Maritime Matrix January 2022 by Marex Media Pvt Ltd

MATRIX Competitors are not only essential, but are great influencers too

Capt Ritesh Kumar

OSM Maritime Group secures manning agreement with Teekay Gas Gearing Up for the future

TODAY

M AR ITI M E

US$ 3 • ` 150 Vol 11 • Edition 01 • January 2022

Mr J Gopal Rao

Can Nuclear Power plants Decarbonize Shipping?

Antarctica’s biodiversity faces biggest threats from invasive, non-native species

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Maritime Matrix Today | January 2022 | 03

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Maritime Matrix Today | January 2022 | 05

OSM Maritime Group secures manning agreement with Teekay Gas

eputed ship manager, OSM Maritime Group (OSM), and world’s leading gas company, Teekay Gas, inked a manning agreement through a Memorandum of Understanding (MoU) on 21st December last year. OSM’s uniqueness lies in taking care of their main assets – their people, and their people then taking the best care of their customer’s assets. “It is a proud moment for OSM to have become partners with Teekay Gas in providing crewing services from India. We are looking at a very long and fruitful association with Teekay Gas. “I am sure our very experienced team will provide world class services. We are also looking at more employment opportunities for Indian seafarers,” expressed Capt Vipan Talwar, Director, OSM Mumbai. On the services OSM will offer, Capt Talwar informs, “We will be looking after seafarer joining formalities, which will include documentation, visas, airline bookings, and any other requirements.” 06 | Maritime Matrix Today | January 2022

“OSM Maritime Group is very excited to have been trusted as a partner for Teekay Gas to facilitate the onboarding of the Teekay officers from OSM office in Mumbai. This is a recognition of the service the OSM Maritime Group is offering to our clients, and we will do our utmost to make this a successful journey going forward,” said Peter Burkal, MD, OSM Crew Management. On OSM’s presence in India, Mr Burkal highlighted, “OSM Maritime Group has been present in India for more than 20 years – but only in 2019 opened up a 100 % fully owned office in Mumbai. Furthermore, OSM has its own office in Chennai and is therefore well positioned for further growth and expansion in India.” OSM is a proud employer of more than 17,000 people of 60+ nationalities. Besides India, it maintains manning offices in the United Kingdom, Norway, Denmark, Croatia, Poland, Latvia, Ukraine, Russia, the Philippines, Australia, Brazil and Mexico. MMT

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Maritime Matrix Today | January 2022 | 07

OCIMF and PIANC aim to enhance the impact of waterborne transport

he World Association for Waterborne Transport Infrastructure (PIANC) and the Oil Companies International Marine Forum (OCIMF) have signed a memorandum of understanding (MoU) to formalise their long-standing working relationship. Francisco Esteban Lefler, PIANC President and Karen Davis, OCIMF Managing Director, signed the memorandum of understanding in January 2022. Its key aim is to enhance the impact of both organisations in the area of waterborne transport infrastructure, to cooperate, communicate and collaborate in the area of the ship-shore interface while recognising and respecting their individual identities, membership expectations and traditions. Their primary focus will be on supporting the work of each other through participation in relevant committees, workshops, conferences, and seminars as well as dissemination of technical information, joint activities on international issues and reciprocal representation in key groups. Francisco Esteban Lefler, PIANC President said “The MoU is a direct consequence of several years of cooperation in topics of common interest. It (or the 08 | Maritime Matrix Today | January 2022

MoU) opens the path for further fruitful cooperation in knowledge sharing, oriented to the technological and environmental improvement of port and offshore infrastructure dedicated to transportation and handling of energy-related bulks, promoting safety and reliability”. Karen Davis, OCIMF Managing Director said, “PIANC and OCIMF have been collaborating for several years. By formalising this partnership on the back of OCIMF’s refreshed strategy, this partnership will support OCIMF’s vision to be a global marine industry that causes no harm to people or the environment. It should strengthen our risk-based, future-focussed approach to meet OCIMF’s mission to develop best practices in the design, construction and safe operation of tankers, barges and offshore vessels and their interfaces with terminals. We look forward to working together to strengthen our existing safeguards against current risks and developing new safeguards to protect against emerging risks particularly in health, safety, security and environmental matters.” MMT

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Maritime Matrix Today | January 2022 | 09

Battery cells market to hit $419 billion in 2030

atteries are emerging as a critical ingredient in the transition to a more sustainable future because of their role in electrifying transportation and balancing power grids. Battery use is more than an opportunity to eliminate vehicular CO2 and NO2 emissions in a world grappling with climate 10 | Maritime Matrix Today | January 2022

change; scaling up production of battery-cell manufacturing capacity also offers significant value-creation opportunities for manufacturers, creates new jobs that pay well, and supports national economic growth. We forecast that the market for battery cells will grow,

on average, by more than 20 percent per year until 2030, reaching at least $360 billion globally. There is also a realistic scenario in which the market accelerates and hits $410 billion by 2030. That could happen if the industry follows the path of other renewable technologies such as solar and wind and

enters a virtuous cycle in which increased scale drives down costs, which would accelerate growth in the market for electric vehicles (EVs). The rapid increase in demand would lead to the development of additional capacity along the entire value chain. We estimate that a new battery-manufacturing plant with a total capacity of 30 to 40 gigawatt hours (GWh) per year could directly create as many as 3,200 jobs (exhibit). A similar number of jobs could be added indirectly through suppliers and construction as well as through the food and basic-services sectors. As a result, battery manufacturing could generate significant growth in GDP, especially if an ecosystem of related industries develops. This comes at a time when the automotive industry’s move to EVs has raised fears of lost jobs in car manufacturing and in the production of internalcombustion engines. The biggest opportunities may be in Europe and North America, which have relatively immature markets but are likely to be centers of substantial future growth in EVs. By contrast, the battery value chain is well established in China, the world’s biggest market for EVs, and South Korea. However, time is running out to compete in batterycell manufacturing, the part of the value chain that

