Lloyd's List: The Shipping Podcast

FIGURES from the United Nations Office on Drugs and Crime suggest the annual global value of laundered money is between $800bn and $2trn, representing between 2% and 5% of global GDP. Much of this money is cleaned through trade-based money laundering, where criminals disguise the proceeds of crime through trade transactions to legitimise their origin. When that money hits a bank account, its links to say a smuggling ring or drug cartel will be masked, and anyone that looks will instead be presented with a legitimate transaction, say for the sale of commodities. With 90% of global trade transported by sea, shipping companies find themselves in an unwanted position of vulnerability. It's of course impossible to check every container and grain hold, but due diligence still has to be performed. If not, the consequences can be severe, from a loss of reputation to even legal ramifications.

Singapore literally would not exist without the shipping industry. In 1819 the East India Company reached agreement with the local ruler to use it as a waystation for vessels carrying opium to China. Five years later, it bought the entire country for cash. Two hundred years later, it would not be much of a stretch to describe it as a powerhouse port with a small southeast Asian city-state attached. But until last month, the International Union of Marine Insurance conference had not taken place there since 2004. Even then, Singapore's standing in the maritime industries was undeniable. But at that point it remained an emerging market in marine insurance terms. As the 600-plus delegates who assembled for this year's event were told, that is clearly no longer the case. It is now the fourth-largest hull market in the world. Its share of the global hull book now stands at 7.9%, leaving it just a fraction of a percentage point behind the once-almighty Lloyd's. Nor is it the only Asian nation to see its marine insurance presence take a great leap forward. China is now writing around 12% of world hull premiums and must now be counted as a core market for H&M. It also writes 17% of cargo business, which is more than Lloyd's and the London companies markets put together. The late Chinese leader Deng Xiaoping - who died in 1997 - argued that the twenty-first century would be the Asian century. If marine insurance is anything to go by, he may have had a point. Joining David on the podcast are: Veith Huesmann, chief analyst, IUMI Sean Dalton, head of marine underwriting North America, Munich Re Alicia Leong, head of marine liabilities Asia, Markel Jun Lin, vice president, Gard

Why is the shadow fleet growing? Why do Chinese owners continue to sail their vessels through the Red Sea? And what happens if the International Maritime Organization does not adopt the Net-Zero Framework next month? In an age where uncertainty is simply part of doing business, Lloyd's List gathered some of its expert analysts and journalists to brief selected guests on the key issues of the day during London International Shipping Week. Listen to the highlights of the event in this edition of the Lloyd's List podcast. If you want to learn more, you can download the slides produced by our expert panel, featuring Lloyd's List Intelligence data and figures. Featuring on this episode are: Richard Meade, editor-in-chief, Lloyd's List Bridget Diakun, senior maritime risk analyst, Lloyd's List Cichen Shen, APAC editor, Lloyd's List Declan Bush, senior reporter, Lloyd's List

On the final day of London International Shipping Week, Lloyd's List reporter Joshua Minchin brings you the key takeaways from the week, alongside senior maritime reporter Greg Miller, maritime risk analyst Tomer Raanan and senior reporter Declan Bush. The three ask whether shipping could suffer from too much inefficiency, or at least the wrong kind anyway, and reflect on the policy uncertainty coming out of Washington at present. Plus, Declan offers his final take of the week on how the net zero framework will fare at next month's extraordinary MEPC meeting. Will the US' threats make any material difference at all?

Does shipping whinge too much? That's the question Lloyd's List senior reporter Joshua Minchin is asking on this edition of the daily reaction from London International Shipping Week, joined by editor-in-chief Richard Meade, APAC editor Cichen Shen, and senior risk and compliance analyst Bridget Diakun. Governments around the world, but particularly in the UK, are often criticised for being uninformed and unenthusiastic about the maritime industry. But former shipping minister and Core Power vice-president Baroness Vere argues the shipping industry doesn't sell itself in the right way, and instead comes to politicians with complaints, rather than solutions. Elsewhere, Cichen reflects on conversations he's had with the Cosco delegation in London this week, while Bridget explains why there is a feeling of helplessness surrounding the shadow fleet in the industry at the moment.

