Lloyd's List: The Shipping Podcast

Who are the winners and losers of shipping's decarbonised regulatory future? by Lloyd's List

What does China's unassailable lead in terms of naval power, the wording of recent US statutes and the adaptability of shipping, all have to do with how a chief financial officer eats their breakfast? It's all about how shipping perceives risk and uncertainty right now. Uncertainty has dominated the shipping industry in the past months. But this narrative that shipowners are paralysed by the geopolitical volatility is only part of the story. The global economy is at a crossroads. We are entering an era of superpower rivalry between the US and China that will fundamentally upend established trading assumptions and fragment shipping down geopolitical lines. Now, depending on who you are talking to, the response to that uncertainty results in either a barely concealed fist-bump of joy as they mentally run through the profitable opportunities ahead, or near term paralysis as they conclude that there is no value in strategic investment in the face of such unknowable odds. And that's because this isn't just the long -term disintegration of a rules-based order that we are talking about, although that is part of it. Near term that uncertainty is created by the fact that it is now security not economics that is driving the bus when it comes to US decision making, and that's confusing everyone. Agility is the new currency for shipping. We have to adapt to all these challenges – shipping's bullish elite told us. Volatility is the lifeblood of profitable shipping and certainty has never been a prerequisite for making decisions. So, why complain about exogenous shocks now? On stage, the message was defiant: shipowners paralysed by the geopolitical swings risk losing out. Off stage, their commitment to specific questions of progress and investment was generally more hesitant. But they still need to make decisions – and that's the focus of this week's podcast. Joining Richard this week on the podcast are: Øystein Tunsjø, Professor of International Relations, Head of Security in Asia Program, Norwegian Institute for Defence Studies, Norwegian Defence University College Brian Maloney, Partner, Seward & Kissel Annicken Kildahl, CFO, Grieg Maritime Group Hing Chao, Executive Chairman, Wah Kwong Maritime Transport

Efficiency is good business. Forget any lofty notions of environmental altruism for the moment. Burning less fuel, emitting less CO2 that just makes sense financially speaking. Except, that in shipping, inefficiency can often bring opportunity. Arbitrage and trading optionality is often a bigger, more profitable pull away from strict notions of carbon reduction. Emissions regulation is about compliance not profit. And that has generally speaking been the attitude in shipping while we have been talking conceptually. But carbon pricing is no longer a distant regulatory threat — it's already impacting shipping and trading, even if the majority of shipping is either not ready or in the case of 60% of you missed the first regulatory hurdle of submitting verified emissions reports. The European Union is leading the charge, with the EU Emission Trading System and FuelEU Maritime adding an estimated $6.1bn to industry costs in 2025 alone. The IMO's Greenhouse Gas Fuel Intensity (GFI) measure is set to join the mix from 2028, driving up costs even further. Shipowners and charterers could be staring down a combined carbon bill approaching $50bn by 2030 in a business-as-usual scenario. These surging costs will ripple through supply chains, driving up freight rates, influencing fuel choices, and potentially reshaping global trade patterns. Carbon pricing has moved from a regulatory abstraction to an immediate financial reality and that's what we are talking about in this edition of the Lloyd's List podcast. We have two speakers who offer an instructive view on what is, and isn't, happening right now. Sigmund Kyvik is the CEO of Siglar Carbon – a data-led business that offers emissions insights that cut carbon and costs. Robert Hvide Macleod is a former chief executive of tanker giant Frontline, but he's also an active investor in Siglar and is someone who has spotted the financial opportunity in managing carbon efficiency.

The global shipping fleet is getting older, but it is also getting more dangerous. As freight rates surged in a tonne-miles driven market, many shipowners delayed scrapping older vessels, which put seafarers, cargo and the environment at greater risk. The industry must now act decisively to improve safety standards amid an ageing fleet, argues the class society DNV who have used Lloyd's List Intelligence casualty data to analyse the trends. Lloyd's List editor-in-chief Richard Meade sat down with Knut Ørbeck-Nilssen, CEO of DNV Maritime, on the sidelines of the Nor-Shipping event being held in Oslo this week to discuss what this means and what can be done about it

IN a market where free trade is under threat and geopolitical tensions are escalating, decisions get deferred, investment gets scaled back and doing nothing starts being passed off as pragmatic stewardship. There's no value in making long-term decisions right now. Or is there? For this week's podcast we want you to put your cynicism on hold and let our editor-in-chief Richard Meade pitch you the optimist's view. While other industries' green zeal has withered, shipping has found itself in the unexpected, and slightly uncomfortable position of being a climate leader, rather than a laggard. Even with some of the key details (reward factors, green classifications) still far off, there is an optimist case to assert that shipping actually now has a clear direction of travel when it comes to decarbonisation investment. If the IMO's target of a 65% cut in fuel GHG intensity by 2040 is to be achieved, a fuel revolution is the only option. The rules don't yet tell us how to do that. But cutting carbon intensity by that much is only really possible with a few ways, which brings us to synthetic, green e-fuels. A longer, slower transition leaves time to solve practical problems, and to explore technologies like nuclear. Shipowners have time to work out with some degree of confidence how far they can move ahead with what they have now. They know LNG-fuelled vessels look good in the early years, but ammonia-fuelled orders look better beyond 2028. They know they'll have to wait longer for that fuel, since MEPC83 did a poor job of incentivising its production. But that's where the optimism and faith in a long horizon comes in. The necessary greenwashing backlash injected some realism into shipping's sustainability debate and MEPC83 offered the beginnings of some tangible certainties, with the promise of more to come. There is much yet to be clarified, but the case for optimism is worth listening to – and that's what we are offering this week with the resolutely rosey thinkers at the Global Maritime Forum. On this week's edition of the Lloyd's List Podcast you will hear: • Johannah Christensen, CEO, Global Maritime Forum • Jesse Fahnestock, Director of Decarbonisation, Global Maritime Forum • Stephen Fewster, Treasurer, Poseidon Principles and Global Lead Shipping Finance at ING Bank

In 2021, the International Maritime Organisation, together with the Women's International Shipping & Trading Association, launched a survey to collect some hard data on female representation in the global maritime industry. The second edition of the survey was published last week to coincide with International Day for Women in Maritime 2025 (which was celebrated on May 18th). But the results were hardly cause for celebration. Because while some progress has been made in terms of gender diversity in the maritime industry, the data in the 2024 edition suggests shipping is going backwards. The results of the 2024 edition showed 176,820 women working in maritime across both private and public sectors, an increase of 14% from the 151,979 recorded in 2021. But the global maritime workforce has grown considerably since the last survey, which means women now account for just under 19% of the workforce sampled, versus 26% in 2021. Female employees make up just over 16% of the workforce in the private sector, compared to the 29% recorded in 2021, and a drop was also seen in female representation in mid-management positions, declining to just 20% in 2024 from 39% in 2021. Lloyd's List reporter Joshua Minchin spoke to three female leaders in the shipping industry, including Wista president Elpi Petraki, to get their reaction to the survey results and ask whether in a time where DEI programmes are coming increasingly under threat, shipping needs to rethink its own diversity strategy. Joining Joshua on the podcast this week are: Elpi Petraki, president of Wista International Louise Proctor, deputy director, sub-division for planning and programming, Technical Cooperation and Implementation Division, IMO Heidi Heseltine, chief executive, Diversity Study Group

