The maritime industry is perhaps the most significant driver of global trade, and the sector most responsible for upholding the global economy.
Recognizing the important role the maritime industry plays in both trade and sustainability, international regulatory bodies and industry stakeholders have stepped forward to be a part of sustainability solutions while keeping global trade moving. Key international and regional regulatory changes, such as those imposed under the International Maritime Organization’s (IMO’s) Greenhouse Gas (GHG) strategy and the European Union’s Fit for 55 package of legislation, set new standards for the industry to meet and create new collaborative opportunities.
Compliance and sustainability often require a multi-layered approach, with owners and operators implementing a series of short-term and long-term solutions based on market availability of technologies, infrastructure readiness, and feasibility. With an increasing number of owners and operators adopting and investing in alternative fuels for their vessels, such as liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, biofuel and hydrogen, and implementing new technologies such as fuel cells or wind-assisted propulsion, the industry is positioning itself to meet future sustainability and climate goals. International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the Republic of the Marshall Islands (RMI) Registry, has made significant and long-term investments to support owners and operators of RMI-flagged vessels with adjusting to these regulatory requirements. The Registry’s complimentary technical support and assistance, provided by specialty teams, such as the Oil and Gas, and Renewables teams provide competent, qualified and knowledgeable assistance. Within the RMI-fleet, we see high levels of compliance with international environmental regulations, and significant investment in implementing solutions to meet future regulatory requirements. Across the board, owners and operators of RMI-flagged vessels recognize that no one technology, fuel, or solution will address the sustainability requirements of the future. With decades of experience and technical expertise, the Registry’s teams participate in joint development projects with classification societies and other industry stakeholders to bridge the gap between research and development and wide-scale implementation.
The weight of sustainability does not rest solely with owners and operators. Across the world many ports, terminals, and countries are investing in sustainable infrastructure improvements to support the industry’s decarbonization efforts. Increased capacity for providing ships with shoreside electricity, the long-term availability of alternative fuels and the infrastructure to support the safe bunkering and transport of these fuels is needed. Access to facilities for sustainable waste disposal and management, and many more land-based measures will play a significant role in how the industry decarbonizes. Recent geopolitical changes have highlighted another challenge for this transition, as itinerary modifications reflect the infrastructure and connectivity gaps that prevent wide-spread adoption of alternative fuels and new technologies. The complex global regulatory environment, which includes international, national, regional, and even port regulations, increases the compliance challenges, as sustainability requirements may differ significantly from one region to another. The lessons learned from previous regulatory changes, such as IMO 2020, underscore the complex and interconnected regulatory environment in which the industry operates. New regional measures and regulations, such as the extension of the EU Emissions Trading System to shipping and Fuel EU regulations, will continue to impact vessel operations worldwide and demand industry-wide compliance.
A sustainable future for the industry is not yet fully within reach, and many challenges still exist, yet the industry continues to optimistically push forward. Active industry investment in developing alternative fuels, exploring emerging technologies, and incorporating artificial intelligence (AI) underscore the wide variety of opportunities that exist within the market, while regulatory changes continue to set goals and targets for the future. The RMI Registry, with 28 offices worldwide, supports owners and operators of RMI-flagged vessels during this transitional time as they navigate these complexities, capitalizing on strong working relationships, technical experience, and hands-on knowledge for informed decision making.
* Chief Commercial Officer, Managing Director, Piraeus office, International Registries, inc.
