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Lookout Maritime News

25 Jan 2024

The recent introduction of the EU ETS has implications for African businesses which need to be better understood, given Europe's significance as trading partner.

Africa could a play meaningful role in the production of alternative fuels to support the decarbonisation of supply chains.

- Maritime Week Africa 2024, Cape Town

The commencement of the EU ETS will increase the cost of trade disproportionately for many nations, through the long shipping distances involved and Euro pricing of the required allowances. Many importers and exporters on the continent are unaware of these costs and who will be required to pay them.

Early feasibility studies point to the great potential Africa has in harnessing abundant solar and wind resources through the two leading Green Corridor initiatives, to produce zero emissions fuels in Namibia and South Africa. Both projects will require significant investment.

The recent introduction of the EU ETS has implications for African businesses which need to be better understood, given Europe's significance as trading partner.

Africa could a play meaningful role in the production of alternative fuels to support the decarbonisation of supply chains.

- Maritime Week Africa 2024, Cape Town
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20 Nov 2023

Growing operating complexity through new regulation and recent geopolitical events in the Middle East requires clear communication between key market participants.

- International Bulk Shipping Conference 2023, London

Changing trade patterns introduce new operating risks, which must be mitigated to remain a preferred supplier to key customers.

Changing trade patterns through geopolitical tensions, such as those we have witnessed in the Red Sea lately, introduce new operating risks for all stakeholders. These include ensuring safety and operational reliability of shipping, whilst not adversely affecting emission metrics and emissions.

Incidents and any adverse metrics remain in risk databases forever and this may negatively impact access to new business or to remain a preferred supplier to key customers. This screening often takes place at a distance and without the knowledge of ship operators.

Growing operating complexity through new regulation and recent geopolitical events in the Middle East requires clear communication between key market participants.

 - International Bulk Shipping Conference 2023, London

15 Nov 2023

Alternative fuel - will I be able to make it, get it onboard when I need it, burn it safely, pay for it, and how will it contribute towards decarbonisation?

These seemingly simple questions are at the centre of the wider adoption of Ammonia, Methanol and Hydrogen fuels.

- SMF Fest 2023, Valencia

Lookout Maritime was invited to join this workshop and facilitate a session, to build a new alternative fuel confidence index. This index measures the current state of readiness of the alternatives like Ammonia, Methanol, LNG, Biodiesels, Nuclear and Hydrogen in a consistent and repeatable way.

Confidence levels were scored across these categories for each major ship segment: technology, infrastructure, commercial and environmental impact (as of today).

Biodiesel and LNG were the only two options which scored highly. For the remaining fuels, gaps and changes needed were identified to reach similar confidence levels.

Alternative fuel - will I be able to make it, get it onboard when I need it, burn it safely, pay for it, and how will it contribute towards decarbonisation? 

These seemingly simple questions are at the centre of the wider adoption of Ammonia, Methanol and Hydrogen fuels.

 - SMF Fest 2023, Valencia

5 Nov 2023

Increasing complexity and ambiguity in environmental regulation is regrettably not helping us to play better together and will result in inevitable disputes.

- International Chamber of Maritime Arbitrators (ICMA) 2023, Dubai

The ICMA convened in Dubai for the first time to exchange professional views and insights on arbitration.

As part of the panel on carbon regulation and sustainability, Lookout Maritime contributed to explanation of reasons for growing misunderstanding between contracting parties. One of these is the trend towards more aspirational and goal-based targets without a clear understanding of what good looks like in the process.

Increasing complexity and ambiguity in environmental regulation is regrettably not helping us to play better together and will result in inevitable disputes.

 - International Chamber of Maritime Arbitrators (ICMA) 2023, Dubai

18 Oct 2023

Operational efficiency correctly recognised as a triple-win opportunity to reduce cost and emissions, while enabling the uptake of the more expensive alternative fuels.

- GMF Athens 2023

Industry leaders gathered in Athens to discuss and align on the actions needed to support the energy transition and in particular deliver emission reduction in the near term.

