The international maritime community is placing significant emphasis on addressing greenhouse gas (GHG) emissions, with Port State Control (PSC) inspections focusing heavily on compliance. Certification for Engine International Air Pollution Prevention (EIAPP) and proper documentation practices have become critical as several ships have faced detention due to non-compliance.

Authorities are conducting thorough inspections of NOx Technical Files and Engine Parameter Records to verify alignment between on-board equipment and official documentation.

Over recent months, inspectors have flagged numerous deficiencies during PSC examinations, resulting in detentions. These inspections often involve checking spare parts for compliance with IMO identification requirements and may escalate to in-depth inspections, including the disassembly of diesel generators, if irregularities are suspected.

Frequent Issues Identified

Common deficiencies observed during PSC inspections include:

Code	Deficiency	Comments
14601	Missing or incomplete Technical Files	NOx Technical File for main engine and generators was unavailable during the inspection.
14602	Incomplete Engine Parameter Records	Records were missing details about the replacement of injection pump cylinder no. 1, as required by the NOx Technical File.
14606	Engine air pollution control	Certain engine components, such as the charge air cooler, lacked required IMO identification numbers specified in the NOx Technical File.

Key Challenges

Past detentions were often attributed to missing documentation, incomplete records, or parts lacking proper identification. In many cases, misunderstandings or insufficient on-board procedures contributed to these shortcomings.

Preparing for PSC Inspections

To avoid detentions and ensure compliance, the following measures should be implemented:

Maintain Original Documentation
Ensure NOx Technical Files and EIAPP certificates are available on board in their original or authorized digital format. If any documents are missing, contact the engine manufacturer or relevant authority for replacements.
Document Handover During Ownership Changes
When a vessel changes ownership, it is critical to confirm that all necessary documents, such as NOx Technical Files and certificates, are transferred to the new owner.
Keep Engine Parameter Records Updated
Use a Record Book (physical or electronic) to log any changes to engine parameters, including component replacements, adjustments, or repairs that may impact NOx emissions. This log should detail dates, components, ID numbers, and any settings modified.
Address Incorrect or Missing Component IDs
If engine parts lack proper IMO identification or if discrepancies exist, take corrective action. Allow time for these corrections, and consult the engine manufacturer to determine if updates to the NOx Technical File can accommodate the components.
Conduct Routine Inspections
Regularly inspect engine components and settings to ensure they remain within the ranges specified in the NOx Technical File. Surveyors may select specific components for review during inspections.

By ensuring thorough preparation and addressing potential compliance gaps, shipowners and operators can reduce the risk of detentions and improve their readiness for PSC inspections.

Artificial Intelligence (AI) is reshaping the global security landscape, with profound implications for maritime security.

From bolstering surveillance capabilities to introducing new vulnerabilities, AI presents both significant opportunities and challenges for this critical domain.

At the forefront of AI’s transformative impact is its ability to enhance situational awareness.

Traditional methods of monitoring vast oceanic expanses are labor-intensive and constrained in scope.

However, AI-powered systems are revolutionizing this process by analyzing massive datasets from satellites, drones, and automatic identification systems (AIS).

These systems can detect patterns and anomalies, such as the presence of “dark ships” engaged in illicit activities like smuggling or illegal fishing.

This capability empowers authorities to respond proactively and with greater precision, improving the efficiency of maritime law enforcement and security operations.

In naval operations, AI is driving significant advancements through the deployment of autonomous systems.

Unmanned surface vessels and underwater drones now execute high-risk tasks such as reconnaissance, mine detection, and surveillance, minimizing risks to human personnel.

Despite these benefits, the use of AI in naval warfare raises critical strategic concerns. Autonomous systems operating without human oversight could misinterpret data or act unpredictably, escalating conflicts unintentionally.

The absence of comprehensive international regulations governing AI-enabled weapons further exacerbates these risks.

Rival states deploying such systems without transparency or coordination could trigger accidental confrontations or escalate tensions in contested areas, including the South China Sea or the Arctic, where geopolitical competition is already intense.

Ports, pivotal to global trade, are also undergoing transformations driven by AI. Automated systems powered by AI enhance security measures by improving cargo inspections, detecting anomalies, and strengthening access controls.

