Maritime executives discuss leadership, pragmatism, and collaboration under sea of uncertainty
- Published
by Admin
Driving maritime transformation towards IMO 2050 and the adoption of the IMO Net Zero Framework (NZF) demands a multifaceted approach: Requiring a strong, unified leadership to overcome political fragmentation, pragmatic and incremental solutions, and robust collaboration across the industry, agreed panellists at a recent conference.
Constantinos Capetanakis, IBIA Chair and Bunker Director at Star Bulk, was moderating ‘Session one: Leadership Discussion – Driving Maritime Transformation’ at the IBIA Annual Convention 2025 in Hong Kong on Tuesday (18 November) when the following panellists share their observations:
Caroline Yang, CEO, Hong Lam Marine Pte Ltd, Past Chair, SSA; Former Vice Chair, ICS
Yang underscored the urgent need for strong, unified leadership in the global maritime sector.
She highlighted the current paradox of leadership, where some regions experience a breakdown of authority while others contend with overly strong, singular leaders – as seen in the failure by the MEPC extraordinary session in October 2025 to approve the IMO NZF.
“Today, we need strong, unified leadership—often a team rather than a single person,” she highlighted.
“The global maritime sector must come together, reflect on issues raised about the net-zero framework, and use platforms like the ICS (International Chamber of Shipping) to find solutions.
“While democracy is valued, a strong leader with a heart for their country is crucial for implementing long-term plans, as democracy and decarbonisation can sometimes be at odds.”
For the maritime industry, this translates into a demand for a robust team of leaders to navigate the complexities of decarbonisation.
Yang emphasised that the industry’s consensus on a net-zero framework, despite its imperfections, was a crucial step towards establishing a single set of global rules, preferable to fragmentation.
“The industry supported the net-zero framework because one set of global rules is preferable to fragmentation,” Yang explained.
“While not perfect, it was the best option. The way adoption was blocked through calculated, ‘brute force’ tactics was shocking.
“However, the delay provides 12 months to address valid points raised, such as fund management concerns. Like-minded industry and government players must regroup, rethink, and redress these issues.”
Professor Lynn Loo, CEO, Global Centre for Maritime Decarbonisation (GCMD)
Professor Loo, meanwhile, noted the maritime sector can navigate the uncertainties and steer towards a sustainable future by bridging scientific rigor with commercial realities, fostering innovative financing, and embracing data-driven decisions.
She gave a preview on the Fund for Energy Efficiency Technologies (FEET) which secured total commitments of up to USD 35 million; FEET is the world’s first vessel retrofit fund to use a pay-as-you-save repayment mechanism, directly linking repayments to verified fuel and regulatory savings.
“The banks we work with understand the challenge, but risks remain due to uncertainty. Our ‘pay-as-you-save’ model pegs loan repayments to actual bunker fuel savings, helping spread risk and reward.
“The energy transition is inherently risky; the key is to use ideas like blended finance and diversified portfolios to collectively minimise and share risk.”
Moving forward, Professor Loo advocated for an incremental approach to decarbonisation, likening it to “eating an elephant, one bite at a time”.
“Incremental progress is vital. Energy efficiency is crucial for both current and future marine fuels,” she stated.
“Carbon capture is an important retrofit option for the two-thirds of the current fleet that will likely never use future fuels and would otherwise become stranded assets. It’s akin to installing a chemical factory on a ship, but it offers an option for vessels on unscheduled routes because we believe CO2 can be offloaded in a manner not too different from “deslopping”.
“There won’t be a single solution; choices depend on vessel, age, and routes.”
Photo credit: Manifold Times
Published: 25 November 2025
