The prospects of the Maritime Industry for 2023

Decarbonization is the current regulatory issue that is most affecting shipping now, and it will shape the course of the industry for generations to come. As the industry looks at the implementation of new technologies, new fuel sources, and changing operational methods to meet the IMO’s goals on emissions, the Liberian Registry is working closely with shipowners/operators, engine manufactures, shipyards and designers to assist in meeting these new requirements.

The IMO adopted the amendments to Annex VI of MARPOL, which made new requirements for Energy Efficiency Existing Ships (EEXI), Carbon Intensity Indicator (CII) and Enhanced Ship Energy Efficiency Management Plan (SEEMP) Part III which recently went into effect. The EEXI requirement is a technical measure for existing ships similar to the EEDI requirements for new builds that have been in force since 2013, whereas the new CII requirement is an operational measure that will get stricter and stricter each year from 2023 to 2030.

In addition, last year and carrying over to this and perhaps beyond, we have experienced so much of the unexpected and have had to adjust to this adversity along with the entire industry. This includes COVID-19, IMO regulations, commodity and equity volatility, supply/demand uncertainty and some extremely high chartered rates on the dry and container sectors as well as high tanker chartering rates due to the recent Russia-Ukraine military operations. These issues are likely to affect shipping over the next two years.

As shipping is an industry of partnership and not a one-way street, it is time that all stakeholders cooperate for the best and most advantageous outcome in technology utilization and new developments to improve existing and new systems for ships to operate efficiently, safely and environmentally friendly. This should be a continuous effort forward and Liberia is committed on this continuous effort moving towards systems, procedures and processes that will improve not only shipping but the community at large and this is a commitment, more than ever, now.

Michalis Pantazopoulos

Michalis Pantazopoulos, Senior Vice President & General Manager of the Liberian International Ship & Corporate Registry’s (LISCR) Piraeus office, managers of the Liberian Registry Senior Vice President & General Manager of the Liberian International Ship & Corporate Registry’s (LISCR)

Piraeus office, managers of the Liberian Registry