Predictive analytics offer the ability to identify potential threats before they materialize, enabling timely interventions and safeguarding vital trade hubs from criminal or terrorist activities.

However, these advancements come with a significant downside. The growing reliance on AI-driven digital systems heightens cybersecurity vulnerabilities in the maritime domain.

While AI can bolster defenses by detecting and neutralizing cyber threats, it also provides adversaries with tools to launch increasingly sophisticated attacks.

A successful cyberattack targeting ports or shipping systems could have devastating effects, disrupting global trade and triggering cascading economic and geopolitical consequences.

As AI continues to influence the maritime sector, balancing its benefits against potential risks will require international cooperation, robust regulatory frameworks, and proactive risk management strategies.

Without these safeguards, AI’s potential to amplify existing tensions and create new vulnerabilities could outweigh its promise to enhance maritime security. END

Source: Kilgore News Herald

Maritime analytics firm Windward has agreed to be snapped up by an investment fund in a £216 million deal.

It will become the latest in a raft of London-listed companies to be taken private by US investors this year.

The company, which is chaired by former BP boss Lord John Browne, is to be bought by Octopus UK Bidco, a subsidiary of an FTV Capital investment fund.

The deal will see the FTV fund pay 215p per Windward share.

It represents a 47% premium on the previous closing price of the business, the companies said.

Windward is a firm developing AI-focused technology for the maritime industry, which listed in London in 2021.

The group said it believes the takeover by the fund can help it expand further in the US.

The fund said it has been assessing Windward over recent months and sees an opportunity to expand its market position and grow further into broader supply chain analytics.

Brad Bernstein, managing partner of the fund, said: “As global seaborne trade expands, regulatory regimes tighten and supply chain pressures mount, the need for advanced maritime intelligence and visibility has become imperative for global organisations to effectively operate and manage risk in an increasingly complex landscape.

“Windward has built a best-in-class maritime AI-based analytics platform spanning use cases across risk, compliance, trading and the supply chain and delivering tangible value to its growing blue-chip customer base worldwide.”

Ami Daniel, chief executive officer of Windward, said: “The fund team have an outstanding track record in supporting the scaling of founder-led software businesses globally and we believe that together we will be a significantly stronger organisation.

“For our customers, the additional investment will enable them to unlock far greater value from their data through our ambitious product roadmap, and for our employees, it provides increased job security and the confidence that we have the funding to drive forward together to achieve our potential.”

source : https://www.standard.co.uk/news/tech/london-b1201671.html

Five international shipping companies have committed to deploying Orca AI’s cutting-edge automated situational-awareness platform on selected vessels. This milestone follows a strategic partnership forged earlier this year with NorthStandard, one of the world’s largest P&I clubs.

The collaboration between Orca AI and NorthStandard aims to enhance safety and operational efficiency, highlighting the shared dedication of both Orca AI and NorthStandard to innovative solutions that reduce navigational risks and safeguard vessels, crew, and cargo.

US-based Liberty Maritime and Curtin Maritime, Greece-based SeaTraders along with Singapore’s Eastern Pacific Shipping and MMSL, are the first NorthStandard members to adopt the technology. Their decision facilitates broader uptake across the maritime sector and reinforces Orca AI’s and NorthStandard’s mission to protect members’ assets and ensure the well-being of seafarers.

By implementing Orca AI’s advanced platform — which includes the SeaPod computer-vision lookout unit and the FleetView application for shore offices — these companies are poised to improve navigational safety and enhance their claims records.

“We’re thrilled to welcome these established shipping companies as the latest adopters of our technology,” said Yarden Gross, CEO and Co-founder of Orca AI. “Their commitment to safety, efficiency, and reliability not only strengthens their individual operations through proactive risk management but also sets a benchmark for the broader maritime community. As the shipping industry undergoes transformational change, advanced technology is unlocking new opportunities for collaboration that benefit all stakeholders and wider society.”

source : https://maritime-executive.com/corporate/orca-ai-secures-more-key-global-customers

Through innovative green solutions, Pyxis Maritime and Life Lab Resources are reshaping how ships operate and food scraps are managed – driving a circular economy that benefits both business and the environment

At the historic Clifford Pier where wooden tongkangs once plied the Singapore River, a new chapter in maritime history unfolded earlier this year.