Last year, both Belgium and the Netherlands, home to the key ports of Antwerp-Bruges and Rotterdam, reported a dramatic decline in the volume of cocaine seized. As the traditional gateways into Europe for legal as well as illegal cargo, this is surely cause for celebration, or at the very least a pat on the back. The only problem? Seizures in Portugal, Italy, Greece and other southern European countries increased. Which begs the question, how on earth do you stop smuggling? Lloyd's List reporter Joshua Minchin again speaks to four experts at the very frontline in the fight against smuggling to understand how public-private cooperation can identify high-risk containers and push back against what can seem like an incessant tide. Plus, UNODC's Bob van den Berghe explains how work in source countries can prevent illegal cargo ever getting on board a commercial vessel and strengthen relationships between law enforcement agencies at opposite sides of an ocean. Joining Joshua on the podcast are: • Joe Kramek, chief executive, World Shipping Council • Bob Van den Berghe, deputy head PCCP, UN Office on Drugs and Crime • Niels Vanlaer, harbour master at the port of Antwerp-Bruges • Robert Campbell, programme director, United for Wildlife

Think of a product carried by sea, and the most likely things to come to mind are consumer goods, iron ore, coal, or perhaps even bauxite. But billions of dollars' worth of illegal narcotics and thousands of species of animal are carried on cargo and containerships every year and smuggled through the world's biggest ports, particularly in Europe. Before analysing how shipping can get a grip on this secret trade, Lloyd's List reporter Joshua Minchin spoke to several experts leading the fight against smuggling to get an idea of just how big of a problem smuggling is in our industry. Hear how cartels smuggle consignments of rhino horn by the container load and even threaten crew to force them into transporting kilos of cocaine. Joining Joshua on the podcast are: Joe Kramek, chief executive, World Shipping Council Bob Van den Berghe, deputy head PCCP, UN Office on Drugs and Crime Niels Vanlaer, harbourmaster at the Port of Antwerp-Bruges Robert Campbell, programme director, United for Wildlife

Earlier this month, the International Maritime Organization agreed its net zero framework at the 83rd meeting of its Marine Environment Protection Committee. If you're not sure what was agreed or the impact it will have on shipping, make sure you listen to our MEPC post-mortem episode of the podcast, which is available here. A lot of shipping's decarbonisation chips have been placed on e-fuels. This is where an electrolyser is used to split hydrogen from water and combine that so-called green hydrogen with nitrogen to make ammonia, or CO2 to make synthetic methane or methanol. E-fuels are by far the most expensive option, but they're also seen as the best way to decarbonise the industry in the long term, but not by everyone. So are we placing far too much stock in e-fuels? Or can they live up to their salvatory status and deliver shipping to net zero in time? Joining Declan on the podcast this week are: Michael Liebreich, Bloomber New Energy Finance founder Dr Tristan Smith, University College London associate professor in energy and transport

Philosophers have for over two millennia debated the irresistible force paradox, usually formulated as ‘What happens when an unstoppable force meets an immovable object?' Variants of the problem date back as far as China in the third century BCE and ancient Greece. The world got one answer to the question on March 26, 2024, when a Singapore-flagged boxship hit the Francis Scott Key Bridge that spanned Baltimore harbour in the US. The vessel was inevitably damaged, the bridge collapsed, and six people from a maintenance crew working on the bridge at the time were killed. Within days, the owners and managers of Dali filed for limitation of liability. If their suit is successful, Grace Ocean, Synergy Marine and their insurers will pay out no more than $44m. In this edition of the podcast, Lloyd's List insurance and law editor David Osler unpacks what happens next in what could turn out to be one of the costliest marine casualties of all time.

On Friday, some 20 years of decarbonisation work at the International Maritime Organization culminated in a historic agreement, with countries voting 63-16 in favour of an emissions fuel standard with a built-in carbon price. If it Is formally adopted in October, this will be the first binding global carbon price on any industry; a genuinely momentous achievement that will change the future of shipping. What they've come up with is highly complex and is going to take the industry a while to fully digest. But fear not, we have three brave experts willing to help make sense of it and tell us, hopefully, what comes next. Marie Fricaudet is a senior research fellow at the UCL Energy Institute Aoife O'Leary is a lawyer, economist, and the chief executive of Opportunity Green And Rico Luman, a senior sector economist at ING Bank

Richard Buckley named his company 90 Percent of Everything to reflect shipping's vital role in transporting the vast majority of everything that is traded worldwide. He is convinced that we're on the threshold of a new way of looking at ship management, based on his experience of developing software to support what he calls ‘Management by Exception' (MbE)

Even before Donald Trump pronounced the end of gloablisation, the shipping industry was effectively operating in a self-induced state of paralysis. Uncertainty over a looming trade war, the regulatory cost of carbon and just how long the global current disruption can hide a fundamentally unbalanced shipping market had led executives across the industry to conclude that doing nothing for the moment is likely to be the safest bet they could make. That pause is now a hard stop. What occurred last week was not just the US starting a global trade war, or sparking a rout in stock markets. It was the world's hyper power firmly turning its back on the globalisation process it had championed, and from which it handsomely profited in recent decades. What is president Trump going to do next? What can Europe realistically do in response? Are we going to have peace in the Middle East and is the Red Sea opening anytime soon? Does Russia somehow come in from the cold? It's not just clarity from the International Maritime Organization shipowners are searching for now… Joining Richard on the podcast this week are: Chris Wiernicki, chief executive of American Bureau of Shipping Knut Orbeck Nielsen, chief executive of DNV Maritime Eman Abdalla, global operations director at Cargill Ocean Transportation Nick Brown, chief executive, Lloyd's Register Adam Kent, managing director at Maritime Strategies International

WITH geopolitical risk changing seemingly by the day and policy from the world's biggest economy updated on a weekly (and sometimes hourly) basis, it might seem impossible for the shipping industry to plan long-term. While this is a sector which thrives on volatility, when assets have 20-year lifespans, some degree of certainty is essential to make prudent long-term decisions. So how can shipowners decide where to put their money when the ground they shift on is always moving? Richard Meade led an assembled panel of some of the brightest minds in the industry at Singapore Maritime Week for the latest Lloyd's List Outlook forum, and in this week's episode of the podcast we're bringing you the best bits. Joining Richard in Singapore were: Janeyndu Krishna, head of maritime advisors at Drewry Nick Brown, chief executive at Lloyd's Register Eman Abdallah, global operations director at Cargill Ocean Transportation Mikel Skov, chief executive at Hafnia Captain Rajesh Unni, founder and chief executive of Synergy Group