holds most of the valuecreation and macroeconomic opportunities. Based on past developments in comparable industries, such as windturbine manufacturing and in the tier-one automotive supplier industry, we believe the market will likely consolidate to about ten to 15 global cell-manufacturing players. This consolidation will be mostly driven by the importance of scale to reduce production costs and to compete on performance. Winning companies will be those that act in the next few years. Meanwhile, governments can play an important role in facilitating industry growth in their respective countries, particularly through direct financial incentives but also by encouraging the development of local battery ecosystems. In this article, we discuss the barriers to scaling up cell manufacturing and what companies and governments can do to succeed in this space. How companies can overcome scale-up challenges Cell manufacturing, the most important step in the battery value chain, is estimated to account for up to 40 percent of battery-industry value creation by 2030. Manufacturers are investing billions of dollars in new battery-cell plants. If demand for battery cells grows at about 30 percent per year, the equivalent of about 90

additional gigafactories, as we know them today, will be needed in the next ten years worldwide. Such a ramp-up in capacity is not trivial. It can lead to delays, as it recently did for some Asian companies building new factories in Europe. Challenges include securing funding, carrying out a billiondollar project on budget, recruiting the right talent, and training hundreds of workers. Other potential issues include securing capacity of capable machinery producers as well as qualifying and developing a supply chain. There are already six or seven at-scale cell manufacturers with ten or more years of track record and significant volumes and plants in several countries. Customers want options for sourcing batteries, but generally no more than three or four, so ten to 15 suppliers should suffice to supply the global market. Since more than 15 players have already announced their intention to begin cell manufacturing in Europe alone, we expect the industry to consolidate. Companies face a variety of obstacles in the race to scale, but they can overcome those challenges using the following strategies. Become a low-cost producer OEMs’ key purchasing criteria for their tier-one suppliers are lowest cost, track record—for instance, on quality, yield, and Maritime Matrix Today | January 2022 | 11

reliability—and sustainability. In the coming years, building a competitive player capable of producing mass-market battery cells at less than $70 per kilowatt hour (kWh), which translates to EV battery packs cheaper than $100 per kWh, requires companies to reduce costs plant by plant and procure supplies at scale. The next few years will see large volumes, and OEMs tend to close long-term supply contracts with their battery suppliers as volumes increase. Plants are expected to continue getting larger, as in the past: the average plant size in 2016 was 2.5 GWh, which grew to 7.0 GWh by 2019. Costs are expected to continue their rapid decline, propelled by rapid learning rates. In this environment, cell manufacturers should focus on building plants that will be cost competitive from day one (for example, producing at about $70 per kWh in 2025 versus about $100 per kWh today). Past experience in battery manufacturing—but also in other capital-expenditureheavy industries such as solar cell manufacturing and nuclear power plants—shows that manufacturers can typically reduce costs 15 to 30 percent as they build each subsequent plant, applying what they have learned from the construction process. To do this, cell manufacturers must continuously improve

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yield while adopting new technologies, product chemistries, and innovative production processes. Recruit skilled workers Attracting top talent is critical to achieving cost leadership. Accomplishing this task will become increasingly challenging, however, because recent industry entrants have recruited much of the available global expertise in the field. That said, these entrants also face several challenges in acquiring the right talent. First, they have already recruited much of the available global expertise in the field. Second, the fast growth of the industry means incumbents will act forcefully to retain their talent. Third, companies have recently been accused of poaching employees, and scrutiny of company practices is increasing. Finally, universities have been slow to ramp up programming to develop talent. At present, few universities offer relevant master’s programs in electrochemistry or electrochemical engineering. Competition for talent will be fierce, and cell manufacturers must respond by offering an attractive employeevalue proposition, including a corporate purpose that resonates with recruits, opportunities for personal development, an attractive location, and competitive compensation and benefits.

Secure raw-materials supply Later entrants into the cellmanufacturing market will find it difficult to secure sufficient access to important active and raw materials, such as cobalt and batterygrade nickel. Early players will lock in supply through longterm partnerships with active materials producers and mines. Some raw materials, such as nickel, could become scarce if demand growth outstrips the current supply pipeline. Environmental, social, and corporate governance requirements and geopolitics may further limit the number of suppliers and the volumes available for cell players. Early players will lock in supply through long-term partnerships with active materials producers and mines. In this context, cell producers can pursue several tactics. These include backward integration (for example, producing cathode active material, with metals potentially coming from an in-house recycling plant), securing supply through long-term partnerships with active materials producers and mines (for example, through purchasing agreements, joint ventures, or indirect agreements through automotive OEMs), and substitution of rare or critical elements with lowerperforming ones, which may

limit the manufacturer to lower-end applications.

Form partnerships customers

Improve sustainability

As automotive OEMs increase their focus on reducing greenhouse-gas emissions, more and more leading players are announcing ambitious decarbonization targets in line with the criteria of the Science Based Targets initiative.1 Such targets also require carmakers to reduce their upstream Scope 3 emissions, which are generated by the value chain of the materials and parts these manufacturers use. Depending on the model, the battery can account for up to 60 percent of all such emissions in a mass-market EV.

Cell manufacturers rely on securing offtake contracts with customers such as automotive OEMs to lock in production, allowing them to rapidly scale up plants. In securing these contracts, cell manufacturers should strive to form close partnerships with customers rather than just transactional relationships. Close partnerships could provide access to capital, enable more rapid joint development of technology and intellectual property, give both parties access to other partnerships (for example, to obtain access to raw materials), and increase transparency in areas such as sustainability.

Battery manufacturers that want to continue supplying OEMs that have subscribed to such decarbonization targets will be required to significantly reduce the emissions included in their products. This means not only switching their own production processes—for example, from natural gas to electricity—and sourcing this electricity from renewables but also partnering with suppliers of raw materials and parts to ensure that these are extracted, refined, and manufactured with a low carbon-emissions footprint. Recycling used “end-oflife” batteries also plays an important role in improving the environmental footprint of battery reduction.

Battery ecosystems can be powerful tools for economic development, and governments that wish to capture the value-creation opportunity of batteries should consider moving quickly and forcefully to build them. For example, after a major cell producer began construction on a facility in Poland, another battery player followed suit, building a cathode plant nearby to supply materials. Governments have two main approaches to consider: maximizing value creation by enabling strong ecosystems, and taking steps to attract individual cell manufacturers.

product

with

What governments can do to support the industry?

