension age from 62 to 64, they receive 58%.

among over 65-year-olds and super-agers who have a cheerful

“We cannot,” said Einstein, “solve our problems with the

view of later-life. “Those with more positive age beliefs were

same thinking we used when we created them.” In January

significantly more likely to show improvements,” said Becca

2024, the World Economic Forum (where billionaires deign to

Levy of Yale University’s school of public health.

speak to mere millionaires) in collaboration with the consulting

The paradigm of the contented and comfortable way

firm Mercer launched the Longevity Economy Principles – a

of life where the standard of living remains constant from

framework for redesigning financial resilience and healthy

generation to generation – thanks to benevolent governments

ageing, promoting longevity literacy that would help older

and generous pensions – is a fuzzy myth that needs to be

people make informed decisions for a 100-year life. They

debunked, because it is leading people to sleepwalk into

include adjusting workplaces to support a multi-generational

retirement and pension poverty. That magic money tree we

workforce, encouraging older adults to up-skill and re-skill so

thought was growing undisturbed in our garden? Someone’s

they can remain productive and solvent for longer; improving

just taken a chainsaw to it.

levels of preventive care; strengthening social connections

A 2022 UN report said the world is ageing rapidly and

and stressing the vital importance of work. “People have

that by 2050, the number of people aged 60 and over will

a purpose when they go to work, and often need to have

exceed people under 15, and that an estimated 3.67m people

something to retire to, rather than to retire from,” said Richard

globally are expected to reach the age of 100. Birth-rates are

Cakans, financial adviser.

plummeting in most countries. Fertility rates are dropping

The Longevity Economy Initiative was conceived as an

below the population replacement rate of two births per

investment opportunity backed by the sum of all economic

woman. Almost one in six 18 to 24-year-olds – the future

activity driven by the needs of people aged 50 and older

funders of old people’s pensions - are out of work. In Britain,

– products, services and spending power. In 2020 this

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Lifestyle

demographic contributed ca $45 trillion to global GDP. Since

older people, corporate giants such as Mitsubishi and Hitachi

2024 major global bodies including the European Commission,

allow them to continue coming into the office for light work,

HSBC, Bank of America, BlackRock, etc. have signed up to the

or to pass on their knowledge and experience to younger

Longevity Economy Principles.

employees. The government is spending substantial funds to

Longevity is often framed as a demographic triumph, says Maike Currie, head of personal finance at PensionBee. “It is

develop human capital, focusing on re-skilling older works for tech-driven roles.

also a financial revolution. We are living through a fundamental

Governments, crucially, are raising retirement ages.

shift in how wealth must be built, invested and sustained.

Some companies are employing older workers as mentors

Retirement is no longer the finish line; your money needs to

and advisors; adopting phased-retirement programmes –

go the distance.” Especially if you’re also supporting family

part-time, hybrid and flexi-working - to keep older workers

members, including boomerang children.

and AI refugees in labour for longer. easyJet launched

Far from viewing ageing populations as burdens, they could

“returnships” aimed at over-50s. A survey by Legal and

be seen as untapped assets for innovation and productivity.

General found that 11% of 3,000 over-50s had gone back

“Labour and social experts say that if companies want to

to work after retiring, or are running side-hustles. John

be competitive, they should start focusing on retaining their

Shipton, 94, works three mornings a week on the checkouts

older employees, not showing them the door,” wrote Alice

at Waitrose’s Exeter branch. He retired at 65; at 80 he

Parks.

Sir Charles Mayfield leads the government’s Keep

applied for this job. “The pleasure of working keeps me

Britain Working initiative. “Keeping pensioners employed

going and stops me from going bananas,” he told The

made good business sense and could boost economic growth.

Times. “Interaction with others is so important.”

Some of the people we might lose are also some of the most

Perhaps it is the saving grace of our lives that we are not like hale and hearty Jonathan, the celebrated 194-year-

experienced and most skilled.”

Some countries are already well ahead of this Initiative. In

old tortoise who lives in some comfort in St Helena. And

Singapore, which is projected to become a super-aged society

that, as Toby Keith, the country-music singer, once wrote,

by 2026, the government provides grants to companies

“All the happiness in the world can’t buy you money.” We

that employ older workers. Seniors are encouraged, with

look at the passing years of our lives and realise, perhaps

subsidised courses, to pick up new skills that can be monetised.

too late, that it is getting rather late. “You can be young

“MoneySense” helps them to manage their finances. Older

without money,” wrote Tennessee Williams, “but you can’t

people outnumber the young in Japan. Rather than seeing off

be old without it.” l

Time to paint your masterpiece

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