This episode of the Lloyd's List Podcast was brought to you by Wirana - visit www.wirana.com/ for more information GREEN ship finance arrived a few years ago to much fanfare and hope. But times have changed. Lenders face many of the same hurdles as the rest of shipping: Uncertain regulation and technology, plus a lack of clear standards for what is and isn't green. But they also have another challenge. Cashed-up shipowners are sitting on piles of pandemic profits and paying back their loans. This means even holding on to a shipping portfolio is a challenge. Fierce competition among lenders has thinned margins, making it harder to offer borrowers much of a discount for greener goals. President Trump is back in; ESG investing is out. Or is it? Joining Declan on the podcast this week are: Jan-Henrik Huebner, global head of shipping advisory practice, DNV Maritime Tobias Backer, executive director, Pelagic Capital

AI “might be the salvation to humankind, or the opposite, as some fear”, says Lars Riisberg, CEO of Rina Digital Solutions, in this Lloyd's List podcast. Today, with large language models such as ChatGPT giving the general public some understanding of AI's capabilities, he says that AI “will surely change the way we work dramatically”. During his career devoted to data and its application that goes back to his university thesis in 1989, which looked at using AI in the automation industry, Riisberg has developed a positive outlook about AI. He is confident that, for shipping, it will have a positive effect on many current objectives, including decarbonisation, compliance and safety. In his opinion, digitalisation and the use of AI will help shipping's decarbonisation agenda and general operational efficiency. In particular, “the establishment, verification and use of management systems are spot on for use of AI,” he says. Yet all these benefits rely on data and one of his podcast themes revolves around how AI itself can be used to ensure that data is gathered in reliable ways. He listed some key data sources and acknowledged that “they all have their challenges when it comes to quality.” In his podcast, Riisberg mentions some practical instances where he believes AI can make a positive change, for example by using it to guide crew in how they carry out and report tasks. At an operational scale, he said that AI is already being used to establish reference performance standards in different sea states and to highlight deviations in fuel consumption compared to those standards and alert the crew. He also provided examples of where AI can be applied to management tasks but said that Rina's experience has given some insights into the pitfalls of AI. “AI is generally very ‘polite' and will try to come up with an answer… even when there is no good answer to a question,” he said, so “you will still have to be able to evaluate the answers and take your own personal judgement of the correctness of the answers.” Looking ahead, he predicted that it will become possible to interrogate data and written material by speaking to it through an AI interface and concluded “being able to ask questions about technically structured data… will be a new focus area for AI in the coming years.”

If Chinese shipyards are feeling uneasy right now, it's perfectly understandable. Last month, in an effort to revive its nearly non-existent domestic shipbuilding industry, the United States Trade Representative's office unleashed its most potent tax weapon yet against Chinese ships. The US plans to levy exorbitant port fees — in some cases, over a million dollars — for every US port call by Chinese operators, China-built ships, all operators that have any ships on order at Chinese yards, and according to one interpretation of the proposal, based on a presidential draft order obtained by Lloyd's List, all operators with any China-built ships in their fleets. If the goal is to revive the US commercial shipbuilding sector, these port fees may have a very limited impact, at least in the short term. Historically, overly aggressive reforms often fail due to a lack of execution or a systemic collapse caused by excessive shock. However, if the aim is to undermine China's dominance in the global shipbuilding industry, the effects may become apparent much more quickly. Brokers have already reported that China-built ships are losing their appeal in the long-term charter market, simply because of the possibility that they may not be able to visit the US in the future. This also highlights the fact that the problem faced by China-built ships isn't as simple as avoiding the US market and turning to other destinations. Losing the ability to go to the US means that these ships, especially those used for tramp trade, have reduced applicability in the charter market, which will inevitably be reflected in their charter rates. And if charter rates are discounted relative to more widely applicable Japanese and South Korean-built vessels, that discount will also inevitably be passed on to the value of newbuildings. In a nutshell, the products of Chinese shipyards will depreciate due to a loss of competitiveness. And the worst-case scenario is that they will have to give up at least some of their market share to their foreign competitors. It's fair to say that those from South Korea and Japan, the world's second- and third-largest shipbuilding nations respectively, are probably eagerly awaiting this opportunity. The US port fees could be a “game changer” in reshaping market dynamics for the global shipbuilding industry. This edition of the podcast features: • SM Kim, Executive Director of Korea Equity Research, JP Morgan • Dimitris Roumeliotis, Head of Research, Xclusiv Shipbrokers • Rob Willmington, Markets Editor, Lloyd's List

For years the shipping industry lamented sea blindness among the global political elite. Particularly in Europe, where shipping was more often than not ignored unless it became a pollution problem. Now, amid unprecedented geopolitical challenges, shipping is finally visible and the great powers are scrambling to bolster national interests. Shipping is once again recognised as a strategic sector. Donald Trump says that it is shipbuilding will make America Great Again. For the EU, shipping is now intrinsically linked to energy and trade security. And as byproduct of its resurgent status as a critical industry it is being namechecked in the slew of policies being pushed to light a fire under Europe's industrial competitiveness in the face of increasingly hostile challenges from US and China, But political plans are easy enough to produce — action, and the financing to enact it, less so. So is all this political attention a window of opportunity for the industry to capitalise on and secure the conditions it needs to prosper, or is the existential crisis at the heart of Europe going to sink shipping's prospects inside the world's largest trading bloc?

February comes with several notable dates for the calendar, but in marine insurance the end of the month means one thing: P&I renewals. Renewals for the International Group of P&I clubs are due on February 20th every year. This was traditionally the first date the Baltic ports were free of ice, and while shipping doesn't halt for the seasons in the same way it once did, the date has stuck. Lloyd's List insurance editor David Osler has once again gathered executives of major P&I clubs and brokers to ask them how their renewal season went, whether they think clubs should be handing back more cash to owners and perhaps most importantly, whether the 170-year-old system can cope with an ever-more volatile industry and some hefty recent claims. Joining David this week are: Jonathan Andrews, chief executive of Steamship Mutual Tom Bowsher, chief executive of West of England Thya Kathiravel, chief underwriting officer at NorthStandard Stephen Hawke, managing director at P&I broker Lockton Ferrari

In 2020, 85 vessels were reported abandoned. In 2023, that number was 142 — a worrying increase, but nothing compared to what was to come. Because in 2024, some 310 vessels were reported as abandoned. That is a 118% increase in just 12 months, and gives 2024 the unwanted record as the worst year for seafarer abandonment, which incidentally it takes from 2023. Abandonment is not a new phenomenon by any stretch, but there has been an alarming spike in cases in the last couple of years. What are the regulatory processes when an abandonment case is reported? What happens if flag states don't do what is required of them under the Maritime Labour Convention? And what other options are available to the industry to drive down a seemingly persistent problem for thr shipping industry? Joining Josh on the podcast this week are: Steve Trowsdale, global inspectorate co-ordinator, ITF Dr Dorota Lost-Sieminska, director of legal affairs and external relations, IMO