Four action areas were defined across contractual design, data and transparency, ports and terminals and pilot projects. Building the right culture through leadership is an essential requirement to make meaningful progress. Through a better understanding of what good looks like we can initiate a better quality of conversation between market participants. Lookout Maritime collaborates with key stakeholders to deliver these outcomes.

Operational efficiency correctly recognised as a triple-win opportunity to reduce cost and emissions, while enabling the uptake of the more expensive alternative fuels. 

- GMF Athens 2023

12 Oct 2023

Navigating the market impact of the inclusion of shipping into the EU ETS won’t be plain sailing.

We will need to engage with ETS and carbon experts to mitigate market risk.

- Carbon Forward Conference, London 2023

The aviation and maritime sectors share many of the same challenges and opportunities, given the global nature of our respective operations.

At the Carbon Forward Conference recently, exchanging insights with Michael Evans, Group Sustainability Insights Manager, International Airlines Group, was mutually beneficial.
Attention was called to the fact that the aviation industry will generate around 60 Mt of CO2e to shipping’s 90 Mt of EUA demand at 100% obligation once their free allowances are phased out in 2026. With sustainable aviation fuel (SAF) the only realistic option for airlines the competition for green transport fuel will only intensify in the coming years.

Navigating the market impact of the inclusion of shipping into the EU ETS won’t be plain sailing.

We will need to engage with ETS and carbon experts to mitigate market risk.

 - Carbon Forward Conference, London 2023
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21 Sept 2023

Why does “licence to operate” and reputation management matter more than ever?

- Saudi Maritime Congress 2023, Dammam

Today no company is too big to avoid the perils of reputation and brand damage.

A recent example of this is Rio Tinto’s destruction of the Juukan Gorge in 2020. This single act had a significant impact on the company, its shareholders and its ongoing ability to mine iron ore or renew its community or 'social licence' to operate.

Day 2 of The Saudi Maritime Congress opened with a keynote presentation by our CEO, Martin Crawford-Brunt, titled “ESG, reputation management and licence to operate".

Why does “licence to operate” and reputation management matter more than ever?

- Saudi Maritime Congress 2023, Dammam
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13 Sept 2023

New ships and alternative fuels are not essential in delivering meaningful emission reduction today.

Charterers, owners, brokers and lawyers could all play a role in reducing supply chain emissions, through operational measures alone.

- LISW23 Headline Conference, IMO, London

Our CEO triggered a lively debate and Q&A on why too little real collaboration is happening and how we can enable these key market participants “to play better together”.

The need to improve the IMO Carbon Intensity Indicator(CII) was recognised by the IMO’s incoming Secretary General, Arsenio Dominguez, who shared valuable perspectives on the role of the regulator in near term emission reduction.

Utility customers in Japan have a growing interest in supporting lower carbon energy products, which provides a demand for greener shipping as outlined by Masato Otaki of Jera.

Poonam Melwani, conveyed the opportunities under English law for lawyers and leaders to better align the interests of parties contracting ocean freight.

New ships and alternative fuels are not essential in delivering meaningful emission reduction today. 

Charterers, owners, brokers and lawyers could all play a role in reducing supply chain emissions, through operational measures alone.  

 - LISW23 Headline Conference, IMO, London

5 Jun 2023

Strangely few industry leaders willing to act on reducing the "split incentive" through operational measures?

While the intellectual debate on how to decarbonise shipping is interesting, we continue to forgo the opportunity to deliver the meaningful emissions reductions in our existing fleet today.

- Norshipping 2023, Oslo

Pressure to reduce emissions in global supply chains continues from end users, consumers and investors who want to understand the provenance of the products and materials they are using better.

In this innovation led week in Oslo, the focus seemed primarily to be on utilising alternative fuels and technology to solve our challenges.

The opportunity to reduce emissions by around 15% today through operational measures alone, was strangely absent from the many events and conversations during the week. Industry leaders seem content to continue to waste both energy and money, by burning fuel unnecessarily.

Lookout Maritime collaborates with both charterers and ship owners, to increase the willingness of contracting parties to act in a more logical way to reduce operating emissions.

Strangely few industry leaders willing to act on reducing the "split incentive" through operational measures?