On the first point, governments have several options. They could explore the potential of locally available resources (for example, lithium, nickel, and cobalt) and processing (refining and attraction of materials producers), facilitate value-chain collaboration through industry forums, and encourage talks between nearby EV producers and cell manufacturers. They could also learn how other industries have built collaboration (for example, oil-field services in Norway) and build and fund research and educational institutions to develop talent and advance technology. To attract cell manufacturers, governments could establish a fast-track process for permitting and land leasing; make loans, grants, and guarantees to overcome capital limitations; and encourage and facilitate effective cross-border collaboration and trade with other suppliers and partners in the value chain. The battery market is taking off. It is likely to grow into a massive industry within the next decade, creating thousands of jobs and serving as a national economic engine for decades to come. The steps industry entrants and policy makers take now will decide which players will prevail and which regions will reap the benefits of the battery-market opportunity. MMT Maritime Matrix Today | January 2022 | 13

Chevron HDAX 9700 oil gains time-unrestricted approval

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hevron Marine Lubricant’s low sulphated ash trunk piston engine oil Chevron HDAX 9700

has become the first lubricant to gain time-unrestricted approval for use with MAN Energy Solutions’ fourstroke engines running on either LNG or distillate fuels (with a sulphur content of up to 0.10%). This approval is the first of its kind and offers simplicity for operators switching between the two fuels, meaning that they can use just one lubricant, rather than having to change lubricants after a fixed period operating on one fuel or the other. Other lubricants go through validation testing on engines running either gas or distillate fuels or are granted limited approval for the other fuel. Chevron HDAX 9700 secured its unrestricted dual approval due to its unique development. Chevron HDAX 9700 was tested on Luxembourg dredging and offshore operator Jan De Nul Group’s trailing suction hopper dredger and ultra-low emission vessel Sanderus. The company required an engine oil with very low sulphated ash formation due to the use of a variety of low sulphur fuels (below

0.10% sulphur) with selective catalytic reduction (SCR) and diesel particulate filter (DPF), as part of its strategy to comply with European Stage V limits on nitrous oxides (NOx) and particulate matter (PM) emissions from ships. Michel Deruyck of Jan De Nul explained: “We needed a low sulphated ash oil because the DPF would not handle high levels of ash deposits. But MAN ES had not approved any low sulphated ash oils for use with distillate fuels. We had already worked with Chevron for low sulphated ash oils on three other vessels, so we extended the relationship and ran a validation test for HDAX 9700 on Sanderus.” Chevron HDAX 9700 is an SAE 40 engine oil that is designed to control sulphated ash accumulation in combustion chambers and exhaust system, while providing sufficient alkalinity to protect against acidic corrosion. After 6,500 running hours, the approval for unrestricted use with distillate fuels was granted, making Chevron HDAX 9700 the first low sulphated ash oil to receive such an approval. Because low sulphated ash oils are commonly used with gas engines – which are also sensitive to sulphated ash deposits – MAN ES was also able to grant unlimited approval for the lubricant to be used when operating with LNG.

Luc Verbeeke, Senior Engineer, Chevron Marine Lubricants, said: “Our exceptional partnership with Jan De Nul Group has resulted in a valuable step forward for ship operators using either LNG or distillate fuels. The ability to use single engine oil for fourstroke engine operations will simplify operations and once more highlights Chevron’s role at the forefront of protecting marine engine condition.” Unrestricted operation on a single lubricant will benefit operators in several sectors. Jan De Nul will use the lubricant on further dredgers as well as jack-up vessels used in windfarm construction. Any vessels looking to comply with emission control areas – or port emission limits – by using either LNG or distillate fuels with aftertreatment will also be able to use Chevron HDAX 9700. MMT

Maritime Matrix Today | January 2022 | 15

Bluepool launches first of its kind dry bulk platform in Greece From left to right: Aris Bachos, Kimon Angelopoulos and Nikolas Gavriilidis

new exciting venture combining a dry bulk operator and a pool has launched in Athens, backed by a range of bluechip market participants. It will be the first dry bulk platform of its kind in Greece, the world’s leading dry shipowning centre.

Bluepool is led by an experienced team whose expertise lies in dry bulk chartering, derivatives trading and shipbroking. It includes ex-Noble Head of Panamax Aris Bachos, ex-GMI/M2M freight derivatives trader Nikolas Gavriilidis and ex-IFCHOR partner Kimon Angelopoulos.

Bluepool Trading will deploy its funds by chartering-in panamax vessels on period terms whilst systematically monitoring and hedging cashflow and market risks with freight derivatives. The company aims to quickly become a preferred partner of leading shipowning companies by applying its disciplined commercial strategy.

Bluepool Head of Business Development Kimon Angelopoulos said: “We have created a modern, well capitalized trading business which provides its investors with an opportunity to benefit from our trading experience in the dry bulk market. With regards to our pool, we observed the many challenges faced by other panamax pools in the past and strived to overcome them. We therefore designed innovative terms to provide shipowners the highest fairness, transparency and flexibility. We also look forward to developing the business in Athens in proximity to our counterparties of the Greek shipping community.”

In parallel, Bluepool will operate a panamax pool. It will be a spot-only vehicle designed to outperform the index on behalf of its clients. It will do so by taking advantage of its size and by using advanced index-hedging techniques. The pool will commercially manage Bluepool’s chartered-in fleet alongside third-party owned vessels. 16 | Maritime Matrix Today | January 2022