MONDAY February 17 kicks off the first of a crucial series of climate talks at the International Maritime Organization. There are just two intersessional working group meetings, and one Marine Environment Protection Committee left to approve regulations to bring shipping to net zero by or around 2050. Hundreds of negotiators will be working day and night to agree on some combination of a carbon price tool and a greenhouse gas fuel standard. The rules have to close the price gap between fossil and green fuels, kickstart investment in renewable supply chains, and also help poorer countries and low-lying islands cope with the costs of climate change. This has been talked about this for many years now, but 2025 is different. The IMO's 2023 GHG Strategy requires it to approve its mid-term measures in April and adopt them in October, to then come into force by 2027. So, what can we expect? ISW-GHG is not open to the press, but it's where much of the real political horse-trading takes place. The IMO's 176 member states are split roughly between those in favour of a carbon levy per tonne of CO2 equivalent, combined with a green fuel standard, and those who only want a fuel standard alone. Declan Bush takes you behind the doors of the IMO ahead of an important week for the shipping industry. Joining Declan on this week's episode are: Guy Platten, secretary general, International Chamber of Shipping Jesse Fahnestock, decarbonisation director, Global Maritime Forum

Freedom of navigation — the legal principle that states ships from any country have the right to sail freely in international waters — is under attack. It has been for some time. But a confluence of geopolitical shifts, security threats and an accelerating frequency of legal assaults are finally starting to erode a fundamental principle of the law of the sea and a pillar of modern international law. For the first time since the Cold War, maritime trade lanes have become contested zones and the rules-based order that shipping has previously relied on to protect it has started to disintegrate. And that threat is coming from multiple different vectors. A good starting point for that is what's happening in the Baltic right now. What Denmark and the Nordic-Baltic states have said is that they would take “coordinated steps to disrupt and deter Russia's shadow fleet”. While the language is deliberately vague, this amounts to politely requesting details of suspect ships' insurance. If they don't comply they risk being sanctioned, but so far none of the states are suggesting they will go further than that. For now. Geopolitical tensions are deepening and global maritime trade is being caught in the crossfire, both literally and figuratively. Trade lanes on the oceans are contested zones for the first time since the Cold War. The question is whether there is sufficient energy left amongst those backing the crumbling rules-based order to defend it.

The world economy is still globalised, at least for the moment. But superpower rivalry and the decay of global rules and norms mean that geopolitical tensions are deepening and global maritime trade is being caught in the crossfire, both literally and figuratively. Some of this is happening in plain sight. In the Red Sea, the Houthis redirected maritime trade and the combined naval forces of Europe, the US, UK and Israel were unable to convince the majority of global shipping that freedom of navigation had been maintained. In the Baltic, coastal states are publicly threatening to detain ships considered to be an environmental or security threat as a shadow-war of pipeline and cable sabotage plays out beneath the waves. Strategic choke points from the Arctic to the Panama Canal are subject to daily diplomatic spats, and harassment of merchant shipping in the Taiwan Strait, the Black Sea and the South China Sea is now considered so routine that incidents are barely reported. Behind closed doors, meanwhile, a legal and diplomatic war is being waged to redefine the very concept of international rules that allow ships to trade internationally. Trade lanes on the oceans are a contested zone for the first time since the Cold War. The very concept of freedom of navigation — a legal principle that states that ships from any country have the right to sail freely in international waters — is under attack. Over the course of a special two-part podcast Lloyd's List editor-in-chief Richard Meade takes a wider look at what this means for shipping. Is freedom of navigation, a fundamental principle of the law of the sea and a pillar of modern international law, something we have just quietly given up on? Featuring: Dominick Donald, geopolitical risk analyst and adviser to the joint war risks committee at Lloyd's Ian Ralby, chief executive of consultancy IR Consilium Kristina Siig, Professor of Maritime Law and Law of the Sea, University of Southern Denmark. Professor II of Maritime Law, Scandinavian Institute of Maritime Law, University of Oslo, Norway

Decarbonisation is perhaps the biggest issue shipping faces, and it's unique in that it affects everyone, whatever your politics. The question we, and much of the shipping industry asks, is not whether future fuels will become viable one day, but rather which of them will win the race. Of course, we're often told things like “we see a multi-fuel future” or “we are fuel agnostic”. But besides looking for that crystal ball we so regrettably lack, it helps to look at what's out there today. And judging on data released by Norwegian class society DNV, what's out there is LNG. Orders for vessels that were at least dual-fuel LNG doubled in 2024, with 264 orders placed. That's 100 more than the next most popular alternative, methanol. LNG ships represent nearly 10% of ships on order and 26% of gross tonnage on order, about double methanol's share. So why is LNG so far in front in the alternative fuel race? Joining Declan on the podcast are: Jason Stefanatos, global decarbonisation director, DNV Peter Keller, chairman, Sea-LNG

Over the last few weeks, we've brought you several episodes from our experts here at Lloyd's List briefing you on what to expect in each respective sector in 2025. Insurance editor David Osler is rounding that series off with a look at what the marine insurance market can expect over the next 12 months. The sector was thrust into the limelight in March last year, when containership Dali allided with the Francis Scott Key bridge in Baltimore, which tragically resulted in the deaths of six construction workers. That casualty could wind up being the costliest in maritime history by the time it's run its course though the US judicial system, and the International Group of P&I clubs is already on the hook for some serious cash. David explains how that case will affect P&I insurance moving forwards, as well as highlighting the extra capacity hitting the hull and machinery market which could drive down prices for shipowners. To listen to the rest of out ‘What to look out for series', head to Soundcloud, Spotify, or wherever you get your podcasts. You can also listen to every episode of the podcast on the Lloyd's List app.

THE geopolitical landscape changed seemingly by the hour in 2024, and 2025 has started in a similar vein. Cable cutting, new tranches of sanctions from the outgoing Biden administration and Chinese shipping giant Cosco being placed on a US Department of Defense sanctions for links to the Chinese military – all of that has happened in the first 10 days of 2025. But before all of that though, our risk and compliance experts gathered to discuss what they would be looking out for in 2025 and what you should be expecting from the year ahead. They discussed how sanctions handed down by multiple governments are attempting to control the trade of a growing dark fleet*, the increase in Automated Identification System manipulation, plus they debate whether shipping will return to the Red Sea in 2025. Joining reporter Joshua Minchin on this episode are: • Michelle Wiese Bockmann, principal analyst, Lloyd's List • Tomer Raanan, senior maritime reporter, Lloyd's List • Bridget Diakun, maritime risk analyst, Lloyd's List * Lloyd's List defines a tanker as part of the dark fleet if it is aged 15 years or over, anonymously owned and/or has a corporate structure designed to obfuscate beneficial ownership discovery, solely deployed in sanctioned oil trades, and engaged in one or more of the deceptive shipping practices outlined in US State Department guidance issued in May 2020. The figures exclude tankers tracked to government-controlled shipping entities such as Russia's Sovcomflot, or Iran's National Iranian Tanker Co, and those already sanctioned.

