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IUMI: Shipping’s move to net-zero is welcome but new risks must be understood and insured

‘It is the job of marine underwriters to assist all those involved, including shipowners and charterers, to de-risk their operations as far as possible and provide new and innovative insurance products,” states President.

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International Union of Marine Insurance President Frederic Denefle

The International Maritime Organization (IMO)’s recent strengthening of its environmental ambitions heralds a significant turning point for the shipping industry and, consequently, a heightened impact on marine insurers, says the President of International Union of Marine Insurance (IUMI).

“IUMI welcomes the recent announcement from IMO that GHG emissions from ships will be reduced further. New targets require net-zero emissions by close to 2050 with a 20-30% reduction by 2030 and a 70-80% reduction by 2040– from the 2008 baseline,” said Frédéric Denèfle at the IUMI annual conference.

“To achieve this, the industry will need to adopt a series of immediate measures followed by intermediate technologies and, finally, a long-term technology shift. It’s gratifying to see that leading shipowners, supported by charterers, have already made the first steps with some trail-blazing their way to early decarbonisation.

“For the marine insurance community, it is vital that we maintain pace with all the incoming changes and innovations so we fully understand each and every risk involved enabling us to support shipowners to de-risk their new operations. This will include ensuring the continued safety of our crews at sea, their training and their well-being; as well as the safety of the vessels themselves and their cargoes.”

As an interim solution, some shipowners were adopting LNG dual-fuel, biofuels and wind-assisted propulsion. Longer-term, zero-emission propulsion options might include ammonia, hydrogen or methanol.

Each of these new technologies would give rise to a new set of risks that marine underwriters will need to insure. As the transition proceeds, retrofits will give way to new-builds, again giving rise to new types of risks.

“With new innovations and a changing risk profile, the need for enhanced information becomes paramount”, said Denèfle. 

“It will be important for underwriters to receive and analyse data on ESG, economic and technical performance. In the past, we had relied upon historical information and statistics but today, real-time, dynamic data such as weather, geopolitical, regulatory, routing and engine information are all available to us.

“We need to capitalise on this, as some underwriters are already doing, to ensure our cover remains relevant. Capturing a range of new data from new and alternative sources will be key and the trick will be to adopt systems that allow marine insurers to make sense of what they are receiving and apply it to their risk portfolios. Predictive risk management and improvement to risk quality will, inevitably, lead to greater sustainability and profitability of our sector”.

Summing up, the conference heard that key risks likely to emerge from the introduction of new GHG technologies would include new onboard hazards; a complex portfolio of GHG emissions; the introduction of new technology systems; and a re-balancing of voyage dynamics and chartering strategies.

Denèfle concluded: “One of our speakers said ‘transformation involves taking risks and making investments in new technologies’, which is quite right. But it is the job of marine underwriters to assist all those involved, including shipowners and charterers, to de-risk their operations as far as possible and provide new and innovative insurance products.”

Photo credit: International Union of Marine Insurance
Published: 21 September, 2023

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VPS introduces new General Manager for Middle East and Africa

Dirk de Bruyn brings experience from Rio Tinto, Shell and recently TotalEnergies, and a range of local, regional and global oil, gas and energy roles across four continents.

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Dirk de Bruyn, General Manager for Middle East and Africa, VPS

Maritime decarbonisation advisory services company VPS on Monday (11 November) announced the appointment of Dirk de Bruyn as the company’s new General Manager for Middle East and Africa.

In this role, Dirk will advance VPS’s business within the region with both new and existing key clients. He will be critical to the growth of both the traditional businesses of marine fuels testing and advisory as well as playing a key role of decarbonisation of the maritime industry.

With experience gained at Rio Tinto, Shell and recently TotalEnergies, and a range of local, regional and global roles across four continents in international oil, gas and energy, Dirk brings extensive experience and knowledge in the energy transition space.

Using his extensive knowledge gained in bunker fuel and lubricants, both from a supplier and end-users’ perspective, Dirk previously led a global team focused on energy transition and decarbonisation.

“The maritime industry is changing quickly with ambitious emissions targets and decarbonisation requirements driving the introduction of new technologies and fuels into the market,” said Dr. Malcolm Cooper, CEO of VPS.

“In this dynamic landscape, we are very pleased to have Dirk on board to help VPS customers optimise their operations by understanding which new fuels to use and how to adapt to these sustainable business drivers and meet new regulations.

Dirk noted: “Whilst the industry is rightfully focussed on the path towards Net Zero, we must ensure we do not take our eye off the ball on the operational risks posed by traditional fuels.”