MMT

Can Nuclear Power plants Decarbonize Shipping? T

he Palo Alto-based Electric Power Research Institute (EPRI) has released a novel proposal to manufacture green fuels using electricity from a small nuclear power plant - at sea. EPRI’s researchers suggest that the shipbuilding industry’s knowhow could be combined with nextgeneration reactor technology to build floating fuel stations at a fraction of the cost of shoreside plants. The idea has deep roots: the use of nuclear power on ships stretches back decades, and nuclear power plants were installed on vessels before they were installed on shore. Nuclear propulsion has been in continuous (military) use for 70 years. It has mordern civilian applications as well, primarily in Russia. Rosatom recently built and deployed a floating 70 MWe nuclear power plant for the port of Pekev, which supplies the town with both electricity and hot water. EPRI’s proposal would marry nuclear power with the existing chemical processes for making green fuel out of electricity. Beyond integration and design work, the researchers expect that there would be little additional R&D needed for process maturation. The plan is targeted squarely at hard-to-decarbonize transport sectors, including shipping. Most of the plans for decarbonizing the maritime industry center on hydrogen-based fuels, primarily methanol and ammonia. The “green” versions of these fuels

are based on green hydrogen, and green hydrogen requires lots of electricity to make. Most proposals for manufacturing green hydrogen are based on the use of wind or solar power, raising questions about scalability and competing power requirements. Nuclear power plants offer high scalability, low cost, a small footprint and long run life - but they are burdened by public perceptions of risk. By building a power plant on a permanentlymoored offshore installation, then using its electrical power to produce non-nuclear fuels, the cost and scale advantages of nuclear could be harnessed without the site-selection and permitting challenges of shoreside construction. EPRI proposes to use nextgeneration advanced fission reactors, which are more compact and operate at much lower pressures than the familiar pressurized-water reactors of

yesteryear. The technology’s footprint is small enough to fit on an FPSO-sized vessel, suitable for low-cost series production by advanced shipbuilders - for example, South Korea’s Big Three, which churn out FPSOs and other complex vessels with regularity. Modular, series construction in an industrial shipyard would drop capital costs dramatically when compared with building a plant at a shoreside construction site, according to EPRI. A 1.2 GWe “FPSO” could achieve average costs of $1,600/kWe of power - a fraction of the typical $56,000/kWe price for a shoreside plant. When including O&M, the long term levelized cost of fuel comes to $230 per tonne of green ammonia - below even the most optimistic forecasts for solarand wind-powered green fuel production. MMT

Maritime Matrix Today | January 2022 | 17

Antarctica’s biodiversity faces biggest threats from invasive, non-native species

n a new study published Monday, a group of researchers from the University of Cambridge and the British Antarctic Survey report that Antarctica is at risk of experiencing some of the same marine invasive species problems found in large seaports around the world. Ship traffic is on the rise around the frozen continent, and each vessel carries the potential to deliver new, foreign marine organisms into isolated Antarctic ecosystems. The authors noted that Antarctica is connected to all regions of the globe via shipping activity. Fishing, 18 | Maritime Matrix Today | January 2022

tourism, research and supply ships transit to the continent from more than 1,500 ports around the world. Based on satellite AIS data of ship traffic passing south of 60 degrees S, vessels were found to sail most frequently between Antarctica and ports in South America, Northern Europe, and the western Pacific Ocean. While some of these vessels stop off at five “gateway” ports and get their hulls cleaned before traveling further south, many do not - bringing new species of mussels, barnacles, crabs and algae with them.

“The species that grow on the hull of a ship are determined by where it has been. We found that fishing boats operating in Antarctic waters visit quite a restricted network of ports, but the tourist and supply ships travel across the world,” said lead author Arlie McCarthy, a researcher at the University of Cambridge’s Department of Zoology. “We were surprised to find that Antarctica is much more globally connected than was previously thought. Our results show that biosecurity measures need to be implemented at a wider range of locations than they currently are.

There are strict regulations in place for preventing nonnative species getting into Antarctica, but the success of these relies on having the information to inform management decisions.” The researchers said that they are particularly concerned about the transport of species from the Arctic. These species are already adapted to the cold, and they could make the journey on tourist or research ships, which often spend the northern summer in the Arctic and the southern summer in the Antarctic. Some classes of marine invasive species would be entirely new to Antarctica and could be disruptive to its ecosystems. Mussels would be entirely new and would have no competitors if they were accidentally introduced. Shallow-water crabs are a type of predator

that Antarctic creatures have never encountered before and would not be prepared to fend off. A new predator in an isolated environment can have detrimental effects; for example, the introduction of rats on an island bird sanctuary, like South Georgia or Lehua, can decimate seabird populations. Large krill fisheries in the Southern Ocean could also be disrupted by invasive species. Krill is a major component of the fish food used in the aquaculture industry, and krill oil is sold widely as a dietary supplement. “Invasive, non-native species are one of the biggest threats to Antarctica’s biodiversity its native species have been isolated for the last 15-30 million years. They may also have economic impacts, via the disruption of fisheries,” said Professor David Aldridge

in the Department of Zoology at the University of Cambridge, a co-author of the report. The study points towards the need for new biosecurity measures for Antarcticabound vessels - particularly as ocean temperatures are on the rise, making frigid regions a bit more habitable for species from lower latitudes. Control measures for invasives may need to extend beyond the current focus on nearby “gateway” ports (Ushuaia, Punta Arenas, Hobart, Christchurch and Cape Town), said coauthor Professor Lloyd Peck, a marine biologist at British Antarctic Survey. “This is the last place in the world where we don’t have marine invasive species,” McCarthy informed. “So we have an opportunity to protect it.” MMT Maritime Matrix Today | January 2022 | 19

Cover Story

Competitors are not only essential, but are great influencers too

Capt Ritesh Kumar

Mr J Gopal Rao

On the 5th Anniversary of Broadside Marine Pvt Ltd based in Navi Mumbai; Mr J Gopal Rao (JGR), MD and Capt Ritesh Kumar (RK), GM of Broadside Marine Pvt Ltd share their journey, challenges, accomplishments et al with Capt Kamal Chadha, MD, Marex Media, Pvt Ltd. 20 | Maritime Matrix Today | January 2022

Congratulations on completing 5 years, what made you choose the name Broadside? JGR: It is an interesting question; Broadside is an age old term coming from Maritime terminology. It is when a warship moves to a side to train her guns on the opposite side. This word carries the old style touch, but also has a bit of novelty this is what is there, in our work culture as well. What are the key strengths of your company? JGR: We have always been by the clients’ side in all situations. We develop relationship with clients and we are firm believers that growth and prosperity of the company will follow. We would like you to enlighten us on your biggest accomplishment in these last 5 years? RK: We started around 5 years ago with just two of us. Today we are more than 15 strong maritime professionals. Our client

list has been rising steadily year on year and most importantly we have earned our client’s respect. I guess that is the biggest accomplishment for us and that’s what I hope for the future as well. What are the big challenges and how have you been overcome them? RK: We have always tried to do something which is bit difficult to do. I would say entry barrier that reduces the number of competitors and once we get into that domain ,we try to make client experience even better, that’s how we try to distinguish ourselves among that small lot. This has been our philosophy to get into any kind of verticals. Tell us the something about the nature of the work your company performs and the range of services that the company offers… JGR: We perform mainly in two main verticals – Marine and Technical. The marine project implies physical inspections, Maritime Matrix Today | January 2022 | 21

remote audits, SMS implementation and compliance assistance; wherein technical project consists of technical surveys and engineering design systems. While this has been going on, when we look at the future that shipping has to offer we believe the next few decades are going to be focused on ‘Digitalization’ and ‘Decarbonization’.

