Decarbonization and greenhouse gas reduction
The shipping industry is facing major challenges in the area of greenhouse gas reduction. The 2018 strategy of the International Maritime Organization (IMO) aims to reduce emissions by 50 % by 2050. In addition to technological innovations and alternative fuels, a global price for shipping emissions is also currently being discussed.
At the most recent IMO negotiations, 39 states advocated a global levy on greenhouse gas emissions and stricter fuel standards. These measures are to be implemented by 2025 and will force the shipping industry to become more sustainable. Companies will have to adapt to technological changes and comply with new emission standards.
Cyber security (IMO requirements from 2021)
Cyber security regulations, which have been in force since 2021, have not yet been implemented comprehensively throughout the entire industry. Many companies are still working on strengthening their IT systems and integrating security protocols to meet the increased requirements. As digitalization in the shipping industry intensifies, this topic is becoming increasingly important, but implementation is still lagging behind in many places.
Hong Kong International Convention on Ship Recycling
Although this Convention was adopted in 2009, it has not yet been ratified in all countries and full implementation in practice is still lacking in many areas. Companies still need to take further steps to ensure that ships are recycled in an environmentally friendly and safe manner, also in order to avoid potential liability and criminal liability risks for management.
Expansion of ESG reporting
While many shipping companies have taken the first steps towards compliance with ESG (environmental, social and governance) criteria, the comprehensive integration of ESG into corporate strategy and reporting is not yet complete. Companies are under increasing pressure from investors and regulators to improve transparency and sustainability.
Crewing requirements in the shipping industry
The Maritime Labor Convention (MLC) sets standards for the working and living conditions of seafarers, while the STCW standard for training, certification and watchkeeping ensures that crew members receive the necessary qualifications and training. Other regulations cover safety requirements that include training in emergency management and fire safety, as well as national laws that provide specific requirements for the employment of seafarers. These regulations are crucial for the protection of crew and the overall safety of shipping.
"Companies in the shipping industry need to take action in order to meet the regulatory crewing requirements. Compliance with standards such as the MLC and STCW is crucial for crew safety and contributes to long-term efficiency and competitiveness."
Christian HensellPartner,
Attorney-at-Law, Tax Advisor