FuelEU Maritime sets requirements on the well-to-wake GHG intensity of energy used for ships trading in the EU/EEA from 1 January 2025. The first step is to prepare and submit a monitoring plan to an accredited verifier by 31 August 2024. This statutory news provides you with more details on what you need to prepare.

Summary of the FuelEU Maritime GHG intensity requirements

From 1 January 2025, for ships trading in or to/from the EU/EEA irrespective of flag, the annual average GHG intensity of energy used on board needs to be below a defined level. The GHG intensity is measured as GHG emissions per energy unit (gCO2e/MJ) and includes carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O).

In addition to emissions from energy use on board the ship, GHG emissions are calculated in a well-to-wake perspective, including emissions related to the extraction, cultivation, production and transport of fuel. The regulation includes provisions for crediting ships using wind-assisted propulsion.

The GHG intensity requirements are set as a percentage reduction relative to a 2020 reference value of 91.16 gCO2e/MJ. The percentage reduction requirement increases gradually every five years to 2050 – meaning, for example, that it stays at 2% from 2025 to end-2029.

Voyages, scope

The FuelEU Maritime GHG intensity requirements apply to 100% of energy used on voyages and port calls within the EU/ EEA, and 50% of energy used on voyages into or out of the EU/EEA. To avoid evasive behaviour, container ships stopping in transshipment ports outside the EU/EEA, but less than 300 nautical miles from an EU/EEA port, need to include 50% of the energy for the voyage to that port as well, rather than only the short leg from the transshipment port. The GHG intensity requirements apply to ships above 5,000 GT transporting cargo or passengers for commercial purposes. It does not apply to offshore ships. The scope could change as part of the scheduled review by the end of 2027. FuelEU Maritime also sets requirements on the use of shore power for container and passenger ships from 2030. More details on this part of the regulation can be found in the References.

Compliance process

Responsible shipping company

The requirements apply to the shipping company, which is the shipowner or any other organization or person, such as the manager or the bareboat charterer, who has assumed responsibility for the operation of the ship, including duties and responsibilities imposed by the ISM Code. As opposed to EU ETS, the responsible company under FuelEU Maritime must be the ISM company and cannot be retained by the registered owner unless the owner is also the ISM company. This implies that the responsible company for a ship may not be the same for EU ETS and FuelEU Maritime. Each responsible company will need to be registered with an administering state, which is the same as the Administering Authority for EU ETS compliance.

In the event of a change of company, the shipping company has the responsibility – on 31 December in any given year – for compliance for the whole calendar year. However, previous companies are required to report and verify energy use and emissions as soon as possible after the changeover.

Pooling of compliance

FuelEU Maritime includes the option to attain compliance across a fleet of ships, even if they belong to different companies. This means that each individual ship does not need to achieve the required GHG intensity but can rely on other ships to achieve a combined level of GHG intensity below the requirement.

Banking and borrowing of compliance surplus

If a ship has an average GHG intensity below the requirement, the surplus emission amount (compliance surplus) can be banked for use in the subsequent compliance period. Similarly, a ship can borrow advance compliance surplus from a subsequent period, limited to 2% and only for two consecutive periods, and with a 10% penalty on the borrowed compliance surplus for the subsequent period.

Penalties

Ships that have a higher GHG intensity than the requirement must pay a penalty corresponding to its compliance deficit, measured as the difference between the required and actual GHG intensity, multiplied by the energy use. The penalty is progressively increased if the ship has a compliance deficit for two or more consecutive reporting periods. The compliance deficit is calculated into energy based on the actual GHG intensity of the ship, applying a penalty of €2,400 per tonne VLFSO energy equivalent, or about €58.50 per GJ of non-compliant energy use. Hence, the penalties can be significant.

Reporting and verification

The energy use and emissions will be reported and verified through a scheme which is separate from the existing EU Monitoring, Reporting and Verification (MRV) system. However, elements from the MRV regulation can be reused for the purpose of the FuelEU Maritime regulation.