So who’s the coach, or who forms the team or it’s?

What are the qualities that complement others work and the others decisions?

Now, we would like to hear about your family, your favorite book or the music that inspires you

JGR: We both were heading our respective departments in a maritime company based in Singapore/ Mumbai and we had some challenges on the work front within that company which we were able to navigate successfully. But looking towards the future, we felt this was not the place to be so we both quit one day. Later on we met up for a cup of tea and decided to work together. My background is Technical and Ritesh is from Marine field, Ex- VLCC master mariner. The fact that both of us worked well for those six months in that company, made us feel that we can complement each other on this programme and that has been the case so far. One cannot say that it has always been a complete bed of roses we have had our disagreements at times and despite the fact that Ritesh is much younger to me, there were times when he has found that my thought processes were not okay and I have to agree with him. Similarly in many places where his expertise is actually in the core, I was able to look at it and give my opinion. RK: It is something like a sports team. Sometimes, the team may not like the coach or the coach may not like the team, but that doesn’t mean they cannot do wonders; in most of the cases it works wonders. Like Gopal said, we may not agree with each other at times but I think that works and will work in future as well.

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RK: That completely depends on the vertical we are working into like Gopal said that he is from technical background and I am from nautical. In case of any roadblock, we both have veto power in their respective verticals.

RK – My dad was service personnel so we have been roaming around all parts of India and finally got settled in Pune. I came to Mumbai looking for a shore job and then later started my own business. I am married and have a nine-years-old daughter. Lately, I have started reading skill development books and short reads. I like all types of Music. JGR: Next year, we will be celebrating our 40th wedding anniversary. My wife and two children are in Glasgow at the moment. I listen to all kind of music, but my first choice is classic rock. I have come to a space where I hardly read anything anymore. However, I am an avid movie watcher. What would be your message to clients and your competitors if any? RK: Thank you very much to all our clients. We are sitting here just because of you and I assure that we have you covered. For the competitors, I would say competition is necessary in any kind of domain, competition brings out the best in any domain. We are respectful to our competitors and they are too. To excel is the key, which we will keep doing. MMT

Baltic & TradeFlow complete pilot escrow transaction for a commodity export trade

s the result of a partnership between the fintechenabled fund manager TradeFlow Capital Management (TradeFlow), part of the Supply@ Me Group (LON:SYME), and the Baltic Exchange, a leading provider of global freight market information and other maritime services, Tradeflow and the Baltic Exchange have successfully completed a pilot escrow transaction as part of

a commodity trade executed through TradeFlow.

operating in the bulk commodity markets.

The transaction, which involves a shipment of agri-commodities from India to China, heralds a new age in the fast and secure digital exchange of ownership of physical commodities and payment. The service will initially focus on the underserved segment of small and mediumsized enterprises (SMEs)

This successful test case paves the way for greater adoption of technologies and escrow processes which will reduce paperwork, minimise transaction time, and improve the overall efficiency of commodity trades, increasing the turnover velocity of capital in the commodity trade ecosystem without

Maritime Matrix Today | January 2022 | 23

compromising security. With a growing SME trade finance gap estimated by the Asian Development Bank (ADB) to be in excess of USD 1.7 trillion, this revolutionary use of escrow within a commodity trade holds the promise of unlocking and enabling additional SME commodity trades worth billions of dollars each year. The Baltic Exchange runs an independent escrow service that holds funds on behalf of clients in dedicated escrow bank accounts. The service has been adapted to meet the needs of a range of markets and uses cases including asset sale & purchase transactions, disputes and as security for vessel chartering activities.

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Dr Tom James, CEO and CIO of TradeFlow said: “Partnering with the Baltic Exchange is instrumental to achieving TradeFlow’s mission of enabling more trades for SMEs worldwide and delivering investment-grade strategies and products for investors at the same time. The Baltic Exchange’s services are highly complementary to our unique non-credit, non-lending, assetbacked approach which relies heavily on the simultaneous and secure exchange of ownership documentation with the payment to the suppliers of commodities we are investing in.” John Collis, CRO of TradeFlow added: “Using traditional methods to execute these transfers can result in capital

being tied up for many weeks which brings added costs and capital inefficiencies into the whole trade ecosystem. We have been impressed by the ease with which we were able to work with the Baltic Exchange and how smooth the entire escrow process has been.” Mark Jackson, Baltic Exchange Chief Executive said: “We’re delighted to support this innovative initiative with TradeFlow. The independence and credibility of the Baltic Exchange backed up with robust processes and infrastructure, allows us to provide an escrow service that supports a wide range of businesses and applications.” MMT

Optimised Maintenance Agreement

he technology group Wärtsilä has signed a long-term Optimised M a i n t e n a n c e Agreement with Singapore based NYK Shipmanagement. The 13-year contract is designed to ensure maximum uptime and equipment reliability, with assured maintenance costs, for an LNG carrier vessel featuring three Wärtsilä 50DF dualfuel engines. The agreement was signed in November 2021. The agreement covers maintenance and planning support. It includes Expert Insight, which enables dynamic, data-driven maintenance planning,

optimising maintenance needs and monitoring equipment and systems in real-time through the use of artificial intelligence (AI) and advanced diagnostics. Real-time monitoring allows specialists at Wärtsilä Expertise Centres to provide customers with proactive support. By providing advice and suggestions for resolving potential operational disturbances, this greatly reduces the need for unplanned servicing. As a result, the vessel’s uptime and availability are notably increased.