Day three of London International Shipping Week sees the circus descend on the headquarters of the International Maritime Organization, which is playing host to the week's headline conference. Lloyd's List editor-in-chief Richard Meade, who moderated a session on decarbonisation, and senior reporters Joshua Minchin and Declan Bush were joined by Cargill Ocean Transportation president and chair of the Global Maritime Forum Jan Dieleman to reflect on the day's discussions and ask whether next month's crucial Net-Zero Framework vote would go through. Plus, Joshua asks whether shipping is suitably reassured by the several, passionate promises by military leaders this week that their forces are determined to protect shipping.

As London International Shipping Week gets off to a frantic start, Lloyd's List editor-in-chief Richard Meade and reporter Joshua Minchin bring you their highlights from the first two days of the event. Richard assesses London's role in the shipping industry as the week kicks off, and asks what the UK needs to do to stay relevant in an industry that has moved away from it as the centre of gravity it was for centuries. Joshua reflects on a fascinating session on data sharing held on Tuesday September 16 with a star-studded panel, and comes to the conclusion that actually shipping might not want to share its toys. Can regulators find a big enough stick to make them? And then there were the nukes. Long-heralded as the potential silver bullet, and dismissed as too expensive and too dangerous, Richard explains why he is optimistic about nuclear power in shipping, but not in the manner you might expect. Stay tuned for our daily roundup every day of London International Shipping week – but don't forget you can listen to every episode ever of the Lloyd's List podcast on Soundcloud, Spotify, or wherever you get your podcasts, as well as the Lloyd's List app.

THREE hundred years ago, when Lloyd's List was still a list of ships pinned to a coffee shop wall, London was the epicentre of global trade. It was the hub where the shipowning, the insurance, the finance, the technology and the workforce got business done. And that was the case for centuries. But London is not the epicentre of global trade any more – far from it. As the shipping industry descends upon the UK capital once again for London International Shipping Week – we ask what shipping needs from a maritime hub. London is good. But how do we make London great again? Joining Richard on the podcast this week are: Tanuj Luthra, chief operating officer, Zodiac Maritime Jos Standerwick, chief executive officer, Maritime London Gihan Ismail, director, Marine Capital Peter Aylott, director of policy, UK Chamber of Shipping

Shore leave is a fundamental part of life at sea. It has been for centuries. The modern seafarer can spend up to 11 months on board a vessel during a contract, so getting on to dry land whenever possible can be an important form of rest and recuperation. But this custom is under threat. A recent report by the ITF Seafarers' Trust showed that a quarter of seafarers surveyed said they did not get any shore leave during the entirety of their contract. For those that did manage to get ashore, nearly half said they spend less than three hours ashore. From visa requirements, a simple lack of time, or even the prohibitive cost of a ride to the port gate, seafarers face many barriers to getting shore when one of the very limited opportunities presents itself. Can anything be done to halt the extinction process? Joining Joshua on this week's podcast are: Tim Hill, chief executive, Stella Maris Ben Bailey, director of programme, Mission to Seafarers Several serving seafarers aboard vessels across the world

Every year, Lloyd's List publishes a list of the world's Top 100 container ports. And to mark the release of this year's ranking, we're taking a deep dive in this week's episode to understand the key trends seen across the container sector last year, and work out what the rest of the year has in store. In a year defined by disruption, the world's leading container ports still managed to increase their throughput by 8% - a sharp turnaround from some of the sluggish growth we've become accustomed to in recent years. The geopolitical upheaval shipping has had to deal with in the last 18 months has clearly created some winners, as well as some losers that continue to suffer at the hands of Red Sea rerouting and tariff wars. To download the Lloyd's List Top 100 Ports report, visit www.lloydslist.com/one-hundred-container-ports-2025, where you can see the full list of rankings as well access the data behind it, including regional and country-level analysis. Joining Joshua on this week's podcast are: Linton Nightingale, deputy editor, Lloyd's List Eleanor Hadland, senior ports and terminals analyst, Drewry