It was here that Tommy Phun’s grandfather steered his boat through the bustling waters decades ago. Standing at the same pier in March, Phun launched something radically different: Pyxis Maritime, a start-up powering Singapore’s maritime future with fully electric vessels.

“This place represents both our heritage and our future,” said Phun, whose family has spent generations in maritime services through their company Eng Hup Shipping.

But Pyxis Maritime signals a departure from tradition. “We’re not just extending the family business – we’re transforming the industry itself,” he explains. The start-up has rallied 13 maritime companies, from vessel owners to shipyards, representing a combined fleet of 250 coastal vessels, behind a single mission: to overcome the decarbonisation challenge.

An industry effort to decarbonise and electrify

Increasingly, in tenders for maritime services, both public and private clients are asking for green credentials as a basic qualifier. Phun notes: “If you’re not green, you won’t be considered.”

The regulatory backdrop has also shifted. Under domestic targets set by the Maritime Port Authority of Singapore (MPA), all new harbour craft must be fully electric, capable of using biofuels or be compatible with net-zero fuels from 2030 onwards.

Older veterans in the blue industry have hopped on board with the electrification move. As part of his pitch to them, Phun highlighted the financial benefits – electric vessels not only cost less to operate but also slash maintenance expenses thanks to their simplified mechanics compared to diesel-powered craft, delivering both immediate and long-term savings for fleet managers.

One positive change was how much quieter electric vessels were. The older generation of sailors used to the whine and rattle of diesel engines had developed booming voices to compensate for their loud working conditions. Now the old guard can enjoy sailing in relative quiet.

Pyxis R, an electric passenger vessel designed to ferry sightseers, operating in Singapore’s waters. PHOTO: PYXIS MARITIME Photo: Pyxis Maritime

Pyxis Maritime is currently offering three variants of electric vessels. Pyxis One is a commercial harbour craft designed to transfer crew between the ship and the shore when ocean-going vessels anchor in Singapore. Pyxis R is an electric version of the bumboats used to ferry sightseers along Singapore’s waterways, with solar panel panels mounted on its flat roof. Pyxis L is a luxury variant with more premium interior fittings.

Other than a vessel supplier, Pyxis Maritime is also pursuing a vertically integrated business model. It offers a vessel management platform called Electra. This proprietary software allows vessel owners to monitor their craft remotely, showing data like charging percentage, battery health and equipment status. This data can alert vessel owners when to maintain their vessels and improve the lifespan and productivity of their craft.

Together with SP Mobility, Pyxis Maritime has launched a public marine charging station at Marina South Pier. This two-year pilot scheme provides a 150-kilowatt direct current fast charger, which can charge the Pyxis One within three hours.

Pyxis Maritime’s Electra platform allows vessel owners to monitor their electric craft’s battery status and performance in real time. Photo: Pyxis Maritime

Activating an entire eco-system to spur change

Phun hopes that by providing a holistic and integrated solution to vessel owners, Pyxis Maritime can spur faster adoption of green technology by conservative maritime operators.

“We developed this eco-system because it’s important to have the infrastructure in place,” Phun explains. In addition to building a coalition of like-minded industry players, Pyxis Maritime has attracted funding from venture capital partners like Shift4Good, Motion Ventures, Transport Capital and Seeds Capital. The company has also secured financing support from OCBC to help fuel its growth.

Life Lab Resources (LLR), recipient of this year’s Most Promising Sustainability Startup Award, is also building a new ecosystem to tackle food waste and enhance food security in Singapore. It stands out in Singapore’s sustainability landscape through a carefully designed ecosystem that ensures viability at every step of the waste-to-value chain.

While many circular economy initiatives have struggled to maintain long-term sustainability, LLR’s approach is different. The model creates clear value for each participant. Restaurants and hotels reduce collection frequency and eliminate pest problems through on-site waste treatment, farms gain access to cost-effective, sustainable feed and the company itself maintains viability through its technology and processing operations.

