The shipping industry could lose USD 10 bn a year by 2050 due to climate change:Climate change-related disruptions could cost the shipping industry USD 10 bn annually by 2050, and up to USD 25 bn per year by 2100, CNBC reports, citing an RTI study. Maritime trade volume is expected to triple by 2050 as demand increases, making it the most vulnerable transportation sector. “Imagine that if the port has an impact, but that we are not able to unload the cargo here, there’s a downstream impact to the supply chain, and also towards the upstream. So, it’s all connected,” Maersk’s President for North America Narin Phol said.

The tech is getting there, but it will take time: Sustainable fuel production is taking time, despite big carriers like Maersk and MSC taking big steps to develop ammonia dual-fuel ships. “Even if we have engines ready for new fuels, the fuel needs to be produced, there needs to be significant investments made, and it needs to be green fuels; it means it needs to be produced by green energy,” Agnevall said.

Concerns over the working conditions on shadow tankers lacking ins. cover and proper maintenance are rising amid the growth of the so-called global “ ghost fleet,” reports Seatrade Maritime. Seafarers are being warned about the potential dangers of accepting higher paid jobs on ghost fleet vessels. “We hear all the time, from many operators, their crew are getting offered more money to go and work on the dark fleet,” John Martin, Managing Director for P&I insurers Gard in Singapore, told the Nautical Institute (Singapore) conference.

ICYMI- The US price cap on Russian crude oil is giving rise to more shadow tankers, as more traders use aging tankers that are not monitored or insured by the US to circumvent sanctions.

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