New risks

New risk on 10-year sea freight horizon

The Hellenic Shipping News reports a new threat on the 10-year sea freight horizon. Last year, the Global Maritime Issues Monitor declared the global economic crisis to be the sea freight’s biggest threat. This threat had the first rank. But this year it has a serious competitor: the pandemic. It was added as a risk to the joint Global Maritime Forum, Marsh and International Union of Marine Insurance report.

However, sea freight industry is still struggling with the disease. But research among senior marine shareholders has shown that horizon scanning is underway for the next pandemic. “There is a significant risk of another pandemic,” said Professor Ian Goldin. “Because we have not yet discovered and destroyed the causes of the current epidemic,” he said.

In this regard, Monitor worked with a ten-year horizon this year and focused on the pandemic. Respondents believe that this disease showed them the weaknesses of the sea freight value chain. The inability to support the welfare of seafarers is one of them. Marcus Baker notes that the assessment of seafarers’ physical and mental health will be crucial to the sea freight. He also said that there is a wide range of labor issues that can help develop resistance to the next epidemic. For example they are unable to join their families.

Respondents add that the report shows that learning from the pandemic is very important for the industry. They also believe that this disease is increasing the global economic crisis. 93% agree with this theory. This has caused the global economic crisis to rise from number ten to number two in the Likelihood rankings. In this regard, the global economic crisis has become a harsh “reality” from “likely”. This is also the third year in a row that they believe it can have the biggest impact on sea freight industry in the next ten years.

Climate risks

Other risks on maritime agenda include climate and environmental issues. Peter Stokes points out that the industry is unable to track the long-term threats of climate change. “It is very important to be vigilant,” he said.

Reduce carbon emissions ranks second in the impact ranking. Also, its impact is only slightly less than the economic crisis. In this regard, sea freight needs a fundamental change in reducing the carbon footprint. This transition is a big challenge for the industry.

At the same time, everything is digital because of the pandemic. But there is also an sea freight flaw. They are not ready for artificial intelligence, cyber attacks and data theft. In this regard, the experts agree that improving the use of technology should be on the agenda. Because it can help a lot in productivity in different sea freight sectors.

Politics at play

In addition, the Geopolitical threats threat remains at risk. But the disease has moved it from “likely” to the harsh reality.

Overall, sea freight industry needs to understand how it can optimize its footprint in this challenging environment. This goal also entails a wide range of measures. Ship carriers may even need to create new routes. In addition, experts believe that improving the sea freight situation depends on all of us for a part of global progress. We must avoid geopolitical tensions. In this way, the world can unite in finding solutions to threats. In today’s crisis, world unity is the most important thing.

For more information, you can check the source: The Baltic Exchange.

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