A row of WasteMaster machines at Life Lab Resources’ facility, where food waste is treated using reactive oxygen technology. Photo: Life Lab Resources

LLR operates a unique business straddling food sellers and food producers. Restaurants and food catering companies buy or lease its proprietary WasteMaster machine, which uses reactive oxygen technology to treat mixed food waste on-site.

This reduces the weight of the waste by up to 80 per cent, while retaining nutritional value and eliminating harmful pathogens. This leads to less frequent collection, more efficient processing and fewer problems with pests and smells.

The treated waste is then collected by Life Lab Resources and processed in a biorefinery plant, where it is converted into microbial protein. This microbial protein is then pelletised into feed for fish or livestock and sold to local farms, which sell its produce back to restaurants and food caterers.

Because of its ability to treat mixed food waste, Life Lab Resources’ business model has a high potential to scale across all sectors of the food industry. As the company grows, its successful model can help transform the food and beverage (F&B) industry to turn waste products into valuable feedstock.

“By closing the loop on food production, consumption and waste, we can create a truly circular economy – right here in Singapore,” says Edward Chia, managing director of Life Lab Resources.

Connecting the dots in your food ecosystem

Life Lab Resources is not just a technology provider but is deeply embedded within the food and agriculture industry as a connector. It negotiates prices and supply between food sellers and food producers to make the circular economy work.

Chia, who was the co-founder of entertainment and F&B joint Timbre Group, reflects that a circular economy is unlike a traditional business. “When I used to run Timbre, we buy beer and sell beer; we don’t have to deal with people elsewhere. To run a circular economy, compared to a linear style economy, it’s important to get alignment from different stakeholders in the circle.”

These industry-alignment efforts have positioned Life Lab Resources as not just a “green” company but a catalyst for change in the F&B sector.

Life Lab Resources works with restaurants from well-known hotels like Marina Bay Sands (MBS), Swissotel the Stamford and Fairmont Singapore. “They have a real motivation to be a good corporate citizen, and they are looking for solutions,” says Chia. “We present ourselves to be the better solution for food waste.”

As for the other side of the equation, Life Lab Resources has supported local agriculture firms like Metro Farm. “We help them in three ways. We provide them with a more sustainable feed source, so there’s less need for fish meal or plant meals. This reduces the degradation of bio-diversity. We hopefully provide them with a better price, since a major cost for them is feed. We also link them directly to our end-clients, helping them aggregate demand so they have consistent offtake for their produce.”

Life Lab Resources converts treated food waste into nutritious feed pellets for fish farms, completing the circular food loop. Photo: Life Lab Resources

Chia’s philosophy of a circular economy takes waste, something with a negative value, and realising its true value. “The focus is to achieve economic inclusivity. The value needs to be shared. As we sell the substrate, we share the revenue with upstream clients,” he adds.

This also incentivises upstream clients like restaurants to continue to recycle their food waste. The company’s business model has shown results. “The feedback is that the vegetables are growing faster, and the chefs love the produce. it is delicious, crunchy, fresh, pesticide-free, and farmed in Singapore.”

With a proven concept in Singapore, both Pyxis Maritime and LLR are looking to scale their operations. Pyxis Maritime has ambitions to expand into regional markets like Japan, South Korea, Taiwan, Hong Kong, and Thailand. “We want to rapidly expand across Asia so we can transform the coastal maritime value chain,” says Phun.

Life Lab Resources is also looking to help other economies reduce food waste and enhance their food security. Life Lab Resources is especially eyeing Southeast Asian nations, which have strong agricultural sectors. Ultimately, the aim is to redefine food waste – not just something to be discarded, but a valuable resource soon to become food again.

Recognising bold ambition

Now in its 17th year, the Emerging Enterprise Awards continue to highlight the innovation, resilience and excellence of small and medium-sized enterprises (SMEs) under 10 years old. The awards are a joint initiative by The Business Times and OCBC.

For the second consecutive year, applications were extended to emerging businesses across the region, broadening the awards’ reach beyond Singapore.

In the sustainability category, the Emerging Enterprise Sustainability Awards honour enterprises that embrace opportunities in the green economy – whether by embedding sustainable practices in their operations or leveraging technology and innovation to drive the transition to low-carbon economies.