While the intellectual debate on how to decarbonise shipping is interesting, we continue to forgo the opportunity to deliver the meaningful emissions reductions in our existing fleet today. 

 - Norshipping 2023, Oslo
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25 May 2023

Attempts to pass all the risk to the next party in the chain isn’t sustainable - it's limiting our ability to collaborate for mutual benefit.

- TradeWinds Shipowners Forum 2023, Singapore

Global industry leaders reiterated this important message during a panel on finding near-term opportunities to improve the efficiency and emissions from ocean transportation.

How we can make better use of the tools we have was also looked at during this year's TradeWinds Shipowners Forum, held at the Marina Bay Sands as part of Singapore International Ferrous Week recently.

Attempts to pass all the risk to the next party in the chain isn’t sustainable  - it's limiting our ability to collaborate for mutual benefit.     

-  TradeWinds Shipowners Forum 2023, Singapore

24 May 2023

Energy intensive products like steel, cement and aluminium face increasing scrutiny due to their emissions profile, with the “embodied carbon” associated with these key products being calculated more and more.

- Singapore Iron Ore Forum, SGX Commodities

Reducing emissions in ocean supply chains by operational measures alone is feasible around 15% on average in major commodity supply chains. This cost and emission saving requires no capital investment to unlock.

In the production of steel by conventional methods, the iron ore and met coal are transported by ships over great distances to the steel mill. The final steel product is then shipped to steel mills customers, who may distribute the steel further to their customers. In most cases each step above, to reach the end customer, requires ocean transportation.

Energy intensive products like steel, cement and aluminium face increasing scrutiny due to their emissions profile, with the “embodied carbon” associated with these key products being calculated more and more.

- Singapore Iron Ore Forum, SGX Commodities
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21 Mar 2023

The regulatory picture is complex and ambiguous - this leaves the markets to find solutions to the commercial and contractual challenges which arise.

- CMA Baltic Exchange Environmental Update, Connecticut

This executive briefing provided a summary of the outcomes of a market consultation to identify suitable performance metrics to assess the efficiency of round voyages.

Benchmarks based on reference with the standard Baltic ship descriptions and routes were provided for EEOI, CII and estimated EU ETS voyage compliance costs from 1st January 2024.

The regulatory picture is complex and ambiguous - this leaves the markets to find solutions to the commercial and contractual challenges which arise. 

- CMA Baltic Exchange Environmental Update, Connecticut
Learn more

9 Mar 2023

The "Good, Bad and the Ugly" of new environmental regulation - what does this mean for you?

- Freight Investor Solutions: Shipping, Bunker and Carbon Outlook Forum, Copenhagen

Some of the common misconceptions around the introduction of new environmental regulations were examined by industry experts during the Carbon Emissions Outlook Panel discussion and the lively Q&A which followed.

At this forum, valuable insights were given on operational measures, the maturity of the alternative fuels in the journey towards decarbonisation and also recommended steps to position yourself more favourably in order to mitigate your risk.

The "Good, Bad and the Ugly" of new environmental regulation - what does this mean for you?

 - Freight Investor Solutions: Shipping, Bunker and Carbon Outlook Forum, Copenhagen
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23 Feb 2023

The inclusion of shipping in the EU ETS next year will bring legal and practical complexity that many are not aware of.

- IE week: Baltic Exchange Tanker and Gas Markets Insights Forum, London

At the recent Baltic Exchange Tanker and Gas Markets Insights forum, held in London, this topic was covered extensively.

EU ETS regulation applies to fleets, not individual ships, which means that any sanctions or penalties will be levelled against the ISM DOC holder. Should sanctions follow it will be the entire fleet of the operator that will be banned not just offending vessels.

The ISM DOC holder is responsible for surrendering the required number of European Union Allowances (EUA's) for the preceding year by the due date. The time gap between individual voyages and when the allowances must be surrendered is significant as this introduces pricing risk on the EUA's, which requires expert mitigation.

The inclusion of shipping in the EU ETS next year will bring legal and practical complexity that many are not aware of.