“Our lifecycle customer support approach, as emphasised by these agreements, is a valueadding benefit that works to lower operating costs, reduce fuel consumption, and support the customer in their decarbonisation journey. We have enjoyed a long and close relationship with NYK group, and this agreement further strengthens the cooperation between our companies,” says Henrik Wilhelms, Director, Agreement Sales, Wärtsilä Marine Power. MMT Maritime Matrix Today | January 2022 | 25

Considerable Swings

heavily traded contract was settled against the Baltic Exchange’s panamax timecharter assessment (PTC) which saw 1,202,432 lots traded in 2021.

Dry Forward Freight Agreement (FFA) volumes hit 2,524,271 lots, up 61% on 2020. Options trading in the dry market hit an all-time high of 409,255, up 25% on the previous year. The most

One lot is defined as a day’s hire of a vessel or 1000 metric tonnes of ocean transportation of cargo.

he freight derivatives market for dry cargo vessels saw increased traded volumes in 2021, according to data released by the Baltic Exchange.

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Tanker FFA volumes were down 16% on the previous year, reaching 553,535 lots. Middle East Gulf to China (TD3C) was the favoured tanker contract with 304,719 lots changing hands.

Commenting on the figures, Baltic Exchange Chief Executive Mark Jackson said: “2021 was another impressive year for the Dry FFA market. Underpinning these volumes are volatility, world class clearing, trust in the Baltic Exchange’s settlement data and increased participation by owners, charterers and traders. Our status as a regulated benchmark provider has allowed more hedge funds and banks to enter this mature, liquid market.” He added “Last year the dry bulk market experienced considerable swings as a result of ongoing supply-chain challenges caused by the Covid-19 pandemic. With low freight rates, the tanker FFA market was more subdued 2021 due to a lack of sellers. But there are signs of confidence in the market. Our benchmark Middle East Gulf to China crude oil route (TD3C) has open interest going out five years, which shows the excellent depth of this market.” MMT

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Crew Change appears to be easing out, but Omicron could reverse this

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he latest numbers f r o m the Neptune Declaration on Crew Change appear to show good news for seafarers: The number of mariners working on an extended contract has fallen to its lowest level since at least May 2021, a major improvement in a key metric for morale. Out of a sample of 90,000 crewmembers from 10 leading shipmanagement firms, only about 3.7 percent were working on board past the expiry of their contract. An even smaller fraction - just 0.4 percent - were on board past the MLC maximum of 11 months. While this is positive news, it does not necessarily mean that the shipping community has put the crew change crisis behind for good. The latest report is based on data from December 15, and it does not reflect the latest impact of the highly-transmissible Omicron variant of COVID-19. The shipmanagers who

contributed to the report noted that Omicron has caused many countries to review their COVID-19 protocols and reimpose movement restrictions, resulting in the return of crew change challenges. In addition, COVID restrictions have been reimposed in many seafaring nations in Asia and Europe as infection rates are on the rise. “While the January numbers seem encouraging, we must remain cautious as they do not reveal the full impact of omicron as the new infection wave is not yet over. To avoid reigniting the crewchange crisis and reversing these recent positive trends, it is vital that the industry and governments make all efforts to ensure the effect on crew-changes of omicron remain minimal,” said Kasper Søgaard, Managing Director, Head of Institutional Strategy and Development, Global Maritime Forum.

nationalities still show an elevated degree of vaccine hesitancy, particularly among Eastern European and Russian crewmembers, the corresponding ship managers reported. There are also still vaccine availability issues in some regions, and access to booster shots is reportedly a challenge. For seafarers, getting vaccinated might not be enough to ensure freedom of movement. Two years into the pandemic, there is still no globally-accepted standard for vaccination, and different countries have different rules for which vaccines they will accept. Some nations also put time limits on the validity of a course of vaccination, restricting access for seafarers who had their shots more than six months ago, according to the report. MMT

Vaccination accelerates Seafarer vaccination rates are also showing a remarkably positive trend. Between December and January, the share of seafarers who were vaccinated jumped by 10 percentage points, bringing the total to about 60 percent. This is a significant improvement from last August, when just 15 percent of seafarers had received a full course. However,

some

seafarer Maritime Matrix Today | January 2022 | 29

DB Schenker extends Charter facilities to provide support to customers

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B Schenker, the global l e a d i n g logistics service provider that is 100% owned by Deutsche Bahn Group (Euro 44.43 Billion), extended its one-of-a-kind Flight Operations in the Indian logistics industry, providing a direct flight connecting Bengaluru to Munich and Chicago Rockford (wheels up-wheels down in less than 24 hours). The weekly flight operations initiative is a part of the Global Flight Operations Program which further marks the company’s leadership in Air Freight services in India.

DB Schenker provides fast and reliable air cargo services to its customers, to and from India, Europe and US. The charter facilities provide stable uplift and capacity in an unpredictable market situation, that is suited for one-stop logistics in the hitech, automotive, industrial and the pharmaceutical/ healthcare industries. Along with providing a world class land transport network to EU and US, DB Schenker also specialises in handling of temperature-controlled shipments within ‘thermal blankets’ and ULD movement. DB Schenker has efficiently deployed weekly flight operations for both Imports & Exports between India & United States & Europe. The new B777 “flight operations” initiative is aimed at simplifying the logistics services of the fast-growing industries in India, offering seamless capacity to support customers’ requirements. The cargo will be secured from departure to arrival with no extra handling requirement during the transit. The temperature sensitive cargo in the ULD’s will be covered with protective material to maintain temperature in transit from Bengaluru (BLR). Door to Door transit time via DB Schenker in India flight operations would remain 5

days approximately for Europe & US bound shipments. Speaking on the initiative, Vivek Chopra, Acting CEO of the Cluster India and Indian Sub-Continent, DB Schenker said, “India is one of the key markets for DB Schenker globally. With the new Bengaluru facility, we are strengthening our Global Flight operations to meet the growing logistics demand of the customers in the country. Through this facility, we will continue to offer timely and reliable deliveries to our customers and help them keep their supply chains stable.” The DB Schenker flight operations are designed to offer our customers a unique and reliable service that links key transport hubs around the world, giving them access to definite capacity and schedule. MMT