By 31 August 2024, the FuelEU Maritime Monitoring Plan needs to be submitted to a verifier (such as DNV), describing the method for monitoring and reporting of the data required under this regulation. This plan comes in addition to the current MRV Monitoring Plan, but part of this can be reused.

Vessels trading in the EU/EEA countries shall have the approved FuelEU Maritime Monitoring Plan on board before

1 January 2025.

How to start FuelEU Maritime preparations

The deadline of 31 August is approaching fast, and early preparation is strongly recommended!

Step 1: Prepare your FuelEU Maritime Monitoring Plan, with complementing documentation.

DNV will make the FuelEU Maritime Monitoring Plan online form available to our customers in mid-May 2024 (DNV customers will be notified by email). DNV’s existing EU MRV customers will be able to base this plan on their verified MRV plans.

Step 2: Copy the plan to other vessels in your fleet.

You will also be able to copy all the sections of the FuelEU Maritime Monitoring Plan between the vessels in your fleet, like the MRV Monitoring Plan online form but in an extended way.

Step 3: Submit the plans to DNV for verification after EU documents are published.

Submitting the Monitoring Plans to DNV for verification will not be possible before the official EU documents have been published, scheduled for the end of Q2 2024. This would leave July and August for submission of the Monitoring Plans to the verifier. DNV will notify its customers when the submission can be performed.

Other useful information about the preparation of FuelEU Maritime:

Requirements for providing new documents relating to the FuelEU Monitoring Plan verification highly depends on the ship type:

• • For passenger/container vessels, some documentation related to onshore power supply equipment will be required.
• • If your vessels do have any other equipment like fuel cells, zero-emissions technology or wind-assisted propulsion installed on board, documentation to confirm that would also be required before plan verification. The companies shall also specify the established total electrical power demand of the ship at berth. By default, this would be based on the main engine (ME) power, but it can also be taken from the ship’s electrical load balance/study. These documents would also have to be provided by non-DNVclassed vessels if the non-default option is chosen. The Continuous Synopsis Record and Safety Management Certificate of the vessel might also be required to confirm the

company in charge of the vessel. Companies must also complement the control system and data gap procedures to include the additional data to be monitored and reported for the purpose of the FuelEU Maritime regulation.

The FuelEU Monitoring Plan online form will therefore also contain the outline of the overall control system creator. This new requirement, coming from both the FuelEU Maritime regulation and the revised MRV regulation, states that companies need to describe their data flow processes from the emissions measurement to data compilation. Furthermore, they need to describe the potential impact and probability of incidents which may happen at each step and define the control activities mitigating the risk such incidents might have.

DNV requests that the above information be provided in a practical, digital format to support MRV Emission Report verification and FuelEU Maritime report verification. Implementing regulations covering the FuelEU Monitoring Plan verification activities strictly requires this information to be provided before the start of the assessment of the plan.

Recommendations

• • After the release of the FuelEU Maritime Monitoring Plan online form in mid-May, DNV recommends that shipowners begin preparing their plans. This draft plan can then be copied for other vessels in their fleet. Submitting these plans to DNV for verification can only be performed after the official EU documents have been published, scheduled for the end of Q2 2024.
• • DNV also recommends that customers join our Ask the Expert webinar, which will take place on 14 May 2024, where we will discuss FuelEU Maritime and present how to stay in compliance using DNV’s digital tools (separate invitation will be sent our customers).
• • Review commercial contracts to define how compliance is managed and compensated in the maritime value chain.

References

• • DNV’s FuelEU Maritime topic page
• • The FuelEU Maritime regulations

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Bernhard Schulte Shipmanagement (BSM) introduces a new educational programme for future seafarers. BSM Smart Academy is a collaboration with selected maritime universities worldwide with the goal of closing the gap between academic knowledge and practical training

The shortage of skilled labour in the maritime sector, in particular at sea, poses a significant challenge for the industry. In the coming years, the global merchant fleet will face a shortage of thousands of officers. As a ship manager, BSM takes a proactive approach to meet this challenge and gain highly skilled seafarers with the newly formed initiative Smart Academy.

