The prospects of the Maritime Industry for 2023

The past years have served as a reminder of how unpredictable and volatile markets have become and how difficult it is to make predictions for future outcomes when they are dependent on so many interrelations among economic, social and geopolitical forces. In the fragile landscape that marks the beginning of 2023, companies that operate in the maritime sector, as well as their bankers, charterers, suppliers and service providers, need to make timely and informed decisions every day, despite the many uncertainties and ever increasing complexity of this environment. During times like this, trying to predict the markets’ short term movements is nearly impossible. Instead, in extreme volatility conditions, such as the ones we are currently experiencing, it is the mega trends that we should be focusing on when making strategic plans for the future.

Sustainable growth, digitalization and compliance are mega trends in the sector and have shaped the landscape for quite a few years now. They set the tone for the future by creating specific stakeholders expectations for the competitors in the field. In specific, stakeholders require that maritime companies demonstrate that they incorporate environmental, social and governance (ESG) factors in their strategy, operations and stakeholder reporting. They also require transparency, reliability and timeliness in reporting financial performance and position. Technology presents both threats and opportunities for the maritime sector. Last but not least, they require accountability and ethical conduct, embodied in compliance with an ever evolving framework of laws and regulations.

Focusing on those mega trends can help companies separate themselves from their competitors. We should not forget that these mega trends affect every link in a company’s supply chain. Inevitably, only when management is committed to invest in transparent ESG, reliable financial reporting, technology that safeguards the integrity of their data and compliance that projects their ethical business conduct, a company can attract finance, secure contracts and stand out in the crowd.

“International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the Republic of the Marshall Islands (RMI) Maritime and Corporate Registries, has invested in resources, technology, and team members to help RMI’s owners and operators make informed decisions on solutions and strategies for the future”.