Additionally, the Most Promising Sustainability Startup Awards celebrate businesses with unique, commercially viable ideas and significant long-term potential. Find out more here.

source : https://www.businesstimes.com.sg/events-awards/emerging-enterprise/emerging-enterprise-2024/how-firms-create-sustainable-ecosystems-pyxis-maritime-life-lab-resources-food-waste-ocbc

Optimising vessel operations has become crucial for the industry to achieve sustainability and decarbonisation goals. In the long term, large investments will focus on building ships ready for alternative fuels, but in the meantime, owners and operators are turning to digitalisation technologies to save fuel and emissions by becoming more energy efficient.

Owners and operators are also using faster low-latency satellite communications to tackle the challenges of retaining and retraining crew, and to keep track of growing fleets and changing trading patterns. Communications, digital applications and electronic hardware help to tackle these issues, enabling owners to offer career development pathways, almost limitless communications, and technology to make seafarer’s lives easier.

Shipping has turned to digital applications, low-latency connectivity, cloud-based solutions, artificial intelligence and machine learning, while tackling cyber risks with enhanced security.

New LEO constellations overtake established GEO

One company run by an established billionaire, who will soon be part of Trump’s new US administration, has transformed maritime satellite communications during 2024 with owners installing new technology to keep up.

Elon Musk’s SpaceX’s Starlink low Earth orbit (LEO) satellite constellation has revolutionised maritime and offshore communications, providing fast connectivity with low latency to vessels, for crew welfare services and operational applications.

LEO satellite communications has taken the maritime sector to new heights in terms of providing connectivity and welfare support to seafarers. Starlink has become popular with the masses with shipmanagers, owners and operators increasing its deployment across fleets. Whereas two years ago, flat-panel antennas for Starlink were only just being tested, now it is difficult to find a ship without Starlink on board.

Another LEO constellation gaining traction is Eutelsat OneWeb, albeit at a slower pace, with early adoption on offshore vessels, drilling and production facilities. As this global coverage is implemented, more cruise and commercial ships will consider this as a viable alternative. Marella Cruises is investing in OneWeb to operate alongside Starlink on its cruise ships.

Despite the rise of LEO, there is still demand for reliable geostationary orbit (GEO) satellite communications and very small aperture terminal (VSAT) connectivity, but distributors are integrating these services into hybrid smart solutions, where connections will take the cost-efficient, secure pathways. There is also still a need for L-band through Inmarsat, Iridium and Thuraya for maritime safety and security communications.

Inmarsat has reacted to LEO competition by launching a combined hybrid of GEO with LEO and long-term evolution (LTE) in one package. Global container shipowners K Line and Hapag-Lloyd are testing out NexusWave with an eye to roll it out across their fleets.

Class raises requirements for cyber resilience

As the maritime industry adopts more digitalisation applications and ships become more connected, they come under greater risk of cyber attacks. Therefore, enhancing cyber resilience and security is essential to ship operators, owners and builders.

In 2024, the International Association of Classification Societies (IACS) introduced unified requirements (URs) for cyber security and outlined how to demonstrate compliance with them. These URs, E26 and E27, are seen as new benchmarks for shipping’s response to its growing exposure to cyber attacks.

As of 1 July 2024, updated URs E26 and E27 require newbuild vessels and their connected systems to meet certain minimum and unified cyber-resilience standards.

UR E26 is aimed at ensuring the secure integration of both operational technology (OT), information technology (IT) and equipment in a vessel’s network, during the design, construction, commissioning and operational life of the ship.

This UR targets the ship as a collective entity for cyber resilience and covers five key aspects: equipment identification, protection, attack detection, response and recovery.

UR E27 is written to support manufacturers and OEMs of onboard operational systems and equipment in evaluating and improving their cyber resilience. This has led to suppliers and system integrators introducing upgrades to ensure cyber resilience. It also encouraged classification societies to develop and introduce their own interpretations of these URs.

Introducing IACS requirements and raising awareness and demand for enhanced cyber security has led to a trend of class societies acquiring companies with these skills. One of the main deals in 2024 was DNV’s acquisition of CyberOwl, which regularly reports on the shipping industry’s risks and responses to cyber attacks.