Specifically, the BSM Smart Academy provides for nautical, technical and electrical undergraduates from participating maritime universities to take part in the programme as designated BSM cadets following the completion of their first year. This means that they not only receive an academic education but also practical knowledge close to current industry requirements. “We enhance the education of future seafarers by engaging with them at an earlier stage,” says Eva Rodriguez, Director HR Marine of BSM.

Realistic and transparent training environment

Through the collaboration with the universities, cadets will undergo comprehensive training in a controlled and realistic work environment onshore and onboard. The training is aligned with BSM standards, ensuring a higher level of skill, and in particular, developing behavioural competencies before embarking onboard the multiculturally manned vessels. In addition, students will be specifically trained for the increasingly digitalised maritime work environment to prepare for future leadership roles both at sea and on shore. This approach ensures that when they embark on their cadetship, they are fully prepared and ready to navigate the challenges ahead with confidence and competence.

“We have found that course contents and standards of educational institutions are often varying. This initiative closes the gap between educators and employers by sharing knowledge, experience and skill needs between the industry and the educational sector”, says the HR Marine Director.   

“Seafarer education is costly. No education is even more costly.”

BSM actively invests in crew education, training and development to help reduce the crewing shortage over time and maintain the industry’s safety standards and requirements. The BSM Smart Academy programme is another component in BSM's intensive recruitment and retention commitment. It supplements the existing postgraduate Cadet Programme, the internal fleet transition programme and the proactive recruitment approach. Eva Rodriguez emphasises, “Seafarer education is costly. However, no education is even more costly.”

At the start of the initiative, BSM will collaborate with selected maritime universities worldwide. The cooperation partners are located in Europe, the Middle East, Southeast Asia and Africa, with another potential partner based in South America. In the first year, up to 100 students are to be recruited for the Smart Academy programme. The aim is to gradually expand the global partner network to open up new seafarer source markets.

Image 1: Cadet training in the bridge simulator at BSM's Maritime Training Centre in Cyprus ©BSM
Image 2: Eva Rodriguez, Director HR Marine of BSM ©BSM

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Ian Gooch from The London P&I Club will be stepping down during the year from the role of Chief Executive Officer after 15 years as CEO and 21 years as a Director of A.Bilbrough & Co., the Company that manages The London P&I Club.

Subject to regulatory approval, Ian Gooch will be succeeded by James Bean, from NorthStandard P&I Club.

A qualified Solicitor, James Bean has worked within the marine insurance industry since 2005 and was appointed to the NorthStandard’s senior leadership team in February 2023. Prior to that he was the Group Managing Director at the Standard Club.

To ensure an orderly transition, Ian Gooch will continue as a member of the A Bilbrough & Co. team, providing support to James and the senior management team.

“Having served The London P&I Club and Bilbrough for over two decades, I am very proud of what our team has accomplished. After such a tenure, following a strong renewals season and the Club’s positive trajectory, I feel the time is right to step aside. I am confident that the Club will continue its growth as an independent mutual marine insurance provider under James’ leadership and that he will bring new perspectives and opportunities to evolve. He is exceptionally experienced and brings a deep industry knowledge, a proven track-record of success and a shared appreciation of the values of the Club," said Ian Gooch.

“It is a real privilege to take this next step in my career and join The London P&I Club at an exciting time for the company. I look forward to working closely with the Club’s Board of Directors, Members’ Committee and Management group, as well as its Members and Assureds. On a personal level, I greatly valued all of my time at NorthStandard and the opportunities and experiences afforded to me over the past 19 years and I would like to thank everyone for their continued support,” said James Bean.

Chairman of the London P&I Club, John M Lyras, said “I am delighted to welcome James to the Club. He has first-rate credentials with extensive industry experience, and he will have all the support he may need from the Board, Members’ Committee and our Membership for his new role. I am pleased to say that Ian will remain involved with us, supporting James and the team in continuing to deliver the highest standards of service for the Club and increasing our Membership, in line with our strategic goals.”

The London P&I Club is a leading provider of marine Protection and Indemnity (P&I), Freight, Demurrage and Defence (FD&D) and War Risks cover to an international membership of shipowners and charterers with a combined tonnage totalling 69m gt.  It is also one of The International Group of P&I Club’s 12 member Clubs, which together provide marine mutual cover to approximately 90% of the world’s ocean-going tonnage.