Low Earth orbit connectivity doesn't occupy the same number of column inches as say Houthi terror in the Red Sea, or the climate regulatory tussles at the IMO, but it has arguably changed shipping just as much, if not more. Vessels that have long relied on dependable, but relatively slow internet connectivity now have access to the kind of upload and download speeds used to create this very podcast, thanks in no small part to Elon Musk's Starlink system, which uses its own constellation of satellites. There's no doubt this has opened endless doors for both shipowners and seafarers. Data collection and analysis is possible on a scale unimaginable at sea just a decade ago. Crew can now video-call family or stream live sports despite being hundreds of miles from land. But, in a microcosm of society as a whole, this advent of instant connectivity brings with it negatives too, potentially opening the door to would-be hackers who are starting to see shipping as a rich target. Joining Joshua on this week's podcast are: Daniel Ng, chief executive, CyberOwl Tore Morten Olsen, president of maritime, Marlink Ben Palmer, president, Inmarsat Maritime

WHEN an oil tanker can trade internationally and switch between fictional flags and take on digital identities of ghost ships that were scrapped years ago, there is a problem. Not a fictional problem. A real life, tangible problem that relates to a real ship performing really dangerous operations with zero accountability and, apparently, no means to stop it. In the first edition of this podcast, we detailed how a growing black market of fraudulent ship registers, created by linked networks of international scammers have sprung up. This edition will focus on why these fake flags are just a symptom of a much wider problem. The system is broken. Fixing that system, however, is going to require a root-and-branch reappraisal of how we ensure compliance and oversight in global trade, and it's going to require governments to be genuinely accountable for the ships they flag. Let's start with the basics. We know what a fraudulent ship register looks like and what it doesn't do, but what should a flag be doing? Why does the flag a ship is flying matter? Joining Richard this week are: Bridget Diakun, senior risk and compliance analyst, Lloyd's List Christian Panto, independent open-source intelligence analyst Alfonso Castillero, chief executive, Liberian International Ship and Corporate Registry

Until fairly recently the government of Malawi were blissfully unaware of the fact that they inadvertently stumbled into a tense political stand-off between Nato and Russia. Ministers in the landlocked capital Lilongwe were understandably surprised to find that they had been enthusiastically registering sanctioned shadow fleet tankers and fixing them up with new identities. They were, initially at least, perplexed by questions regarding a fleet of tankers being used to load crude out of the Baltic, then escorted by Russian naval ships and tracked by the combined surveillance capacity of NATO's forces. And that's because they had no idea until Lloyd's List told them. In this special two-part podcast, Lloyd's List editor-in-chief Richard Meade explains how the system of ship registration has corrupted to the point that governments are unable to tell the difference between real and fake ship identities; and looks at what it will take to fix that broken system. Joining Richard on this week's episode are: Polina Ivanova, foreign correspondent, Financial Times Christian Panto, independent open-source intelligence analyst

The EU's two big green regulations on shipping have had many consequences, whether intended or otherwise. But their original purpose was as a threat. Four years ago the International Maritime Organization had been dragging its feet on agreeing any kind of meaningful limits on CO2 from ships. So Brussels effectively told the regulator: reduce your emissions, or we will. The European Commission extended its emissions trading system to cover half of emissions from voyages to and from the EU. It also pitched a green fuel standard called FuelEU Maritime, which fines companies unless they phase in greener fuels over time. The ETS started at the beginning of 2024 and the first credits are due to be handed over by September 30. FuelEU is being phased in too, with its own set of deadlines in the coming years. Shipping has been preparing ever since. But now the EU could be close to getting its original wish. A global net zero framework for cutting emissions is on its way from the IMO, though it needs to be formally adopted in October. So, now we have a global regime on the horizon, shouldn't Europe fall into line? The commission has said will consider changing its ways – if it considers the IMO system ambitious enough for the planet. So, what will it do? Joining Declan on this week's podcast are: Magda Kopczyńska, Directorate-General for Mobility and Transport, European Commission Simon Bennett, Deputy Secretary General, International Chamber of Shipping