According to a study led by CyberOwl published in Q4 2024, a typical fleet of 30 cargo vessels now experiences an average of 80 cyber incidents a year. The study found the average cost of unlocking computer systems in the maritime sector reached US$3.2M.

We can expect more advanced and integrated solutions to be unveiled and new innovative cyber threats to emerge in 2025.

Source : Riviera

BIMCO Compliant: What Does It Mean?
The Baltic and International Maritime Council (BIMCO) has developed guidelines to help ship owners protect their vessels and IT systems from cyber threats and digital attacks. BIMCO is a global trade organization representing shipping companies and ship owners. Countries like the UK, Greece, Singapore, the Netherlands, Germany, the US, Japan, China, and South Korea collaborate with BIMCO to ensure compliance with international maritime rules.

What Are BIMCO’s Cybersecurity Guidelines for Ships?

Cybersecurity Policy
BIMCO recommends that ship owners and operators establish a cybersecurity policy. This policy should outline how the ship’s IT systems will be protected from cyber threats and how to handle any incidents that may arise.
Risk Assessment
BIMCO emphasizes the importance of regular cybersecurity risk assessments. These assessments help identify and address potential risks and vulnerabilities in systems such as communication, navigation, electronic cargo documents, and payment transactions.
Preventive Measures
To protect their systems, BIMCO advises ship owners to install firewalls, encrypt data, use strong authentication methods, and keep security updates up to date.
Training and Awareness
Educating staff and crew on cybersecurity is crucial. Ship owners should ensure that their employees can recognize potential threats, such as phishing attacks, and know how to respond to various cybersecurity incidents.
Incident Management
BIMCO recommends preparing a comprehensive plan for handling cyberattacks. This includes reporting incidents to the appropriate authorities, isolating affected systems, and restoring operations as quickly as possible.
Security for Suppliers
Since ships often rely on third-party suppliers for IT services and equipment, BIMCO advises ensuring that these suppliers also meet cybersecurity requirements and implement adequate security measures.
Certification and Compliance
BIMCO encourages shipping companies and ship owners to comply with international cybersecurity standards, such as the IMO Cybersecurity Code, and other relevant maritime regulations.

Why Is This Important?

BIMCO’s cybersecurity guidelines provide ship owners and operators with a robust framework for managing cyber risks. By following these guidelines, ships can reduce their vulnerability to cyberattacks and maintain safe and efficient operations.

For ship owners, using a BIMCO-certified IT platform ensures that your IT infrastructure meets the latest security standards and international cybersecurity regulations. This minimizes the risk of cyberattacks, operational downtime, and legal issues while strengthening trust with business partners and authorities. Additionally, it simplifies incident management and ensures compliance with maritime regulations.

download RightShip Inspection Ship Questionnaire (RISQ) 3.1

The RightShip Inspection Ship Questionnaire (RISQ) v3.1 provides a comprehensive inspection standard for dry bulk shipping and establishes a unified methodology for RS inspectors. The RISQ reference helps managers strengthen safety performance and prepare vessels for inspection.

What is RightShip?

RightShip is the world’s leading Environmental, Social and Governance (ESG) focused digital maritime platform, providing expertise in global safety, sustainability and social responsibility practices.

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Founded with the mission to drive operational improvements in the global shipping industry, more than 600 customers use RightShip’s due diligence, environmental and inspections services to help them manage risk and improve overall maritime safety standards on shore and at sea.

At RightShip we believe in a zero-harm maritime industry. By this we mean zero harm to ships, to the cargo those ships carry, to the seafarers carrying out their duties on board, and of course, zero harm to the environment the vessels are trading in.

A successful voyage meets the highest safety standards, protects the environment, ensures seafarers are supported and is commercially beneficial to the entire supply chain. We’re here to make that happen.

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RightShip Inspection Ship Questionnaire (RISQ) 3.1 (5.2 MiB, 130 hits)

Lloyd’s Register (LR) is partnering COSCO Shipping Heavy Industry on the development of an 82,500 dwt bulk carrier design that will meet Unified Requirement (UR) E26, which governs the cyber resilience of ships.