The Club recently reported a strong outcome to the February 2024 P&I renewal, and saw year on year growth in its mutual tonnage of 8.9%. These positive developments were in line with the Board’s targets and recent actions to improve the Club’s financial performance and come alongside a much improved claims experience and positive investment return in the 2023/24 financial year, on which a full report will be issued in due course.

Caption: James Bean will succeed Ian Gooch as London P&I Club CEO
Credit: London P&I Club/James Bean

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Neptune Maritime Leasing Limited, a growth-oriented maritime leasing platform with the mission to providing shipowners with access to a flexible financing tool, has joined the Neptune team Chih Keong Kwek as Director of Origination Asia. He will be based in Singapore.

Harris Antoniou, Founder and CEO of Neptune Leasing, commented: “We are pleased to announce the expansion of our services to Asia and honored that yet another leading shipping expert has agreed to join our platform of leasing services to the maritime community. CK will help us expand our coverage of the ever-growing Asian market and thus reach our goal to build a high-quality, both sector and geographically diversified portfolio in shipping. I welcome CK to Neptune Leasing.”

“I am thrilled to be part of the Neptune Maritime Leasing family,” says CK. “I have worked with Harris previously at Fortis and ABN AMRO, and I have been following the development of Neptune Leasing ever since the company was founded 3 years ago. I look forward to contributing to the momentum that he and his team have built up and to delivering exceptional value to our clients.”

CK Kwek is a seasoned corporate banker with more than 30 years of regional banking experience with leading financial institutions across a number of corporate banking functions in structured finance, loan underwriting and distribution, maritime finance, and risk management.

Until recently, CK was Chief Risk Officer at ABN AMRO Singapore. Prior to that he was Head of Shipping at Nordea Singapore and Head of Transportation at Fortis Singapore. He started his banking career with the Debt Capital Markets Group of ING Barings in 1993.

CK received his BBA (Merit) from the National University of Singapore and his MBA (Distinction) from New York University. He is also a certified Financial Risk Manager, and was a Guest Lecturer for the Executive Master of Maritime Administration program at Dalian Maritime University from 2008 to 2010.

About Neptune Maritime Leasing

Neptune Maritime Leasing was established in 2021. It is a growth-oriented maritime leasing platform with the mission to providing shipowners with access to a flexible financing tool and investors with secure access to an under-invested asset class with attractive real yield. Our strategy is to buy high quality assets and build a portfolio of long-term contracts through sale and leaseback transactions in diverse maritime sectors. We are committed to delivering attractive, long term, risk-adjusted, and responsible returns to our investors, by advancing global trade and economic growth through supporting the maritime industry responsibly, and by making a positive contribution to the environment and to society as a whole. Following the $220 million investment that Costamare Inc. and Latsco Family Office made in Neptune in March 2023, Marine Money selected Neptune Leasing as the Deal of the Year 2023 Award Winner - Private Equity.

Image: Harris Antoniou, Founder and CEO of Neptune Leasing

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Distinction with four awards at the Sports Marketing Awards 2024!

The top golf tournament for the maritime community, Greek Maritime Golf Event, returns for its 10th anniversary, renewing its annual meeting with the Greek and global maritime industry, on September 5-8, 2024, at Costa Navarino, in Messinia.

Top golf event in Greece

Greek Maritime Golf Event celebrates its 10 years in the best way possible, as it was once again distinguished at the Sports Marketing Awards 2024, as the best golf event in Greece. Specifically, the tournament received a total of 4 awards, 1 Gold award in the “Corporate Sports Event” category, 1 Silver in the “Individual Sports and Golf” category, as well as 1 Silver and 1 Bronze for its successful sponsorship collaborations with Miele Hellas at the golf courses of Costa Navarino and Glyfada.