Decarbonisation is one of the most written-about topics in Lloyd's List. Read our daily briefing on any given day and it will more than likely contain at least one story dedicated to the industry's journey towards net zero. And there's good reason for that too. It dominates shipping headlines and touches every corner of our industry and 2025 could be a pivotal year in shipping's long history. Not only are there major changes to the European Union's FuelEU and Emissions Trading System about to come into force, but many believe the world's first international carbon levy could be agreed at the International Maritime Organization during meetings of its Marine Environment Protection Committee later this year. So, how likely is it that shipping gets a firm agreement from the IMO that carries some weight? And, if nothing is agreed, then what does the future of the regulator look like? To talk you through what could be a momentous year in securing shipping's future, here's multimedia editor and former sustainability editor Declan Bush, and Lloyd's List editor-in-chief, Richard Meade.

Reading the runes of this industry is often a futile and thankless task – predictions are regularly wiped out just hours after they are made. Despite that, our markets team assembled to make sure you are as prepared as you can be in our unpredictable sector for the year ahead. Senior maritime reporter Greg Miller discusses tankers and dry bulk, asking why the year started off so well for both before reaching a disappointing climax. Containers editor James Baker joins Greg to ask whether the box sector gravy train will ever end, and finally markets editor Robert Willmington takes a look at the shipbuilding market and makes some predictions about recycling and sale and purchase in 2025. There is plenty more to come from the rest of the Lloyd's List team in the New Year to make sure you're briefed for the year ahead. But if you want to listen to any of our episodes from 2024, you can find them all on Spotify, Soundcloud, as well as the Lloyd's List app.

Another year over, a new one just begun. As the clock ticks down on 2024 and 2025 begins, shipping is braced for another unpredictable year. Reading the runes of this industry is often a futile and thankless task – predictions are regularly wiped out just hours after they are made. But nevertheless, to prepare you for the New Year the Lloyd's List editorial team is going to be bringing you several mini episodes of the podcast over the next couple of weeks, in which they will discuss the things they are looking out for in 2025. We'll be talking about decarbonisation, risk and compliance, the container, tanker and dry bulk markets, as well as the marine insurance sector too. But to kick things off, editor-in chief Richard Meade and our Asia Pacific editor Cichen Shen sat down to take a bird's eye view of the industry, and reveal what they will be waiting for in 2025.

The volume and frequency of sanctions being targeted against shipping has never higher, or more visible, Sanctions are now a daily part of the Lloyd's List news agenda, so it's sometimes difficult to see how and how fast things are changing. But the risk and compliance landscape has noticeably changed this year – we're seeing more targeted sanctions, and in response we're seeing an ever-evolving shift of circumvention tactics, from an ever growing dark fleet that is looking more and more dangerous by the day. And the politics are also shifting. Much of Donald Trump's sanctions strategy remains unclear, and on past experience, unpredictable. It's a fair bet that Tehran can expect to be under more pressure post January 20 next year. But what happens with Russia – that's the big question. And what does that mean for the rest of shipping that has been left to navigate its way around not just an increasingly hefty compliance burden, but what is essentially a tiered trading system where one part of the industry is jumping through hoops to apply regulation and decarbonise and pay for carbon burned… While another section sails without basic adherence to safety regulations, no insurance, no legitimate flag – they are outside of the rules based order and they are earning a premium for it. So when Lloyd's List hosted its annual Outlook Forum in London earlier this month, this was the context to our discussions around sanctions risk and compliance. If you haven't already listened to the previous edition of the podcast where we brought you highlights of the first panel from our outlook event, then now would be a good time to hit pause and go back to listen to that one first. For the rest of you though, this is the second and final part of our edited highlight series that you're going to be listening to today. Joining Richard on the panel were: Michelle Linderman, partner, Van Bael & Bellis Daniel Martin, partner, HFW Michelle Wiese Bockmann, principal analyst, Lloyd's List Bridget Diakun, maritime risk analyst, Lloyd's List

Each year, Lloyd's List likes to gather a group of industry leaders, lock them in a room and not let them leave until they have divined the fate and fortunes of the shipping industry for the year to come. And that's what we did earlier this month in London at the annual Lloyd's List Outlook Forum, sponsored by Lloyd's Register. Having gathered a baseline of crowdsourced knowledge from Lloyd's List readers, we invited an all star line up of shipping's sharpest minds to join us for a discussion of the opportunities and threats that will be shaping shipping next year and beyond. Understanding the tipping points that will determine the future of the industry is absolutely critical, and you can learn what to look out for in 2025 in this week's episode, which brings you highlights from the event in London. • • Nick Brown, chief executive, Lloyd's Register • Karrie Trauth, senior vice-president and head of shipping and maritime, Shell • Tanuj Luthra, chief operating officer, Zodiac Maritime • Andrea Olivi, global head of shipping, Trafigura • Michael Parker, Citi global shipping, logistics and offshore chairman and chair of the Poseidon Principles Want more insight? Download our Lloyd's List Outlook Forum: 2025 and beyond Summary and Key Takeaways document, including the results from our Outlook survey and key quotes and charts from the event here: https://info.lloydslistintelligence.com/lloyds-list-outlook-forum-2025-and-beyond

EVER wanted to know what it's like to operate ships where half the crew are women? Well, this week's podcast is going to tell you. Lloyd's List's principal analyst, Michelle Wiese Bockmann, spoke to Hafnia, the New York and Oslo listed shipowner about a trailblazing initiative that has seen them crew five product tankers with 50% women. But I also want to highlight some of the positive steps being taken to integrate women to a seafaring career and international maritime industry generally. But there's also an important piece of history to mark. Michelle catches up with the two women who founded the Women's International Shipping and Trading Association at the very same pub in London where its first meeting was held 50 years ago. It's important to highlight and recognise the treatment women receive at sea. But it's also important to highlight some of the positive steps being taken to integrate women to a seafaring career and international maritime industry generally.