This episode of the Lloyd's List Podcast was brought to you by Veson. Visit veson.com for more information. MOST end-of-life ships usually meet their demise on the beaches of the Indian subcontinent or Aliaga in Türkiye, with the ship recycling industry not being known for a culture of safety or environmental consciousness. But the long-term efforts of NGOs, regulators, flag states, shipowners and the recycling industry have done much to improve things in recent years. This culminated in the landmark Hong Kong Convention for the safe and environmentally sound recycling of ships entering into force on June 26 this year. Lloyd's List markets editor Rob Willmington spoke to recycling industry stakeholders to find out why the Hong Kong Convention is so significant and what its implementation means for shipowners. At the same time, we asked following three years of negligible ship recycling because of strong shipping markets, when will the sale of old ships finally start to pick up again? Joining Rob on this week's episode are: Anil Sharma, chief executive, GMS Tone Knudsen Fiskeseth, principal consultant, Environment Advisory, DNV Nikos Mikelis, chairperson, Ship Recycling Alliance Hitesh Vyas, vice-president Middle East and green recycling coordinator, Wirana

This episode of the Lloyd's List Podcast was brought to you by Veson. Visit veson.com for more information. Moored off Yemen's coast, the FSO Safer is a decaying supertanker that could have spilled more than a million barrels of oil into the Red Sea. The result would have been an environmental, humanitarian and economic catastrophe. But the UN raised over $50 million to buy a replacement tanker and transfer the oil, only to then see the Houthis take control of both tankers and start using the replacement tanker as a platform to store sanctioned Russian oil. This is part two of the FSO Safer story, in which Lloyd's List editor-in-chief Richard Meade looks at the bigger picture of Houthi power in the Red Sea. Should we have seen this situation coming? And why does the world continue to underestimate the Houthis, despite repeated warnings from inside Yemen about their capabilities? Joining Richard on this week's podcast are: Nadwha Al-Dawsari, non-resident fellow at the Middle East Institute Ian Ralby, chief executive, IR Consilium

This episode of the Lloyd's List Podcast was brought to you by Veson. Visit veson.com for more information. This is a story about a ship that has been used as a floating bomb, as political leverage, as an environmental threat. It's a story about how the international community was convinced into raising $50m to buy a group designated by the US government as terrorists, a ship, and how that ship is being used today to store sanctioned Russian cargoes. And it's a story about how an Islamist political organization that emerged from Yemen in the 1990s, that barely registered on even regional risk lists a few years ago, has been allowed to rapidly evolve into a powerful military organisation apparently able to defy the combined naval protection capabilities of the Western world. And it's a story about why that transformation is far from over — and why the threat to shipping is growing. Joining Richard Meade to tell the FSO Safer story are: • Ian Ralby, chief executive, IR Consilium • Tomer Raanan, risk analyst, Lloyd's List Read the original article by Tomer Raanan here: https://www.lloydslist.com/LL1154126/Exclusive-How-a-UN-purchased-tanker-became-a-Houthi-floating-storage-facility-for-Russian-oil

Amid all of the seemingly endless ups and downs that have dominated 2025 so far, dry bulk, as it always does, just keeps on going, moving some of the world's most important commodities across our oceans. At the end of last year, the almost unanimous prediction for 2025 was that the dry bulk market wasn't set for its best year ever. Market fundamentals looked pretty weak, especially from China, which accounts for so much of bulk demand. Have things changed drastically since those predictions were made more than six months ago? So much has happened since the turn of the year after all, with the speed of policy from the White House in the early months of the year almost unprecedented. Joining editor-in-chief Richard Meade this week are: Joshua Minchin, senior reporter, Lloyd's List Greg Miller, senior reporter, Lloyd's List

This episode of The Shipping Podcast is brought to you by Veson AI can provide valuable decision-making support in maritime supply chain management and it is not just a dry academic exercise: in this podcast we hear that we should play with it and have some fun along the way Eric Christofferson is Chief Product Officer at Veson Nautical, which is a provider of maritime data and freight management solutions to support global commerce. His experience with AI outside maritime reveal interesting insights in how to approach AI and get the most from it. Eric Christofferson shares his perspective on AI's role in the maritime industry coming from the fintech industry. There are some interesting differences between them, in particular its management of data standards and information. In this podcast, he discusses how shipping relies heavily on what he calls traditional tools, such as emails and messaging services, saying that managers have to “mine that information and … structure the unstructured data.” In fintech, data is more organised. Algorithms can execute trades based on such parameters as price points and market movements but shipping has not yet reached a level of standardisation that would allow AI to make equivalent decisions. “In this industry, I haven't seen a clean enough data set for that type of guidance to be given,” Mr Christofferson says. But in this podcast, he is confident that solutions that Veson and others provide offer “really compelling workflows and solutions” that can address this situation, bringing together data from disparate and unstructured sources. He explores whether decisions are better if they are supported by AI and believes it can play an important role in decision making. During the podcast, he offers some practical advice on getting the best out of AI-based decisions, saying that it is important to decide where in a workflow they will add value. This is how Veson approaches its work with clients and within its own organisation when introducing AI across its portfolio of solutions. He also shares why it's important to avoid “trying to ‘AI' everything”, why not everything is suitable for an AI solution and how to make using AI fun in an organisation. He tells the podcast that it is important to build trust for AI-generated decisions, describing that process in a similar way to developing a human relationship; “you can trust it, but you verify it,” he says. And because it can streamline data input and communication between systems, it enables people to focus on other decision-making priorities and allows them “to connect with each other at a human level” he says.