The renowned Greek PGA golfer and organizer of the tournament with Birdie Events, Mr. Thanos Karantzias, stated: “We are especially pleased that the maritime tournament we organize has managed over these years to develop and establish itself as one of the most important golf events in Greece. I want to express a big thank you to our sponsors and partners who have always been with us, in our effort to promote the sport of golf. We renew our appointment for September 5-8 and invite everyone at Costa Navarino to celebrate together the 10th anniversary event which will be full of activities and surprises”.

Competition at Navarino Hills

Greek Maritime Golf Event will once again bring together more than 80 top executives from the maritime industry who will form teams of four. Golfers will have the opportunity to compete at the Costa Navarino golf courses, in a destination ranked in the Top 10 of the “Top 100 World Resorts” list and awarded as the “World’s Best Golf Venue” at the World Golf Awards 2023. The rounds will take place on the two signature 18-hole courses, designed by two-time Masters champion and Ryder Cup legend, José María Olazábal, at Navarino Hills, in an idyllic landscape with centuries-old olive trees and stunning views of the Ionian Sea, the historic Navarino Bay, and the picturesque port of Pylos.

Watch the event’s teaser video here: https://youtu.be/R0dinM_q_Ks?si=7vbilp5WuAfSUrxc

The golf rounds

Participants will compete on a team level on Friday, September 6, in a shotgun scramble competition at the International Olympic Academy Golf Course. Similarly, on Saturday, September 7, they will take part in a shotgun scramble competition at The Hills Course.

Awards for the top teams & players

Teams will claim the top three positions in the overall standings, while there will also be special awards for players who achieve the best performances in the “Longest Drive” and “Closest to the Pin” categories.

Significant companies embrace the event

Greek Maritime Golf Event is attended by some of the most significant maritime companies from Greece and Cyprus, and many other important Greek companies that support the event.
IRI/The Marshall Islands Registry is the event’s Platinum Sponsor.
Mainline Shipping Company and Marine Logistics are the event’s Gold Sponsors.
Arrow Hellas, DNV, and Marine Tours are the event’s Silver Sponsors.
Teddy’s Speakeasy is the Official Sponsor.
Poseidonia Restaurant is the Official Supporter.
Under Armour is the Official Clothing Partner.
Messinian Nest, Mind the Ad, Karalis Beach Hotel, Skinos, La Cucina Italiana, Athi Rodi, and Daily Deli are the event’s Partners.
Messinian Nest, PHEE, and Kois Accommodation are the Auction Partners.
Boo Productions is the Audio Visual Partner.
Greek Maritime Golf Event, organized by Birdie Events, is an initiative of the recognized Greek PGA golfer, Thanos Karantzias. The sports marketing agency of the year, ActiveMedia Group is responsible for the event’s Golf Production. The tournament is exclusively addressed to distinguished members of the Greek maritime industry.

More information about this year’s event schedule and the unique moments that golfers will experience throughout the tournament will be announced in the coming weeks. #greekmaritimegolfevent #costavarino

Photo Credit: Greek Maritime Golf Event by Angelos Zymaras

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Capital-Executive Ship Management Corp. has taken delivery of the newbuilding vessels C/V ‘Avios’ and C/V ‘Astraios’. These are the final two ships in a series of nine sister vessels, each with a capacity of 1,827 TEU and equipped with 375 plugs for refrigerated containers. The vessels were constructed by Hyundai Mipo Dockyard Co. Ltd. in South Korea.
The container vessels ‘Avios’ and ‘Astraios’ feature optimized hull designs and incorporate advanced technologies focused on enhancing energy efficiency and reducing environmental impact. Compared to older vessel designs, these ships achieve up to 65% lower energy consumption and 80% reduction in NOx emissions, facilitated by a Tier III NOx catalyst. Additionally, this series of vessels are prepared for Alternative Marine Power (AMP), LNG Dual Fuel ready.  
Capital-Executive Ship Management Corp. currently operates a fleet of 37 vessels including 30 container carriers and 7 modern bulk carriers with a total dwt of 2.49 million tons approx. and total teu of 131,498. The fleet under management includes vessels of Nasdaq-listed Capital Product Partners L.P.