“Energy Transition and the path towards Net Zero is an evolving landscape. With the change in fuel types and the introduction of future fuels, it is important to provide advice and guidance to our customers whilst taking into consideration the differences in legislations.

“VPS leads the way with their technology in biofuels as well as methanol testing which is a key component to reducing our clients emissions and helping them in their journey towards Net Zero. I am excited to be part of this journey with VPS’ with an industry who is focussed on fuel transition.

“With over forty years of knowledge and experience in the marine industry, and a wide range of advanced Digital Decarbonisation platforms such as PortStats, Maress, BOND and Emsys, I have found that our team is filled with experience and determination and I look forward to adding mine into the mix.”

 

Photo credit: VPS
Published: 13 November 2024

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Bunker fuel trading firm Shipergy achieves International Sustainability and Carbon Certification

ISCC certification assures Shipergy’s marine fuel offerings meet sustainability, GHG reduction, and traceability standards – aligning with upcoming FuelEU Maritime.

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Resized Shipergy logo

London-based provider of marine fuel solutions Shipergy on Monday (11 November) said it has achieved International Sustainability and Carbon Certification (ISCC).

The ISCC certification provides assurance that Shipergy’s fuel offerings meet rigorous sustainability, greenhouse gas (GHG) reduction, and traceability standards – aligning with the EU’s upcoming FuelEU Maritime regulation effective 1 January 2025.

This regulation mandates progressive reductions in GHG intensity across all energy sources used by ships within EU waters. By achieving ISCC certification, Shipergy is now positioned to help its customers meet these regulatory standards while supporting the broader decarbonisation of the maritime sector.

“Achieving ISCC certification is a testament to Shipergy’s dedication to advancing sustainable practices in the maritime industry,” said Daniel Rose, CEO of Shipergy.

“With FuelEU Maritime on the horizon, we are proud to offer our customers a reliable source of certified sustainable fuels, enabling them to navigate the changing regulatory landscape confidently and responsibly.”

Related: Marine fuel trading firm Shipergy secures USD 15 million credit facility with DNB Bank
RelatedShipergy to set up new Singapore regional hub in major recruitment drive
RelatedSignal Group launches tech enabled bunker procurement company Shipergy
RelatedShipergy reports more than 60 bunker procurement transactions since launch
RelatedShipergy to leverage OpenAI’s ChatGPT in AI-powered, bunker fuel market report

 

Photo credit: Shipergy
Published: 13 November 2024

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Yinson GreenTech and Zeabuz to develop autonomous, remote-controlled electric marine vessels

Collaboration aims to integrate Zeabuz’s hardware and proprietary software algorithms into Yinson GreenTech’s marinEV fleet of electric vessels.

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Yinson GreenTech and Zeabuz to develop autonomous, remote-controlled electric marine vessels

Yinson GreenTech and autonomous maritime technology company Zeabuz have signed a Letter of Intent to integrate autonomous and remote-control capabilities into Yinson GreenTech's fleet of marine electric vessels.

This collaboration was formalised at the Singapore Norway Innovation Conference on 6 November. It marked a significant step towards decarbonising Singapore's maritime industry by combining the power of electrification and autonomous maritime operations.

The collaboration aims to deliver more efficient marine solutions by integrating Zeabuz's hardware and proprietary software algorithms into Yinson GreenTech's marinEV fleet of electric vessels.

Critically, by combining autonomous driving technology with electric marine vessels, this collaboration will address the maritime industry's long-term manpower challenges. It will reduce the number of crew members required onboard, making maritime operations more efficient.

Additionally, it will enhance the attractiveness of maritime jobs by introducing new, knowledge-based skillsets like artificial intelligence, machine learning, and remote operations. This aligns with the Maritime and Port Authority of Singapore's (MPA) Industry Transformation Map, particularly its focus on digitalisation.

“To fulfil Yinson GreenTech's broader vision of building a net-zero world, marinEV believes in harnessing the power of sustainable innovation through strategic partnerships," said Jan-Viggo Johansen, Managing Director of marinEV.

“Our collaboration with Zeabuz marks a significant step towards accelerating the adoption of autonomous solutions, which will not only enhance the safety and efficiency of maritime operations but also significantly reduce our environmental impact on waterways.”

“By combining the power of electrification, onboard autonomy, and remote supervisory control, we are laying a strong foundation for the future of sustainable maritime operations,” said Øyvind Smogeli, CEO and Co-Founder of Zeabuz.

“We are excited to deepen our collaboration with Yinson GreenTech to build a future of sustainable, technology-driven marine transport.”

 

Photo credit: Yinson GreenTech
Published: 12 November 2024

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