This episode of the Lloyd's List Podcast was brought to you by Veson. Visit veson.com for more information. Every year, Lloyd's List publishes two sets of market outlooks. One at the end of the year and one mid-way through. Disruption and uncertainty have been synonymous with container shipping in recent years. So far, 2025 has seen more of the same and the only certainty at this stage is that this is unlikely to change through to December. After last week's episode brought you the outlook for the container market, this week we're focussing on the tanker sector, with Lloyd's List senior reporter Greg Miller. Greg reflects on the escalating geopolitical tensions in the Middle East and examines their impact on the tanker market, while also offering a warning to those who think disruption can only be a good thing for the sector…

EVERY year, Lloyd's List publishes two sets of markets outlooks. One at the end of the year and one mid-way through. Disruption and uncertainty have been synonymous with container shipping in recent years. So far, 2025 has seen more of the same — and, well, the only certainty at this stage is that this is unlikely to change through to December. US trade policies under Trump 2.0 have dominated proceedings in the opening months of the year, with the industry, like everyone else, second-guessing the president and his administration's next move in an unpredictable game of yo-yo tariffs being played out on the global stage. This week's episode of the Lloyd's List Podcast takes a look at the container sector's year so far in 2025, and offers some insight into what the next six months might hold for the market amid tariff uncertainty and increasing geopolitical tensions. Joining Joshua Minchin on this week ‘s episode are: Linton Nightingale, Lloyd's List deputy editor Neil Dekker, Infospectrum senior analyst

This episode of the Lloyd's List Podcast was brought to you by Wirana - visit www.wirana.com/ for more information THERE are tens of thousands of shipowners in the world, but only a handful of them can be properly be classified as major players. Much of the content of Lloyd's List naturally focuses on the MSCs, Frontlines and Maersk's of this world, whose fleet lists run to the hundreds. When they want to pick up some newbuildings or even to buy one of their rivals, they have few problems finding the finance. Banks refer to them as tier one clients and actively court their business, on preferential terms. But the mean average owner is probably a family-owned businesses with maybe half a dozen ships and the median average operator will have perhaps a few dozen. These kinds of guys are the backbone of our industry. Historically, they didn't have too hard a time of time it either. Until the early years of this century, many European banks were up to their neck in ship finance and indeed, some were devoted to it entirely. This was the era of what was known as relationship banking. Shipping bankers actually understood shipping, including its cyclical nature. Owners with a sensible business plan, maybe backed by long-term charter employment, and a decent equity stake could usually negotiate a sustainable mortgage. This lost age disappeared with the onset of the global financial crisis in 2008, when European banks largely quit the scene. In the following decade, private equity moved in and made a small fortune, but only by starting with a large one. Chinese leasing deals became the preferred option – and sometimes the only option - for many. But their S&P choices face increasing constraints. New environmental regulations are coming in thick and fast, and there is still no agreement on what alternative fuels will be standard, or even available at all, a few years from now. Politics is always the wild card, and Trump's decision to introduce hefty port fees on tonnage build in China or legally owned by Chinese lessors will have blindsided many. So if your surname is not Aponte or Fredriksen, how the heck do you make rational S&P decisions? Joining law and insurance editor David Osler this week are: Dagfinn Lunde, co-founder eshipfinance.com Kavita Shah, partner, Watson, Farley and Williams Costas Delaportas, chief executive, DryDel Shipping

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.