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On April 3rd, 2024, Elections were held at WIMA "Worldwide Industrial & Marine Association" for the election of members of the new Board of Directors. The entirety of the Association's members participated in the elections.
The new Board of Directors was formed as follows:
Elias Hajiefremidis (HAJIEFREMIDIS S.A.) – PRESIDENT
George Papamanolis (ELVIK S.A. ) - VICE PRESIDENT
Ioannis Kordatos (HELLENIC WELDING ASSOCIATION) - GENERAL SECRETARY
George Lygeros (PSYCTOTHERM) - DEPUTY GENERAL SECRETARY
Sofoklis Kokkinis  (P. KOKKINIS Ltd.) – TREASURER
Spyros Goumas (SQLEARN) - PUBLIC RELATIONS OFFICER
Vasilios Chrysopoulos (TURBO GENERAL S.A.) - INTERNATIONAL RELATIONS OFFICER
Alternate members elected were: Aggelos Drakopoulos, Georgia Sgouraki (GO-SHIPPING) Nikolaos Syrigos (Bellows Hellas OE)
During the ensuing discussion, the new Board of Directors unanimously agreed to work for the purposes of the Association, focusing on presenting and promoting the capabilities of its members to shipping companies, organizations, missions, conferences, and exhibitions in Greece and abroad. Special attention will be given to collaboration with shipbuilding and repair units as well as the utilization of new European and national programs announced by the Government.

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C&A Stavros Kassidiaris S.A. recently upgraded its partnership with DHL Express, leveraging their GoGreen Plus service, which uses eco-friendly aviation fuel (SAF) for order deliveries. By opting for SAF, we actively reduce the carbon footprint of our shipments, demonstrating our firm commitment to environmental responsibility.
Prioritizing sustainable practices, we empower the companies that choose to work with us, to join us in this endeavor. Together, let's embrace eco-conscious choices and contribute to a greener future. SAF represents not only a crucial step in achieving our sustainability objectives but also signals our dedication to a more sustainable future.
At C&A Stavros Kassidiaris S.A., our dedication to environmental responsibility is unwavering. We deeply value every effort made towards making a positive impact on our planet.

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Green Award Foundation welcomed Black Rope, a leading global mooring solutions provider, as its newest Incentive Provider. This strategic partnership aims to promote safer and more environmentally friendly mooring practises in the maritime industry.
Black Rope, the winner of the prestigious 2023 Lloyd's List Greek Shipping Awards Safety Award, is renowned for its comprehensive range of mooring products and services. With a state-of-the-art manufacturing facility producing high-quality mooring ropes and a team of experts offering consultancy, inspection and training services, Black Rope is committed to maximising safety in mooring operations.

As part of this collaboration, Black Rope will offer exclusive discounts to Green Award certified ships on two of its innovative products:

1. SAFELINE Mooring Management & Monitoring Software: A cutting-edge digital solution designed to streamline mooring operations, enhance safety, and optimise performance.
2. ASB (Anti Snap Back) Ropes: Advanced mooring ropes engineered to minimise the risk of snap-back incidents, ensuring crew safety during mooring operations.

By leveraging Black Rope's expertise and Green Award's extensive network of certified ships, this partnership seeks to drive the adoption of best practises in mooring safety and sustainability across the global shipping community.
“We are thrilled to join forces with Black Rope, a company that shares our unwavering commitment to safety and sustainability in the maritime industry," said Jan Fransen, Executive Director of Green Award Foundation. "Through this partnership, we aim to provide our certified ships with access to innovative mooring solutions that not only enhance safety but also contribute to more efficient and environmentally friendly operations.”
Co-Founders Mr. Christos Leoussis, Mr. Aristeidis Deligiannis and Capt. Vasilis Giannopoulos expressed their enthusiasm for the collaboration, stating, "Partnering with Green Award Foundation aligns perfectly with our core philosophy of promoting safe and sustainable mooring practises. We look forward to supporting Green Award certified ships with our cutting-edge products and services, working together to create a safer and greener future for the shipping industry."
With a strategic global network spanning major key-port areas, Black Rope is well-positioned to serve Green Award certified ships worldwide, ensuring they have access to the latest mooring technologies and expertise wherever their operations take them.