After enduring social unrest, geopolitical tensions and the Covid-19 pandemic, this Asian financial and shipping hub — long seen by many as in decline — has finally found an opportunity to stage a comeback. The Action Plan on Green Maritime Fuel Bunkering and accompanying incentive scheme unveiled a few weeks ago is seen by the local shipping community as a step by the Hong Kong government in the right direction — but only a step. The ambition is big, because behind it is not just a Hong Kong story, but a China story. Here, promoting renewables and ensuring energy security are closely intertwined, and its massive scale and cost advantage in this sector has led people to believe that the country will become the world's largest supplier of low-emission fuels, such as green methanol and ammonia. Hong Kong, a former British colony and the most outward-looking and free trading part of Chinese territory, despite Beijing's tightening grip over the past decade, should become one of the most important exporters, or a trading hub for these fuels to reach the world, some argue. In the words of Hong Kong Chamber of Shipping chairman Hing Chao, the vision is to “provide a Chinese solution to global maritime decarbonisation¨ through Hong Kong. Can this vision succeed? What more does Hong Kong need to do? For example, does it need to implement its own carbon pricing mechanism with neighbouring Chinese ports, say those in the Hong Kong-Macao-Guangdong Greater Bay Area, or GBA, before the International Maritime Organization's mid-term measures roll out? More importantly, can China fulfil its ambition to become the “world's factory” for green fuels? What challenges need to be overcome? Also, will geopolitics, which is accelerating the reconfiguration of global trade and supply chains, and arguably also affecting the pace of global decarbonisation, hinder the realisation of this ambition? Joining Cichen on this week's episode are: Hing Chao, chairman of the Hong Kong Chamber of Shipping and Wah Kwong Maritime Transport Roberto Giannetta, chairman of the Hong Kong Liner Shipping Association Sanjay Kuttan, chief strategy officer of the Global Centre for Maritime Decarbonisation

This episode of the Lloyd's List podcast is brought to you by Lloyd's Register and Columbia Shipmanagement Sign up for the Lloyd's List Outlook Forum here: https://info.lloydslistintelligence.com/lloyds-list-outlook-forum-rsvp The maritime industry is evolving faster than we often realise. Just a few years ago, high-frequency data collection was groundbreaking. Today, cloud-to-cloud connectivity and AI-powered optimisation platforms are a normal part of operations. Advanced vessel connectivity is scaling rapidly, and generative AI and machine learning are poised to accelerate those changes dramatically. If you missed the previous edition of this podcast, go back and listen to the experts explain what has happened, is happening and will happen, because there is progress there - the industry innovating faster than we often recognise. You can find it here. But it's important to not just focus on the tech, the widgets, the data and the artificial intelligence. The bit often missed in all this is the human intelligence. And to me that's the more interesting part of the story. It's where the greatest opportunities lie, but it's also the biggest risk.

This episode of the Lloyd's List podcast is brought to you by Lloyd's Register and Columbia Shipmanagement Sign up for the Lloyd's List Outlook Forum here: https://info.lloydslistintelligence.com/lloyds-list-outlook-forum-rsvp The wave of techno-optimism that began to spread in the wake of pandemic-related breakthroughs should be visible by now. Forced to embrace digitisation out of remote working necessity, firms outlined juicy research-and-development plans and governments promised to spend big on science. While it would be a stretch to say that the pandemic fuelled optimism, it certainly catalysed investment in technology research across sectors, and crucially coincided with an innovation arms race that was already escalating between China and the US. The principal project of the era, decarbonisation, spawned hundreds of funded technology projects, with as many again in the pipeline. And then of course there is AI. If some in the sector were to be believed, AI should have revolutionised shipping and everything else by now. All things considered, we should be living through a golden age of innovation. And yet it is often hard to see the evidence for that in shipping. Where are the breakthroughs? What do the great leap forwards looks like? There is no single unifying answer here and that's part of the problem, but it's also a huge opportunity. Joining Richard on the podcast this week are: Alexander Saverys, chief executive CMB.Tech Søren Meyer, chief executive of ZeroNorth Richard Buckley, chief executive of Ninety Percent of Everything Eman Abdalla, global operations director at Cargill Ocean Transportation Saskia Mureau, digital director at the Port of Rotterdam Authority Chakib Abi-Saab, chief technology officer at Lloyd's Register

This episode of the Lloyd's List Podcast was brought to you by Veson. Visit veson.com/decision-advantage for more information. Ten years or so ago, when the University of Plymouth ran their first cybersecurity symposium, the number attendees barely made double figures. This week, held in the main hall of the International Maritime Organization on London's Albert Embankment, the same event attracted more than 300, from shipping companies in almost every sector. Clearly, the topic has gained attention and traction, partly down to the repeated warnings of horror stories the industry continues to receive, right the way up to hackers being able to remotely control very large crude carriers. There have been several high-profile cyber incidents in shipping since the devastating NotPetya attack which cost Maersk more than $250m in 2017. The Port of Seattle, the Port of Lisbon and class society DNV can all count themselves of cyber attacks in the last two years. But the apocalyptic vision that has been painted for the industry time and time again hasn't materialised yet. So, how worried should we really be about cybersecurity in shipping? Joining Joshua on the podcast this week are: Kevin Jones, professor of computer science and director of the Maritime Cyber Threats Research Group, University of Plymouth Daniel Ng, chief executive of Cyberowl Svante Einarsson, head of cybersecurity maritime for EMEA and APAC, DNV Knut Ørbeck-Nilssen, maritime chief executive, DNV

When the International Association of Classification Societies (IACS) issued a paper in September setting out its position on the human element, its implications were clearly going to be far reaching. Its publication followed an IACS presentation in June to the Human Element Industry Group, which is made up of a number of maritime NGOs and it says that IACS' aims “to highlight and emphasise the importance of … human element aspects when developing new IACS requirements applicable to the ship and ship systems.” RINA's Secretary General Roberto Cazzulo currently chairs IACS' Council, giving the Italian organisation a particular significance in any discussion about its implications and, in this podcast, RINA's North Europe Region Senior Director for RINA's marine activities Fiorenzo Spadoni, puts IACS' approach into context, saying that it reflected significant industry changes driven by digitalisation, decarbonisation and increasingly complex ship systems. He also discussed whether these developments can help move the industry closer to net-zero emissions. “One critical factor in achieving net zero is the role of the human workforce” and by providing seafarers with skills and motivation to manage these technologies, “we are accelerating their adoption and the path toward net-zero,” he said.

The global climate circus heads to Baku, Azerbaijan this weekend for the start of the annual COP confab. That's the Conference of the Parties, meaning signatories to the United Nations Framework Convention on Climate Change — or COP 29. Shipping will be there, but don't expect much in the way of headline conclusions this year. If there is going to be any progress from this meeting, it's going to focus on the New Collective Quantified Goal on Climate Finance. So why are we talking about COP this week? The reality is that COPs have never really been about shipping, but what happens inside COP has a direct bearing on what happens next in terms of shipping's long term regulatory future. This year specifically COP is taking place just six months before the International Maritime Organization sits down agree the economic and technical measures to hit the industry's 2050 net zero targets. What happens in COP has at least some bearing on what happens in the IMO and perhaps more importantly, shipping's ability to make connections across the energy departments out in Azerbaijan over the next two weeks are going to be crucial to the process that follows whatever comes out of the IMO. Shipping may not be a huge part of COP, but COP matters hugely to shipping. Joining Richard on the podcast this week are: Dr Tristan Smith, University College London Katharine Palmer, Shipping Lead, UNFCC Climate Champions

