The dry bulk shipping industry, responsible for transporting the essential commodities that fuel global prosperity, is facing one of the most complex transitions in its history. Decarbonisation, regulatory unpredictability, crew welfare, and geopolitical instability all converge to shape a demanding operating landscape. In this exclusive interview with NAFS, INTERCARGO’s leadership highlights how the association is amplifying the collective voice of bulk carrier owners: advocating for fair and practical global regulations, guiding members through the energy transition, championing safety and seafarer welfare, and driving collaboration across the maritime value chain. With a clear vision for 2030 and beyond, INTERCARGO positions itself as the trusted global advocate for dry bulk shipping’s sustainable and competitive future.
What are the biggest challenges currently facing the dry cargo shipping industry, and how is Intercargo addressing them?
The dry bulk shipping sector is navigating one of the most challenging periods in its modern history. It is facing structural challenges that will define the long-term viability of the industry: the energy transition and decarbonisation, the unpredictability of regulatory frameworks, crew welfare concerns, and geopolitical instability.
At INTERCARGO, our role is to represent and safeguard the collective interests of dry bulk owners in these turbulent times. We engage at the IMO and with regulators worldwide to ensure that new rules are practical, realistic, and implementable for bulk carriers, which operate on tramp trades, with different commercial profiles than liner shipping. We emphasize that regulation must be global rather than regional to avoid distortion of competition and unnecessary complexity.
Operationally, we provide our members with technical expertise, benchmarking, and collective advocacy. We also raise the profile of key safety issues such as cargo liquefaction, including the safe carriage of nickel ore and incidents related to improperly declared cargoes—matters that continue to cause losses in bulk shipping.
In short, INTERCARGO addresses challenges by acting as the trusted voice of bulk carriers, ensuring that decisions taken by policymakers reflect the operational reality of our sector.
Decarbonization is a pressing issue for global shipping. What role do you see INTERCARGO playing in supporting its members through the energy transition?
Decarbonization is a generational transformation that will reshape how our industry operates. Bulk carriers, being the workhorses of global trade, carry essential commodities like iron ore, coal and grains, that are vital to global prosperity. Yet, unlike liner shipping, our sector does not operate on fixed routes or schedules, which makes the decarbonization challenge unique.
INTERCARGO’s role is twofold. First, advocacy: we remind regulators, charterers, and all stakeholders that shipowners alone cannot deliver decarbonization. Success requires a global ecosystem of fuel suppliers, ports, engine manufacturers, and cargo interests. Without certainty of fuel availability, global distribution, and most importantly safety standards, shipowners cannot responsibly commit to investing in alternative fuels.
Second, guidance: we provide members with up-to-date technical insights on fuel options, regulatory requirements, risk assessments and available technology solutions to assist in the energy efficiency of the vessels We support initiatives to test new fuels, such as ammonia and methanol, while insisting that safety and practicality must never be compromised.
INTERCARGO also calls for equitable treatment: the cost of the energy transition cannot fall solely on shipowners. It must be shared across the value chain, and global market-based measures should be structured to fund R&D and the deployment of low-carbon solutions, not simply to raise revenue.
How do you evaluate the progress of IMO regulations, such as CII and EEXI, in promoting sustainable shipping, and what improvements would you suggest?
The IMO has taken important steps through measures like EEXI and CII, which are intended as short-term measures to reduce carbon intensity. However, while well-intentioned, their practical application has revealed significant shortcomings, especially for the dry bulk sector.
EEXI is a technical compliance measure, relatively straightforward. But CII, which rates vessels annually based on operational efficiency, fails to account for the commercial reality of tramp shipping. A bulk carrier does not operate like a liner ship. A vessel may spend weeks waiting outside congested ports, or perform short voyages at low speed due to charterers’ instructions. Under CII, such factors can unfairly penalize the ship’s rating—even though they are outside the owner’s control.