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The ESG Shipping Awards, in collaboration with the Hellenic Chamber of Shipping, hosted a compelling side event titled "ESG Strategies for Sustainable Shipping" as part of the esteemed 9^th Our Ocean Conference 2024 in Greece. This event served as a pivotal platform for industry leaders and experts to engage in insightful discussions and share invaluable perspectives on the integration of Environmental, Social, and Governance (ESG) factors into the strategy and decision-making processes within the shipping industry. With a focus on critical topics such as alignment with the United Nations' Sustainable Development Goals (SDGs), addressing environmental challenges, promoting social responsibility, and exploring economic benefits in the maritime sector, the event aimed to promote sustainable practices and investments, foster collaboration, and drive positive impact on ocean sustainability.
“As the cruise industry pursues net zero emissions by 2050, collaboration will be key to unlocking future potential and achieving our ambitious commitments. We need to work together – cruise operators, suppliers, terminals, ports, and destinations – as we strive for cruise to become an ever more sustainable way of discovering the world. Key areas of focus among CLIA member lines include climate action, sustainable tourism, conservation, diversity, and inclusion, with the health, safety and security of passengers and crew foremost. People are at the heart of our industry. We offer an inclusive, multicultural work environment, with often more than 60 nationalities working onboard, and 94% of women seafarers working on cruise ships.” stated Maria Deligianni, Regional Director, Eastern Mediterranean, Cruise Lines International Association (CLIA) Rose Easton, Chief Responsible Investment Ecosystems Officer, UN PRI stressed that “Investors have a key role to play in supporting the adoption of sustainable practices in the maritime sector. Responsible investment is now becoming mainstream, and investors are increasingly incorporating frameworks like the UN Sustainable Development Goals when aligned with their fiduciary duties, expecting companies to incorporate responsible practices into their day-to-day business practices. Companies that adopt good sustainability practices, are governed well, and prioritize doing due diligence on their own supply chains should be rewarded by increased demand and that in turn generates better shareholder value. Capital is available to fund innovation and transition as the industry is progressing its decarbonization journey”.
Mrs. Vivi Kolliopoulou, President, WISTA Hellas emphasized the significance of ‘Diversity – including but not limited to gender diversity - is key in providing a sustainable future for the shipping industry internationally. An environment with reduced inequalities promotes the well-being of its employees and contributes towards sustainable economic growth.’
‘The shipping industry faces significant challenges in complying with environmental regulations, including the complexity and inconsistency of regulations across regions, high costs associated with implementing environmentally friendly practices, and the global nature of the industry that complicates enforcement and monitoring.’, said Mrs. Eleni Polychronopoulou, President, Hellenic Marine Equipment Manufacturers and Exports (HEMEXPO). Moderator of the panel was Helena Athoussaki, Principal Organizer, ESG Shipping Awards

The event facilitated in-depth discussions on the following topics:
- Alignment with SDGs: Exploring how the maritime industry aligns with the United Nations'
- Sustainable Development Goals (SDGs) and the commitments of participating organizations to contribute to these global objectives.
- Environmental Challenges: Identifying the key environmental challenges facing the maritime industry and discussing the measures necessary to address these challenges effectively, ensuring the long-term health of marine ecosystems.
- Inclusivity and Social Responsibility: Discussing strategies for promoting inclusivity and social responsibility within the maritime industry, both in terms of workforce diversity and engagement with local communities, and highlighting specific social aspects supported by
articipating organizations.
Successful Examples of ESG Practices: Showcasing successful examples of companies or organizations in the maritime industry that have implemented ESG practices, and examining the economic benefits and opportunities that arise from such initiatives, including improved operational efficiency and enhanced stakeholder trust.
Support from Investors and Financial Institutions: Exploring how investors and financial institutions can support the adoption of ESG practices in the maritime sector and identifying key components that typically capture their interest when evaluating such practices, such as transparent reporting and measurable impact metrics.
The side event, "ESG Strategies for Sustainable Shipping," underscored the importance of collaboration and innovative solutions in advancing sustainability within the maritime industry.

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