Once a year, an industry alliance of first-movers and green investors gather in a room for shipping's answer to Davos, the annual Global Maritime Forum. And it's always an interesting conversation. These are shipping's optimists. The progressive cohort of industry leaders who have collectively invested billions of dollars in decarbonisation projects and spawned voluntary projects advancing everything from transparent green finance and insurance to diversity programmes and climate-aligned chartering. But it's not easy being an optimist in shipping right now. There are the obvious geopolitical headwinds blowing in of course, but there is also a growing sense that the industry in wait and see mode. Shipping's green first-movers are increasingly unlikely to move further without a sufficiently robust regulatory framework from the International Maritime Organization next year. Scratch below the surface of the conversations about progress and innovation, and it's apparent that we're not yet at a stage where, even without the regulation, the industry is yet aligned on who ends up footing the bill for what is going to be a very expensive transition to green fuels and even basic efficiency investments. And yet, despite all that, when the GMF gathered in Tokyo earlier this month there was a palpable sense of optimism in the room and genuine evidence that progress is not just possible, it is now inevitable. So, has the shipping industry really moved from laggard to leader in the race to decarbonise? Joining Richard on this week's episode are: Eman Abdalla, global operations director ocean transportation division, Cargill Laure Baratgin, head of commercial operations, Rio Tinto Matthieu de Tugny, head of marine and offshore, Bureau Veritas Nick Brown, chief executive, Lloyd's Register Arsenio Dominguez, secretary-general, IMO Johanna Christensen, chief executive, Global Maritime Forum

There have been shipowners listed on Wall Street going back to the 1980s, but it was only in the mid-2000s – with the China trade boom – that the shipping industry really came to the US public markets in a major way. In the two decades since then, there have been some controversies with these listed shipowners. These controversies have involved conflicts of interest: self-dealing by private sponsors and management to the detriment of common shareholders. There have been cases of public owners buying ships from their private sponsors at prices that are – shall we say – advantageous to the related-party sponsors. There have been fees paid by the public companies to their own sponsors for technical and commercial management at levels that have unduly enriched those sponsors. There have been public company managements that have conducted highly dilutive equity sales, wiping out over 90% of their own share value to raise money to buy ships from their own private companies. And there have been insiders that have had attractive offers to buy the public company – offers that would have enriched the common shareholders – but offers that were blocked because it was not in the interest of the insiders. When it comes to corporate governance – the good, the bad and the ugly – there is one person who is considered the expert on this subject, equity analyst Michael Webber. He started his own firm, Webber Research, in 2019 and before that was the shipping analyst at Wells Fargo. Every year, Webber puts out a scorecard that ranks shipping companies based upon their corporate governance and ESG practices. It is very closely watched – and this year's rankings have just been released. Webber joins Lloyd's List senior reporter Greg Miller on this week's episode to talk about the scorecard and what it tells us about shipping industry behaviour.

This episode of the Lloyd's List Podcast was brought to you by Veson. Visit https://veson.com/decision-advantage for more information. Some shipowners warn that crew supply is only set to get worse due to a lack of young people wanting a career at sea. Others are concerned about the need to upskill existing crews to handle increasing digitalisation and multiple fuel types. This comes during a period of growth in the merchant vessel fleet due to a new shipbuilding cycle and limited vessel recycling. Most industry insiders agree that the talent shortage is already becoming a serious problem for the industry. Meanwhile, the switch to recruiting shipboard personnel chiefly from the Indian sub-continent and East Asia since the 1980s means there are fewer people able to fill numerous western shore-based roles requiring previous seafaring experience. As competition for crew has increased, more shipowners are taking action to increase the attractiveness of a seafaring career. These include improved crew accommodation, better internet connectivity and more flexible, or shorter working contracts. All of these can be effective ways to reduce attrition. So what more needs to be done to ensure a continued supply of skilled seafarers and attract young people to the industry to operate the global vessel fleet? Joining Rob Wilmington on this week's episode are: Julia Anastasiou, chief crew management officer at OSM Thome Raal Harris, chief creative officer, Ocean Technologies

THERE is a hint of clickbait about this week's title – we at Lloyd's List are of course very passionate about diversity in shipping. But as the Women's International Shipping & Trading Association celebrates its 50th birthday at its annual meeting in Cyprus – the question of why shipping still hasn't achieved gender parity loomed large. Female representation in board rooms is a societal problem, but shipping is lagging behind even those modest numbers. The statistics are damning, wherever you get them from, but the accepted number is 15% of women occupy executive leadership roles and just 2% of seafarers are female. This episode is not to preach about the importance of diversity. Frankly that isn't up for debate anymore. Instead, it will ask why our sector is so far behind others in this matter and identify some actual, tangible tasks that we can all do to make a difference today. Progress has undoubtedly been made, but it is slow and the going heavy. The exhaustion and frustration could be heard in many of the women's voices at the conference, even if their words reflected continued optimism. So why is shipping failing, and what actions can be taken now to right course. Speaking on this week's edition: WISTA International President Elpi Petraki IMO Secretary General Arsenio Dominguez International Chamber of Shipping Secretary General Guy Platten

This episode of the Lloyd's List Podcast was brought to you by Veson. Visit https://veson.com/decision-advantage/ for more information. There is a very detailed series of policy discussions happening right now inside the walls of the International Maritime Organization. The question of whether the IMO can stick to its timetable and agree the basic architecture of shipping's energy transition via a fuel standard and some kind of levy is of course important. It's important in terms of demand signals to fuels producers, regulatory certainty for an industry in limbo, but it's also going to determine whether we continue to have global regulation for shipping. If what the IMO agrees is not ambitious enough, shipping still faces the likely proliferation of national and regional bloc legislations to come. But what gets agreed inside the Marine Environment Protection Committee, is not the final step of shipping's decarbonisation journey. It's not even the starter. There's a long list of practical and political factors for shipping to consider beyond an IMO discussion, and the industry needs to be preparing itself for a gruelling series of changes over several years. The bigger picture is that shipping is still not yet fully on the radar of the wider energy transition discussions like the Global African Hydrogen Summit that took place in Namibia last month. There are still a lot of dots to be joined between government, ports, fuel suppliers and shipping as one of many industries in the queue for green fuels. The industry is entering a phase that requires different approaches to its understanding of fuels supply and procurement and the coming regulation. The cliché “it's a marathon not a sprint” is overused. But shipping is facing a decarbonisation ultra-marathon, and it needs to start training now.

Eric Christofferson is chief product officer at Veson Nautical, which is a provider of maritime data and freight management solutions to support global commerce. In this sponsored edition of the podcast, he comments on how data is reshaping how shipping contracts and compliance are managed.