 - IE week: Baltic Exchange Tanker and Gas Markets Insights Forum, London

10 Feb 2023

Making sense of environmental regulation and the market response on our energy transition journey.

- Middle East Bunkering Convention 2023, Dubai

The focus point at the recent MEBC in Dubai was Unlocking Potential: Identifying and Commercialising New Market Opportunities.

Our CEO, introduced by the moderator as "a bit of a Renaissance man", gave some of his insights into the looming changes in environmental regulations and the effects of global markets in flux and what this means for the marine fuels industry and other stakeholders.

Many alternatives have been proposed to reduce emissions in ocean transportation supply chains, but he reiterated the importance of operational reliability and safety. We can deliver absolute reductions in emissions today, through small changes in CP clauses, to provide the option for vessels to slow down to enable this to happen.

Making sense of environmental regulation and the market response on our energy transition journey. 

- Middle East Bunkering Convention 2023, Dubai
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3 Feb 2023

Start thinking about carbon risk management strategies today!

The industry needs to look at how it can remove split incentives and contractual bottlenecks. A lot of these are preventing us as an industry from doing better.

We need to improve the indicators, the data, the metrics, so that we are aiming for the right thing – we need to be clear on what green really is.

The market will continue to play an important role, particularly as the regulatory environment becomes increasingly complex to navigate.

Start thinking about carbon risk management strategies today!

24 Jan 2023

Delivering reliable, safe, and efficient shipping 24/7 globally is no simple task. It takes skill, teamwork, and importantly... brave and authentic leaders.

Read this thought piece by our CEO on delivering operational reliability in a more data driven world and why it is imperative to prioritise and approve the ongoing investments required to support a culture of ongoing learning and development, both at sea and ashore, in order to run more successful and sustainable businesses.

Delivering reliable, safe, and efficient shipping 24/7 globally is no simple task. It takes skill, teamwork, and importantly... brave and authentic leaders.

25 Nov 2022

Making responsible practices more efficient and cost effective is the path to sustainability in ocean economies

- The Shenzhen Global Marine Economy Forum 2022

We are moving towards a multi-fuel future - not only hydrogen or methanol or others, but quite a range of fuels are being developed. Shipping will be competing with all other industries for those green fuels.

Blue-economy companies must take cohesive actions to transform their value chains, move towards a circular economy, and enhance their business models to help achieve long-term sustainability of the seas.

Making responsible practices more efficient and cost effective is the path to sustainability in ocean economies

 - The Shenzhen Global Marine Economy Forum 2022

23 Nov 2022

New regulation to reduce the carbon emissions from shipping is both complex and ambiguous.
This not only results in unintended consequences but also increases the potential for maritime disputes.

- Hong Kong Maritime Week 2022

As part of HK Maritime Week, the Hong Kong Maritime Arbitration Group hosted a seminar which provided a very useful and concise explanation of coming regulation.

Expert panellists from Lookout Maritime, BIMCO and HFW share valuable insights on how to navigate associated risks.

New regulation to reduce the carbon emissions from shipping is both complex and ambiguous. 
This not only results in unintended consequences but also increases the potential for maritime disputes. 

- Hong Kong Maritime Week 2022

17 Nov 2022

We live in a time of great transformation in our world, brought about by supply chain disruption, decarbonisation and digitalisation

- Ocean Technologies Group Customer Seminar, Singapore

Delivering operational reliability will require colleagues, both ashore and at sea, who are respected and supported through ongoing competence development in their daily activities.

This is becoming business critical when chartering decisions, business partners and suppliers are increasingly selected using software and data platforms, which provide easy access to benchmarking and scoring tools. Your “digital emissions”, the data used to evaluate your performance in reliability, safety and sustainability, remains in data bases forever.

One of the key conclusions of the seminar was that navigating this landscape successfully will require authentic leaders who respect and support their colleagues in meeting these challenges through ongoing competence development and learning.

We live in a time of great transformation in our world, brought about by supply chain disruption, decarbonisation and digitalisation

- Ocean Technologies Group Customer Seminar, Singapore

10 Nov 2022

The inclusion of shipping in the EU Emissions Trading Scheme will be a game changer. A carbon trading and hedging strategy is advised as part of a broader carbon and emission risk management approach.

