Challenges in Enforcing Maritime Regulations

Regulations in the maritime industry are becoming increasingly complex and challenging to understand, according to Martin Crawford-Brunt, the CEO of Lookout Maritime. Speaking after the Capital Link conference at Posidonia, Crawford-Brunt highlighted the difficulty even for those responsible for enforcing the new rules. He emphasized the upcoming additional cost of $70 per tonne for all FuelEU related voyages starting from January 1, 2025, as an example of the growing complexity in regulations.

Crawford-Brunt questioned the effectiveness of these regulations in driving decarbonization and suggested a combination of market forces and regulations to tackle the challenge. He expressed concerns that the intricate rule changes may lead to finding workarounds instead of genuine compliance. Even seemingly simple regulations, such as slowing down ships to reduce emissions, face challenges in implementation.

George Procopiou, founder of Dynacom Tankers, proposed slow steaming as a potential workaround to reduce emissions. However, Andrian Dacy from JP Morgan Asset Management stressed the importance of industry collaboration with regulators to achieve emission reduction goals. Despite differing opinions on the best approach, the maritime industry is navigating through a complex regulatory landscape with the aim of achieving sustainability goals.

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