INTERCARGO has consistently advocated for refinements to ensure fairness and realism. In collaboration with major Class Societies, INTERCARGO has submitted papers to IMO MEPC highlighting the impact of idle time and port waiting time on the CII rating. It is expected that IMO will improve the CII metric to account for idle time and port waiting time, with the development of revised reference lines anticipated to be finalised by MEPC 87 (Spring 2028)—a process supported by INTERCARGO.
We believe IMO regulations must:
Recognize the operational diversity of shipping segments.
Avoid penalizing owners for circumstances dictated by trade patterns and charterers.
Focus on global, long-term measures such as fuel standards and well-to-wake emissions, rather than disproportionate short-term fixes.
The IMO should also prioritize the creation of a clear, uniform regulatory trajectory that enables long-term investment decisions, rather than incremental measures that change every few years.
With the increasing digitalization of the maritime sector, how do you see technology reshaping the operations and competitiveness of dry cargo carriers?
Digitalization is both a challenge and an opportunity. For dry bulk, which is traditionally a conservative and fragmented sector, the adoption of digital tools is accelerating. Enhanced voyage optimization software, predictive maintenance, and real-time monitoring can significantly reduce fuel consumption, improve safety, and optimize scheduling.
Yet, the challenge lies in data standardization, cyber-security, and cost efficiency. Many smaller bulk carrier operators operate on tight margins and cannot always invest heavily in digital platforms. It is essential that solutions are accessible, scalable, and not limited to the largest operators. At INTERCARGO, we are addressing this by developing a dedicated platform on our soon-to-be relaunched website, designed specifically to support SMEs in this regard.
I believe technology will also reshape competitiveness by increasing transparency. Cargo interests and regulators will demand more visibility into emissions, safety records, and operational performance. Owners who embrace digital solutions for monitoring and reporting will gain an advantage in securing charters and financing.
INTERCARGO supports its members by monitoring these developments, engaging in discussions on digital standards, and highlighting the need for secure, fair, and practical digitalization pathways that respect the unique structure of bulk shipping.
What steps is INTERCARGO taking to enhance safety and crew welfare across its member fleets, particularly in light of recent global events?
Safety and crew welfare are at the heart of INTERCARGO’s mission. Our sector has faced tragedies—from bulk carrier losses due to liquefaction to the humanitarian crisis during the COVID-19 crew-change restrictions. More recently, seafarers have faced risks from piracy in the Gulf of Guinea, missile threats in the Red Sea, and unsafe port conditions in conflict zones.
Although the safety record of bulk carriers has steadily improved over the past decade, as highlighted in INTERCARGO’s recent Bulk Carrier Casualty Report 2025, we at INTERCARGO remain fully committed to continuous improvement. Below are some of the key activities we undertake and promote:
Raising safety awareness: INTERCARGO issues position papers and guidance on high-risk cargoes.
Advocacy for crew welfare: We have been vocal at the IMO and with governments during the pandemic, pushing for seafarers to be recognized as key workers and for fair treatment at borders.
Support for fair treatment: We strongly oppose the criminalization of seafarers in the aftermath of incidents.
Collaboration: We work with the International Chamber of Shipping and other associations to improve training, mental health awareness, and access to welfare services.
Website: We are introducing a dedicated Training section on our soon-to-be relaunched website.
Ultimately, ships are only as safe as their crews are supported. The human element must remain the top priority of shipping’s transformation.
How has geopolitical instability — such as conflicts, trade tensions, or piracy — impacted dry cargo shipping, and what strategies can mitigate these risks?
Geopolitical instability has always been a reality for shipping, but the risks today are broader and more unpredictable. The Russia–Ukraine conflict disrupted cargo flows, created uncertainty in the Black Sea, and affected fuel supply patterns. Trade tensions between major economies affect commodity flows, while piracy and armed attacks on shipping in regions like the Gulf of Guinea or Red Sea threaten lives and cargo security.
For bulk carriers, these translate into higher risks and exposure of crews to danger.
To mitigate them, the industry needs international naval cooperation to secure sea lanes, and at the same time diplomatic solutions that prevent shipping from being weaponized in conflicts.