As explained, issued by the International Association of Classification Societies (IACS), the UR comes into force on 1 July 2024. The new IACS Requirements aim to secure integration of both operational and information technology equipment onboard a ship throughout the vessel’s lifecycle. The UR applies to aspects of a vessel and its operations, including equipment identification, protection, attack detection, response, and recovery.

The partnership is LR’s first JDP focussed on E26 compliance.

Cyber security has become an increasing concern for shipowners and this JDP represents an important milestone to support cyber resilience of vessels. In partnership with COSCO Heavy Industry, Lloyd’s Register will create its first vessel design in line with the new IACS UR E26 requirement.
… said Sau Weng Tang, Commercial Manager Greater China

Key facts about the EU NIS2 Directive regarding cybersecurity
LR approves five VLGC designs by Deltamarin and Jiangsu
To remind, OTESAT_MARITEL and Bureau Veritas (BV), have recently joined forces to certify two cybersecurity solutions, IRIS and s@tGate, according to IACS UR E27 Rev.1 requirements on the cyber resilience of on-board systems and equipment.

To resolve shipowner’s concerns on UR E26, we worked with LR and achieved the first E26 approval from LR. The upgrade on UR E26 compliance enables our yards, designing department, and system vendors to be fully prepared when UR E26 come into force. It ensures shipowners can reduce their cyber risks.

MARITIME ESG

In this article, we examine the concept of ESG, which stands for environmental, social, and governance, and its application to the shipping industry. ESG is a way of measuring how well a company is doing in terms of sustainability and making a net-positive contribution to society. The shipping industry, which is responsible for almost 3% of global greenhouse gas emissions annually, has been significantly affected by the introduction of ESG. The article provides an overview of the environmental, social, and governance aspects of ESG and how they are relevant to the shipping industry. It also explores the significance of regulations, technology, and customer demand on the industry’s ESG performance.

MARITIME ESG

Beyond Profit: The Importance of ESG in the 21st Century maritime Landscape

Environmental, social, and governance (ESG) is a framework for assessing a company’s sustainability and social impact. ESG has gained traction in recent years as a result of its potential to aid companies in performing well while also having a net-positive contribution to society on society. In 2005, the United Nations Global Compact published a report advocating for ESG, stating that it can help companies succeed while also having a positive influence.

ESG has become a global standard, with many organizations pledging their support for ESG by signing the United Nations Principles of Responsible Investment (UNPRI). These organizations represent a whopping $100 trillion in assets, making ESG a significant factor in the financial industry.

ESG is a risk management tool for sustainability and societal impact. This implies that when companies make investments, they can use ESG to assess how sustainable and beneficial their investments are to society. ESG is a comprehensive concept that intersects with other terms such as corporate sustainability and corporate social responsibility (CSR). However, ESG stands out because it provides more specific and standardized metrics for tracking progress.

The spread of ESG in Maritime

It is only natural that ESG would come knocking on the door of the shipping industry, with its global companies and fleets accounting for almost 3% of global greenhouse gas (GHG) emissions annually, and with the International Maritime Organization (IMO) focusing more than ever on environmental topics. ESG, as a key factor in the Poseidon Principles and an evolving landscape in greener ship financing, will play a huge role in the day-to-day decision-making of ship owners and executives.

The ‘E’ in ESG

The “environmental” aspect of ESG refers to a company’s effect on our planet, including its use of natural resources, its greenhouse gas emissions, and its overall environmental footprint. It also includes the company’s policies and practices around environmental stewardship and sustainability. It’s especially important for the shipping industry.

Shipping is responsible for about 3% of global greenhouse gas (GHG) emissions, and that number is expected to grow. However, the environmental burden of shipping isn’t just limited to air emissions; noise pollution, vessel discharges, and other factors can also harm our ecosystems. The International Maritime Organization (IMO) has set strategic goals to reduce the carbon intensity of international shipping by 40% by 2030 and 70% by 2050 compared to 2008 levels. They also want to decrease total annual greenhouse gas emissions by 50% by 2050 compared to 2008 levels.

