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