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Report on Fatal Lifeboat Drill Accident

he U.S. Coast Guard has issued its report from its investigation into a fatal lifeboat accident on Shell’s Auger tension leg platform in the U.S. Gulf of Mexico in 2019. The incident took place during a routine lifeboat launch and retrieval drill on June 30, 2019. Two people inside the lifeboat were killed when it fell 80 feet, landing upside down in the water. Another person, who was exiting the lifeboat when it released, was seriously injured. According to the report, the aft hook on the Auger platform’s Lifeboat No. 6 inadvertently opened as the lifeboat was being winched into the davit following the drill. “The lifeboat, still hanging from the forward hook, swung in a pendulum motion away from the facility. A few seconds later, the forward hook separated from the lifeboat and opened, and the lifeboat fell approximately 80 feet, landing inverted in the water,” investigators said in the executive summary. The investigation determined that the “initiating event” for the casualty occurred when the locking shaft on the aft hook moved from the “almost open” to the open position, which in turn caused the aft hook to open under load and release from the lift ring. 32 | Maritime Matrix Today | January 2022

“Based on the evidence collected and evaluated, it is probable that on the morning of June 30, 2019, the crew cycled (open to closed position) the hooks two times while in the water. The cable conduit, already compromised, was exposed to additional stresses, including compression and stretching. It is probable that during the second cycling event, the conduit, already weakened and damaged, separated during the closing action. As a result, when the system was reset, the locking shaft on the aft hook did not return to the fully closed position, but rather, came to rest in an “almost open” position. In this position, the hook could support the weight of the lifeboat and its occupants,” the report stated. Following the incident, the Coast Guard issued a Safety Alert after the preliminary investigation identified a damaged control cable within the lifeboat’s releasing mechanism. The U.S. Coast Guard has made ten Safety Recommendations and eight Administrative Recommendations associated with the investigation. MMT

Collective losses

he swift reintroduction of international travel bans to stem the spread of the Omicron variant of COVID-19 has derailed the already faltering turnaround in rates and earnings for the global tanker market.

In November it looked like a cold winter and rising international air travel in the New Year would lead a longanticipated recovery. Now, a new coronavirus variant that first emerged in South Africa in the final weeks of 2021 injects fresh doubt. Eleven of the world’s largest listed tanker companies reported collective losses exceeding $400m over the July-through-September period, after spot rates averaged the lowest in nearly three decades. Total losses for the first nine months of 2021 surpassed $1bn. The global pandemic shrank demand for oil and refined products – especially transport fuels – curbing crude production and building inventories that reduced seaborne export flows. Spot rates for most of the tanker fleet have been at or below operating expenses for most of the past 15 months. Earnings for the global fleet of some 15,000 tankers over 10,000 dwt that ship crude, refined products and chemicals gained over November, returning many shipowners briefly into the black during one of the seasonally strongest periods of the year. Rises halted on the Omicron news. Oil prices plunged 20 percent in one day on fears the latest COVID-19 variant will weaken demand, and by extension, volumes of crude and refined products for shipment. The silver lining to lower crude costs is that it may trigger further buying from China, benefiting larger tankers. In the last half of 2021, the world’s largest importer slashed shipments and relied on stocks as prices reached sevenyear highs. July-through-September crude imports into China were 13.8% down on the prior-year period, Joint Organisation Data Initiative data show. The Delta variant was already responsible for sluggish global jet fuel demand which lagged the recovery seen in other transport fuels, which together comprise some 62% of oil consumption. The International Energy Agency downgraded its forecasts for jet fuel and kerosene prior in its November monthly report and noted demand will still be 20% below pre-coronavirus levels by the end of 2022. The Omicron variant will shave some of the 3.5m bpd of demand growth that the IEA had originally forecast. Even unchanged, the total 99.6m bpd figure is still some 300,000 bpd below pre-pandemic levels. The oil price trajectory, the pace at which OPEC return further crude production to the market, refinery margins and Iran’s nuclear talks will also weigh on crude and refined volumes available for shipment. The fleet-to-orderbook ratio might be at a record low

and scrapping of older tankers is accelerating, but new deliveries of tankers will weigh on rates. Some 340 crude, product, and chemical tankers above 10,000 dwt are scheduled to be added to the existing fleet of 14,485 tankers, according to data compiled by the consulting division of Lloyd’s List Intelligence. About a third of 2022 deliveries are crude tankers of 60,000 dwt or above. This suggests that while the fleetto-orderbook is low, the supply of larger tankers is going to rise at the same time as crude demand expands, at least offsetting some of the anticipated gains. EEXI impacts An estimated 75% of the global tanker fleet will need to sail at slower speeds or apply another form of carbon dioxide emissions abatement to meet global regulations and metrics that begin in 2023, according to analysis from London shipbroker, Simpson Spence & Young. The IMO agreed these new targets in June 2021. The technical measures in contained in an Energy Efficiency Index for Existing Ships, known as EEXI. The EEXI is based on but is different to a similar newbuilding design index that was introduced in 2013 and calculates carbon emissions based on service speed, design speed and deadweight tonnage. Non-compliance will most likely see shipowners sailing at a slower speed to lower emissions, known as ‘engine power limitations’ or EPL. The 25% of tankers that don’t comply will need to be assessed by class societies, the shipbroker said in its mid-year review published in August, creating a “substantial logistical challenge”. EEXI compliance is recorded on the vessel’s air pollution certification (IAPP) and needs to be in place from the first survey after 1 November 2022. MMT Maritime Matrix Today | January 2022 | 33

OneOcean Group launches the industry’s first Environmental Planner

neOcean Group has expanded its platform capability to include a new and unique Environmental Planner, 34 | Maritime Matrix Today | January 2022

which uses a dynamic timeline to provide a real-time look ahead at the environmental rules and restrictions in force during a voyage. For the

first time, navigational and environmental planning can be done in a simple integrated workflow. With the addition of the advanced

environmental timeline, the software platform enhances its offering for a unique Total Voyage approach that integrates and visually presents data, to both minimize risk and support effective decision-making. The timeline displays a comprehensive list of environmental events that can safely and legally take place aboard a vessel during a rolling 12-hour window, based on the ship’s departure time, its current position, and speed. The Active Environmental Timeline can be generated as part of the ship’s official passage plan, as a section in the pdf document. Access to the environmental planner in the passage plan and the active timeline enables a coordinated approach for better decision-making in both the planning and monitoring stages of a voyage. Should the departure be delayed, both the timeline and document can be dynamically adjusted to reflect an accurate representation of the ship’s position in relation to the environmental regulations in place along the route. If the vessel speed is increased, the timeline will adjust to accurately reflect that, as is refreshes every three minutes.

