Shipping will have no choice but to boost self-regulation as well as choosing the right ‘safe haven’ partners if it is to deal with the huge pressures the fast-changing political, trade and
Shipping will have no choice but to boost self-regulation as well as choosing the right ‘safe haven’ partners if it is to deal with the huge pressures the fast-changing political, trade and regulatory landscapes will inflict on the industry, according to Mark O’Neil, President and CEO of the Columbia Group.
There are many spheres of influence that will result from the breakdown of the international rule-based order, and shipping needs to ask how it will fit in from a regulatory standpoint, he warned.
“The industry will have to deal with a number of competing spheres of influence and a number of competing regional regulations which will leave it with no option but to work with truly trusted, scalable partners, that small and medium-sized operators can turn to for certainty in an otherwise very uncertain world.
“We’re seeing UN institutions that have been in existence for 60 or 70 years certainly weakening and, to an extent, coming apart at the seams. We now have, alongside the UN, a so-called ‘board of peace’. The IMO was perhaps viewed as being slapped down in relation to the net zero framework. So many of these institutions that have formed part of our international rules-based
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