- Baltic Exchange Dry Freight & Commodities Forum, Geneva

Considerable confusion remains while discussions continue between the European Commission, the European Parliament and the European Council to finalise the legislative text for the EU ETS.
It is recommended that care should be exercised with any interpretation until this process has formally concluded.

At the Baltic Exchange Dry Freight and Commodities Forum held in Geneva, the role of carbon offsets and their responsible application in shipping was discussed. Companies must implement all other efficiency and emission abatement measures before deploying offsetting as part of their overall strategy.

The inclusion of shipping in the EU Emissions Trading Scheme will be a game changer. A carbon trading and hedging strategy is advised as part of a broader carbon and emission risk management approach. 

- Baltic Exchange Dry Freight & Commodities Forum, Geneva
Learn more

29 Sept 2022

'Purity test' - an excuse to delay real emission reduction and cost saving?

- Saudi Maritime Congress 2022, Dammam, Eastern Province

If we can agree to work together, shipping emissions can significantly be reduced now, through a combination of operational and onboard technical measures.
In parallel, the work to produce and scale low carbon and zero carbon fuels can be accelerated. The massive investment and ongoing R&D effort in Saudi Arabia, in alternative technologies, will support this important journey.

For more insights, access the link to the complete 'Decarbonisation and the Fuel Revolution to 2050 ' panel recording here: https://vimeo.com/755116767/1bc801ceb7

'Purity test'  - an excuse to delay real emission reduction and cost saving? 

- Saudi Maritime Congress 2022, Dammam, Eastern Province

18 Aug 2022

Delivering absolute emission reductions in a cost-effective way requires commercial, operational and technical alternatives to be considered simultaneously.

- Riviera Maritime Container Shipping and Trade Webinar Week, London, UK

Many of the world’s largest cargo owners have publicly said they will only charter zero-emissions ocean transport services by 2040.

Shippers will therefore start to favour container ship operators who are able to demonstrate that they have credible plans to rapidly decarbonise shipping. This journey starts with refining the existing fleet, through deploying new technology together with more efficient operations in novel and joined-up ways. Improved efficiency will assist in the adoption and scaling of the alternative fuels which are expected to be more expensive to produce.

Delivering absolute emission reductions in a cost-effective way requires commercial, operational and technical alternatives to be considered simultaneously.

- Riviera Maritime Container Shipping and Trade Webinar Week, London, UK

29 Jun 2022

Maritime Decarbonisation and the Markets:
Why a clearer way to describe "what good looks like" and performance in terms of round voyage efficiency is needed

Our CEO provided a simple explanation of the key differences between the IMO EEXI, a design standard, and CII, an operational standard as well as the dangers of relying on the latter in isolation, at the 5th Baltic ICS lecture series.

The unintended consequences of using the CII as measure of relative efficiency reinforces the need for a more reliable indicator of the actual transport work done. This understanding has led the Baltic Exchange to engage Lookout Maritime to lead an industry consultation to produce a voyage carbon emissions benchmark, based on the standard Baltic route descriptions and the EEOI.

Maritime Decarbonisation and the Markets: 
Why a clearer way to describe "what good looks like" and performance in terms of round voyage efficiency is needed

11 Jun 2022

The Introduction of the Carbon Intensity Indicator (CII) presents unique commercial challenges which in many ways are more impactful than the required technical and compliance measures.

- Posidonia 2022, Athens

This Baltic Exchange Risk Forum, chaired by our CEO, highlighted the legal, commercial and market risk introduced by the IMO carbon intensity indicator (CII) which enters into force in just over six months' time.

There are valid concerns that efforts to improve the vessels' CCI rating may incentivise the wrong behaviour, for example longer ballast legs, which will actually increase absolute emissions. How to share the risk of poor vessel ratings following time charters with high speed demands was also discussed.

The Introduction of the Carbon Intensity Indicator (CII) presents unique commercial challenges which in many ways are more impactful than the required technical and compliance measures.

- Posidonia 2022, Athens
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