The global maritime sector is facing a wave of new regulations this year, bringing complex compliance challenges. These regulations cover a wide range of areas, including environmental performance, security, and safety standards. The International Maritime Organization (IMO) has been at the forefront of publishing these regulations, with a focus on reducing greenhouse gas emissions and enhancing safety measures. Stamatis Fradelos, Vice President of Regulatory Affairs at the American Bureau of Shipping, sheds light on the implications of these regulations and offers guidance on how operators can navigate through this period of change.
One of the critical areas of concern in the maritime sector is cybersecurity. The digitalization of ships and geopolitical tensions have created a heightened risk of cyber threats. Reports have shown a significant increase in cyber incidents targeting maritime organizations, with costs averaging around $550,000 per attack. To address these concerns, the IMO has introduced standards aimed at improving ship safety, crew training, and implementing new technologies to combat cyber threats.
In response to the growing environmental challenges, the IMO has adopted the ‘2023 Revised IMO Strategy on Reduction of GHG Emissions from Ships’. This strategy includes targets to reduce carbon intensity, CO2 emissions, and promote the uptake of zero or near-zero emission technologies. Additionally, there are plans to attach a price to carbon emissions to incentivize the use of cleaner fuels and energy-efficient technologies. The IMO’s Marine Environmental Protection Committee is expected to finalize measures to support these targets by 2027, focusing on reducing GHG intensity and promoting sustainable practices in the maritime industry.
