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Emanuele Grimaldi, the chairman of the International Chamber of Shipping, writes for Splash today.
In an era marked by growing uncertainty, knowledge and trusted sources are more powerful than ever. The International Chamber of Shipping’s annual Barometer survey, the fourth edition of which was recently launched, obtains critical insights into the evolving risks and challenges confronting the ICS maritime leadership community across the world. With multiple years of data, we can now track trends that reveal where the industry feels confident, where vulnerabilities lie, and how these dynamics are shaping operational decisions.
Some risks have remained consistent. Cyber-attacks, for example, have been flagged as a top concern year after year, reflecting the growing reliance on digitalisation and the vulnerabilities it exposes. Similarly, political instability has long been identified as a major risk, particularly as geopolitical tensions escalate. However, the 2023-24 Barometer highlighted a new, pressing concern: malicious physical attacks on ships and crew, driven by heightened global conflict.
These risks are not theoretical; they are influencing the daily decisions of shipowners, operators, and stakeholders across the supply chain. The growing threat of political instability and physical attacks in critical regions, such as the Red Sea, has forced owners to make difficult yet necessary choices. Rerouting vessels around the Cape of Good Hope to avoid dangerous waters has become an increasingly common practice. While these diversions are essential to protect crews and assets, they come with longer transit times, increased costs, and operational disruptions. Meanwhile, ports in the Western Mediterranean and Africa have responded by scaling up investments to meet rising demand as ships avoid volatile regions.
For the first time, the 2023-24 Barometer survey identified the availability of trained crew and skilled personnel as a top issue for industry leaders. This development aligns with warnings highlighted in the Shaping the Future of Shipping Summit in Manila, which discussed the growing challenges in maintaining an adequate supply of skilled seafarers. As the shipping industry competes for talent in a tight global labour market, leaders may need to look beyond traditional recruitment grounds. Attracting and retaining talent will require making the industry more appealing to the next generation of workers. This includes demonstrating strong commitments to values such as diversity and equity, – principles that are increasingly important to workers across industries.
At the same time, regulatory pressures remain a dominant factor shaping operations. This is no surprise given the significant strides made toward mid-term greenhouse gas (GHG) regulations, with expectations for adoption in 2025. These measures are essential for achieving the industry’s decarbonisation goals, but they also demand significant investment and innovation. For ports, shipowners, and stakeholders across the maritime value chain, the path to decarbonisation hinges on regulatory clarity and confidence. Clear signals from policymakers will enable businesses to make the long-term investment decisions needed to transition to green fuels and sustainable operations.
As we confront these challenges, it is clear that the shipping industry plays a vital role not only in keeping $14trn in global trade moving but also in addressing broader societal goals, such as decarbonisation and digitalisation. To succeed, we must ensure that our industry functions in ways that allow us to meet sustainability targets, reap the benefits of technological advancement, and keep trade flowing uninterrupted – even in turbulent waters.
These risks demand coordinated responses that prioritise security, stability, and the continuity of global trade. The best way to navigate these challenges is through collective effort. As the collective voice of the international shipping industry, ICS articulates and advocates these factors critical to our success – creating supportive, forward-thinking regulations – to international regulators International Maritime Organization and International Labour Organization as well as to other government regulators and relevant stakeholders.
This is where the Barometer plays an invaluable role. By identifying shared concerns, measuring where priorities align, and highlighting where they diverge, the Barometer helps to shape a cohesive and informed approach to tackling the industry’s most pressing challenges. It provides the clarity and insights needed to sow the seeds for a future in which shipping – and global trade – can thrive.
As we navigate the turbulent waters of today’s world, we must do so with a firm grasp of the challenges facing individual sectors, the industry as a whole, and the broader economic and geopolitical forces at play. Knowledge, as the Barometer demonstrates, truly is power. With the right information, collaboration, and support, the maritime sector can not only overcome its challenges but emerge stronger, more resilient, and better prepared for the future.
To take this year’s Maritime Barometer survey, click here.
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