“Traditionally, if a ship’s actual departure time doesn’t match the one on the passage plan, then all the environmental considerations have to be re-calculated. The new Active Environmental Timeline saves a great deal of effort by performing these re-calculations based on real-time information in just one click, enabling dynamic updates to all relevant data. This delivers real value to customers because they can now truly operationalise environmental planning, weaving environmental events and cadence into the planning stages for effective fulfilment throughout the voyage.” said Tony Brown, Deputy CTO. Decision makers can access an accurate picture of when and where environmental events can safely and legally take place aboard. This makes it much easier to plan operations with peace of mind that the ship is in full compliance. All relevant data is easily viewed on a single screen with information specific to the vessel, and the company requirements and policies in place. Actions, such as discharges and emissions, are detailed by category and can be grouped in line with the user’s specifications. The timeline indicates how long the ship is likely to remain in the zone where vessels must comply with regulations or stringent company guidelines. Colour

codes indicate whether the status is green: legal, amber: legal with conditions, or red: illegal. This high visibility significantly reduces the risk of non-compliance. Nicholas Bourque, Chief Strategy Officer commented “In order to meet the ever-growing regulatory challenges, companies will need to implement a more connected and simplified approach to operationalise environmental planning. The enhanced OneOcean platform represents a better way of preparing for any voyage.” The connected software approach from OneOcean significantly reduces workload for mariners in the planning process by combining all aspects of voyage planning, including outfit management, routing, calculations, weather, due diligence on notices and risks, and the monitoring of environmental restrictions to provide optimised decision making. Navigational planning events and environmental events are automatically calculated dynamically, saving significant time and effort in the planning stages, and providing real-time agility in the monitoring stage. The result is a comprehensive planning solution that visually presents all relevant data based on routing criteria, situational factors, and vessel details, resulting in a highly effective planning process. MMT Maritime Matrix Today | January 2022 | 35

Gearing up for the future

Mr Arun Sharma

he year 2021 has been a significant year for Indian Register of Shipping (IRS) with the launch of decarbonisation and digitalisation related services, organisational changes and capability building initiatives to gear up for future growth. IRS has been able to achieve stable and sustained business growth during the year as operations gradually adjusted to the new normal. Despite the pandemic, IRS 36 | Maritime Matrix Today | January 2022

was able to ensure that the impact on its customers as well as employees was minimal. Alternative means of evidence compliance were adopted to ensure ships were able to trade. The organisation ensured provision of necessary tools to employees to enable working from home and conducted vaccination drives for its employees and their families. July 2021 saw top management transition with

Mr. Vijay Arora taking over as the Managing Director. Aiming towards strengthening its human resources, the organisation initiated a competency assessment of its key resources for succession planning to identify next generation leadership towards building a resilient and future ready organisation. With a key focus on quality, a structured training program has been arranged through an internationally recognised

provider to resources.

bolster

its

Decarbonisation was high on the agenda for the organisation with two new services being launched – Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII). Through these new services IRS is supporting shipowners and managers in assessing the EEXI and CII of their vessels and achieving compliance. Sustainable biofuels have great potential to reduce emission levels substantially and will pave way for a cleaner future for shipping. IRS undertook successful sea trials for two vessels of Ambuja Cements Ltd towards utilising biofuels in concurrence with the Indian flag administration – Directorate General of Shipping. Towards digitalisation, IRS announced its tie-up with Smart Ship Hub to build a digital platform to offer a wide range of services. Through this initiative IRS aims to offer fully integrated and technology enabled services to its customers. Guidelines for autonomous surface vessels and remotely operated vessels have been published in December 2021 which cover design philosophy, risk assessment, system requirements including cyber resilience, network architecture, data & software assurance. These guidelines provide a broad framework for stakeholders involved in design,

construction and testing of such vessels with varying levels of autonomy. The organisation maintained its strong growth globally and concluded several international projects which included a vessel conversion project in Turkey as well as Emergency Response Plan and Oil Spill Response related services to ports in Qatar. Collaboration with the Indian Government has been at the forefront of its work throughout 2021. IRS played a key role in the drafting of the Inland Vessels Bill, which was passed by the Indian Parliament. The Inland Vessels Act 2021 has been designed to promote economical and safe transportation through India’s inland waters by introducing a national framework and uniform applicability of rules and regulations. IRS is closely working with various state governments of Assam, Tripura and others to support the development of Inland Waterways. A new service to provide certification of marine containers in accordance with IMO International Convention for Safe Containers was launched. This initiative supports the Government of India’s self-reliance mission – AatmaNirbhar Bharat Abhiyan and assists local manufacturers in the production of containers which meet global quality standards.

IRS renewed its commitment with the Indian Defence forces and is engaged in a multitude of projects for Indian Navy, Indian Coast Guard as well as Indian Army. With the improvement in overall situation, IRClass Academy was able to resume in-person courses after a hiatus of 18 months. Two batches of in-person courses were conducted at the IRS Head Office at Mumbai, India, while fully complying with strict Covid safety protocols. Executive Chairman Mr Arun Sharma, who received India’s Highest Maritime Recognition - the Varuna Award in April and a Lifetime Achievement Award at Samudra Manthan Awards in December said: “2021 has been another complex twelve months not only for IRS but the entire industry as a whole. Notwithstanding, we continue to keep the ships moving, ensuring safe operations. As we look into the immediate future, I believe decarbonization and sustainable shipping will be the focus of maritime sector. 2022 will undoubtedly be challenging but our commitment to operational excellence, quality and maritime safety remains undiminished. While there is no room for complacency, there is no room for pessimism.” MMT

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