To meet these targets, new regulations have been introduced that require all ships above 400 GT to measure their Energy Efficiency Existing Ship (EEXI). Ships above 5000 gross tonnages must also be ranked based on their carbon intensity (CII). In addition, the European Union has proposed that shipping be included in the Emissions Trading Scheme (ETS) by 2024, which means that shipping companies will have to purchase emission allowances, adding to their compliance costs.

Using technology to outperform compliance

To keep up with the changing regulatory landscape, marine stakeholders must take environmental performance seriously. Customers are demanding a net-zero supply chain, and investors are evaluating shipping companies based on ESG criteria. The Poseidon Principles, an industry framework for assessing and disclosing the climate alignment of ship finance portfolios, is just the beginning of this new era. Recent advances in artificial intelligence, along with a thriving ecosystem of maritime-focused technology companies and substantial investments in alternative fuels and infrastructure, should provide the tools necessary to help the shipping industry move towards a more sustainable future.

The ‘S’ in ESG

The social pillar of ESG refers to a company’s effect on society, including its employees, customers, suppliers, and the communities in which it operates. The qualitative nature of social impact makes it difficult to measure and analyze. Furthermore, social issues are estimated differently in different countries, which often leads to the social pillar being overshadowed by the pressing matter of climate change. However, a worldwide event like the pandemic changed that, highlighting the importance of this metric. Issues such as health and safety, human rights, labor standards, diversity, inclusion, and data privacy became more noticeable, pushing companies to examine how they treat their most important asset: their people.

In the shipping industry, social issues are prevalent, especially concerning the welfare of seafarers. Seafarers are often subjected to long working hours, poor living conditions, and inadequate wages. To address these issues, the International Labour Organization (ILO) has developed the Maritime Labour Convention, which sets out minimum standards for seafarers’ working and living conditions. Additionally, IMO’s International Safety Management (ISM) Code plays a pivotal role in providing an international standard for the safe management and operation of ships. Shipping companies are expected to comply with these standards to ensure the welfare of their employees.

Mental health and diversity at the forefront

There has been a particular focus on the mental health aspect of life onboard, with multiple studies in progress. Finally, efforts have been made to increase diversity in the maritime industry, especially with the attraction of more women in all job descriptions. Associations like the Women’s International Shipping & Trading Association (WISTA) and Celebrity Cruises which have increased the number of women working across the fleet from 3% to 32% are leading the way.

The ‘G’ in ESG

The governance aspect of ESG refers to the systems and processes used by a company to manage and oversee its operations, as well as the relationships between a company’s management, board of directors, shareholders, and other partners. Governance is an important aspect of ESG because it provides a framework for ensuring that a company operates transparently and responsibly. This includes establishing clear policies and procedures for decision-making, risk management, and financial reporting, as well as ensuring that the company’s leadership is accountable to shareholders and partners. In recent years, there has been a growing focus on the governance aspect of ESG, with many investors and stakeholders seeking greater transparency and accountability from companies. This has led to the development of a range of standards and guidelines, such as the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB), which provide a framework for measuring and reporting on a company’s governance practices as part of its overall ESG performance.

Anti-Corruption and Sanctions as the center of proper governance

The shipping industry is heavily regulated as a result all parties involved do have to abide by very strict rules about governance. Due to the global nature of the industry and the changing geopolitical landscape important challenges are being imposed which maritime stakeholders should navigate with caution, the work of the Office of Foreign Assets Control (OFAC) imposing sanctions together with laws such as the UK Bribery Act and the Foreign Corrupt Practices Act (FCPA) and many other examples highlight the importance of proper due diligence. Finally, the work of the Maritime Anti-Corruption Network (MACN) is an important step to fight corruption in continents that are more prominent.

ESG will become a competitive advantage for true believers

In conclusion, the ESG framework has become a significant factor in the shipping industry, with its focus on environmental sustainability, social responsibility, and good governance. To succeed in this changing landscape, all parties involved need to adopt ESG practices and technologies and prioritize sustainability in all aspects of their operations.

MARITIME ESG

SOURCE : https://sinay.ai/en/what-is-esg-the-impact-of-esg-on-shipping-companies/

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