This episode of the Lloyd's List podcast is brought to you by Lloyd's Register — visit www.lr.org/en for more information Law and insurance editor David Osler assembles a star-studded line-up at the International Union of Marine Insurance annual conference in Berlin to assess the strength of the market in 2024

In the long run, ‘doing good is good for business', believes Natalie Sallaum, chief relationship officer at the vehicle carrier Sallaum Lines. In this edition of the Shipping Podcast, she draws on the company's extensive experience of supporting community environmental initiatives to set out the benefits of being proactive about CSR and ESG

This episode of the Lloyd's List podcast was brought to you by Lloyd's Register — visit www.lr.org/en for more information THE multi-fuel future of shipping is looking more limited than it was a year ago. We know what the three major molecules are – methane, methanol and ammonia. But this isn't a question of picking a fuel and supporting it as if it were a sports team to be followed blindly. Shipowners are largely agnostic and very pragmatic when it comes to options of the table. This is not just about the fuel ,or the availability of technology and engines, or the regulation, or the carbon pricing, or the offtake agreements and demand signals, or the fact that shipping is in a long queue of other sectors competing for the same supply of molecules – it's about all of these competing dynamics and the fact that owners have to balance decisions that need to be taken now against the uncertain outcome of all of these factors. And in the midst of all that uncertainty the pragmatic view of the immediate choices available to shipping appears to be coalescing around LNG. Now that's still a controversial view in some quarters –methane slip, a greenhouse gas 82 times more potent than carbon dioxide – remains a cause for concern. But LNG is a fuel in transition, rather than a transitional fuel, runs the argument. When you consider bio-LNG and synthetic LNG, and the ability to combine LNG with carbon capture there is a compelling case for the industry to now converge on LNG as the most pragmatic available pathway right now. Joining Richard on the podcast this week: Melissa Williams, president of Shell Marine Bud Darr, executive vice president of maritime policy and government affairs at Mediterranean Shipping Company Stelios Troulis, Angelicoussis Group energy transition and sustainability director

This episode of the Lloyd's List podcast was brought to you by Lloyd's Register - visit www.lr.org/en/ for more information. Should you wish to list all of the various risks, road blocks, unresolved problems and known challenges ahead for the shipping industry you will need a long piece of paper and ideally some medical assistance on standby. This is not a task for the faint of heart or those of a nervous disposition. You might start with some of the old favourites - supply chain instability, barriers to trade and administrative burdens on an industry ill-equipped to deal with them are all still bubbling away raising the sector's blood pressure. Cyber risk, protectionism, the rise of the dark fleet, seafarer training and recruitment, autonomy…. the list just goes on and on. But, given the geopolitical upheaval that now threatens to blow up, on a daily basis, the risk hotlist is looking spicier than usual this year. How do we deal with this growing ‘to do' list from hell? How is it possible for such a fragmented industry do tackle decarbonisation and digitalisation amid a fracturing geopolitical framework, on top of the business-as-usual risk list that threatens to scupper the best laid plans of those who carry global trade on a daily basis? Shipping's post-Covid, post-Ever Given public profile has never been greater, but more importantly, the industry's political capital is at an all-time high. This week, Lloyd's List editor-in-chief Richard Meade talks to the European Community Shipowners' Association, the Singapore Shipowners' Association and international Chamber of Shipping about what's on their agenda and where they see the greatest challenges, and solutions for shipping. Joining Richard are: Guy Platten, secretary general, International Chamber of Shipping Caroline Yang, president, Singapore Shipowners' Association Sotiris Raptis, secretary general, European Community Shipowners' Association

In China, shipyards that were distressed assets just years ago are now highly sought after. And if you happened to buy into some back then, congratulations; you likely stand to make a windfall profit. Shanghai-headquartered DCL Investments made one such shrewd play more than two years ago. It invested in restructuring bankrupt Yangzhou Guoyu Shipbuilding at bargain prices, becoming the yard's controlling shareholder in July 2024. Now this facility, with over 300 acres of land, 2 km of Yangtze river frontage, and four slipways able to produce up to 18 merchant ships annually, is generating positive cashflow by leasing to other shipbuilders. It could also bring DCL Investments a hefty return if snapped up by the next buyer. Behind this story is the unfolding of the latest shipbuilding cycle: orderbooks swell, ship prices surge, yards' profits rebound, and capacity expands. But spectres of the past haunt: will rampant overordering end in yet another devastating crash? Those who lived through the order bubble prior to the 2008 financial crisis can't help but worry about history repeating itself. Sanguine voices, however, counter history won't simply repeat. This cycle still has room to run, optimists say, fuelled by fleet renewal demand amid massive levels of aging tonnage and tightening emissions rules absent in the frenzied 2000s. Meanwhile, the industry outlook is intertwined with various uncertainties. Can vessel earnings justify the rising ship prices? Can shipyards resolve labour shortages? Is the International Maritime Organization able to accomplish its green ambitions? And, will excess capacity expansion re-emerge in China, the world's largest shipbuilding nation and, disrupt markets? Discussing shipbuilding prospects on the podcast this week: Wang Linyu, managing director of DCL Investments John Cotzias, founder of Xclusiv Dimitris Roumeliotis, research analyst of Xclusiv Rob Willmington, markets editor of Lloyd's List

What do I build? Where do I build it? How much does it cost? And when can I get it? That's the checklist of shipowner's questions right now as they consider newbuildings. If you asked a shipowner what they would be looking for a decade ago the answer to those questions would be pretty standard. If money was no object they would plump for the quality of Japanese yards, they would know exactly which engine was the most efficient for their requirements and the list optional specifications would largely be a question of cost and strategy. As we have reported in previous editions of the podcast, the shipping industry's decarbonisation strategy is largely built on a fuel mix for which availability is low, energy density is low, capital requirements are high, prices are at record levels, consumer signals are weak, and the ownership structure is fragmented with no clear market leader to drive the new market offering. And yet orders have to be placed – regardless of the regulatory uncertainty, lack of supply, scalability of availability of technology or fuels, the fleet news renewing. Decisions have to be taken and inevitably the interplay between flexibility, efficiency, and yes cost, make for a complex process, that more often then not ends up looking like a series of bets more than a strategy. So this week I want to explore how the industry is thinking about these decisions. What's the best ship you could theoretically build today? If money were no object and you could get on a plane and find yourself in a shipyard office withal the available specs in front of you – what do you go for? Joining Richard on the podcast this week are: Claire Wright, head of Hanwha Ocean Europe Nikos Tsatsaros, construction director at Lloyd's Register

THE headline takeaway from the 2024 edition of the top 100 container port was a second successive year of muted volume growth during 2023 for the biggest container ports. The total tally of just over 690m teu handled by the top 100 ports represented a 0.8% rise on the previous year, continuing the trend of the ‘tepid 20s' post-Covid with volume growth only marginal. Lloyd's List deputy editor Linton Nightingale spoke to Drewry senior ports and terminals analyst Eleanor Hadland to look back on how the container port sector fared last year and how it has kicked off 2024. They discussed the factors that could upset the applecart, disrupt the sector and pose a problem for volume trajectory, including potential dock strikes and the result of the upcoming US presidential election…