At INTERCARGO, we believe that sharing intelligence and best practices for operators in high-risk areas is vital in supporting our members. In addition, we consistently raise these concerns at international fora, reaffirming that freedom of navigation and the safety of seafarers are principles that cannot be compromised.
Can you share INTERCARGO’s views on the role of alternative fuels such as ammonia or methanol in the future of shipping?
INTERCARGO is technology and fuel agnostic. We support all solutions that can safely and effectively reduce emissions. However, when it comes to alternative fuels like ammonia or methanol, we must be clear about the challenges.
Safety: Ammonia, for instance, is toxic. Before it can be widely adopted, the industry must have robust safety standards and training protocols to protect crews.
Availability: Both ammonia and methanol require massive scaling up of production and global bunkering infrastructure. Unless they are produced from renewable sources, their well-to-wake emissions benefits are limited.
Cost and investment: Owners cannot commit to new-fuel-ready ships without knowing that global supply will be there for the vessel’s entire lifecycle.
We see these fuels as part of the future mix, but not the silver bullet. The pathway will likely involve a combination of improved efficiency, carbon levies funding R&D, transitional fuels like LNG, and eventually green ammonia, methanol, hydrogen or 4th generation nuclear SMRs as technologies and infrastructure mature.
In what ways is INTERCARGO collaborating with other international maritime organizations and regulatory bodies to shape the future of the industry?
INTERCARGO is a collaborative voice. We work closely with the IMO, with our Round Table partners ICS, BIMCO and INTERTANKO, and other shipping associations to ensure that bulk carrier perspectives are heard. We contribute actively to IMO committees, technical working groups, and industry task forces on decarbonization, safety, and digitalization.
We also build bridges with charterers, classification societies, and technology providers, many of whom we have the privilege of having onboard as Associate members, because the transition ahead cannot be driven by shipowners alone. Collaboration ensures that solutions are realistic and reflect the diversity of shipping segments.
Our credibility lies in our technical expertise and in representing owners who collectively operate a significant portion of the world’s bulk carriers. Through unity and engagement, we help shape a safer, fairer, and more sustainable industry.
What are your key priorities during your term as Chairman, and what legacy would you like to leave at the end of your tenure?
I am privileged and honored to succeed two outstanding leaders, Dimitri J. Fafalios and John Platsidakis, whose inspired leadership over the past 12 years has elevated INTERCARGO to new heights, strengthened its voice in the industry, and made its presence more influential and impactful. The INTERCARGO Secretariat is a lean, highly talented team, providing exceptional support to both our members and the Management Committee.
My priority will be to build on this remarkable legacy, by:
Ensuring fair and practical decarbonization for the bulk carrier sector.
Strengthening safety and crew welfare, making sure the tragedies of recent years are not repeated.
Promoting the unique voice of dry bulk owners in global discussions, ensuring our sector is not overshadowed by others with different business models.
Supporting transparency and collaboration, within our membership and with external stakeholders.
Widening the membership representation even further, especially in areas where INTERCARGO is underrepresented.
If I can leave a legacy, it would be to have strengthened INTERCARGO’s role as the trusted global advocate of bulk carriers, to have safeguarded the welfare of our seafarers, and to have contributed to a clearer, more realistic pathway for the industry’s decarbonization and sustainability.
Finally, what message would you like to convey to the next generation of maritime professionals entering the dry bulk shipping sector?
My message is one of both realism and optimism. Shipping is not an easy profession—it demands resilience, adaptability, and global awareness. But it is also one of the most rewarding and impactful careers one can pursue. Bulk carriers move the essential commodities that underpin every economy. Without them, there is no steel, no energy, no food security.
To the next generation, my message would be to embrace technology, sustainability, and global thinking. The industry is changing rapidly, and young professionals will be the architects of that change. To stay true to the values of professionalism, integrity, and safety, and never forget the central role of the human element in shipping.
Shipping may be undergoing a profound transformation, but its future will be built by those who combine innovation with responsibility. To the next generation, I say: the challenges are great, but so are the opportunities.
* John Xylas Is Chairman Of Intercargo
