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The Lloyd’s List Podcast: Unravelling IUMI 2022
The annual marine insurance confab, IUMI, was held in Chicago this year. So Lloyd’s List selflessly hopped on a flight with microphones in hand to gather insights from the sector’s most influential figures for this week’s edition of the podcast.
• Rama Chandan of QBE Singapore, outgoing chair of IUMI’s ocean hull committee.
• P&I, and International Group chief executive Nick Shaw
• Richard Neylon, a partner with law firm HFW
• IUMI president, war risk underwriter Frederic Denefle
• Richard Turner - International Head of Marine at Victor Insurance, former President of the International Union of Marine Insurance
The Lloyd’s List Podcast: Where is shipping in the zero carbon transition?
THE great and the good of the shipping industry steamed towards US shores this week, lured in by a pretty pivotal series of energy transition events.
New York played host to UN Climate Week, the UN General Assembly and the Global Maritime Forum while the Clean Energy Forum in Pittsburgh ensured that diplomats and delegates clocked up a few extra airmiles in the race to cut emissions.
These meetings are more than hot air – they act as a progress report on the industry’s energy transition. So we have been doing the rounds with the Lloyd’s List microphone in hand talking to dozens of industry leaders about where we are in that energy transition and we have got a lot to tell you about – more than we can squeeze into a single podcast. So, over the coming weeks we will be bringing you a series of special reports featuring some of the industry’s most senior leaders offering insights into shipping’s zero carbon revolution.
Because the inconvenient truth is that the shipping industry is not on a trajectory to hit net zero by 2050. Not even close.
The only way it will find the pace and scale required to correct this dangerous path is to stop looking at this as a shipping problem. Stop trying to tackle the issue in silos as a singular issue, and to start engaging with the rest of the energy value chain
For this week’s edition we bring you a short taster of the conversations from inside the climate debates, with the promise of much more to come soon. This week’s edition features:
• Karrie Trauth (Shell)
• Jan Dieleman (Cargill)
• Michael Parker (Citi)
• Alex Saverys (CMB)
• Rasmus Bach Nielsen (Trafigura)
The Lloyd’s List Podcast: What’s keeping Jeremy Nixon awake at night?
After a two-year frenzy, the container shipping market is showing signs of normalisation. How it will avoid mistakes of the past during a period of slowdown? How does it manage the risk of supply chain resilience? How will it find the efficiencies to steam through near term regulation and long term decarbonisation and how will it address the lingering safety concerns of cargo fires? All the questions and more are discussed in this week’s edition of the podcast with Ocean Network Express chief executive Jeremy Nixon
The Lloyd’s List Podcast: Are shipowners the boiling frog?
Shipowners appear to be feeling pretty sanguine about the introduction of new carbon ratings from January 2023. Yes, there might be some slowing down and some retrofitting, but the initial implications are pretty limited. Or are they? Has the industry genuinely understood the implications of CII? Or are the owners suffering from boiled frog syndrome?
Roger Strevens, Head of sustainability at Wallenius Wilhelmsen and BIMCO deputy secretary general Lars Robert Pedersen assess whether shipping is really ready for the highly technical and widely misunderstood Carbon Intensity Indicator.
The Lloyd's List Podcast: What keeps Robert Bugbee awake at night?
WHEN people talk about shipping being driven by strong characters, they tend to mean people like Robert Bugbee.
The bullish president of Scorpio Tankers is a divisive figure on Wall Street, but he is always engaging.
How many other shipping executives can lay claim to having their own parody account on Twitter?
While Lloyd’s List consistently took a negative view of the tanker recovery, Mr Bugbee was the cheerleader in chief. And, of course, he has ultimately, eventually been proved right
The good times for tanker markets that Mr Bugbee confidently asserted were just around the corner at nearly every quarterly investor call since at least 2017 have finally arrived.
Clarksons securities this week somewhat incredulously claimed that if all the stars aligned, as any good optimist would naturally expect in shipping, LR2 earnings might theoretically reach $250,000/day.
So it was inevitably time to hit the hotline to man himself and get the Robert Bugbee view on life the universe and everything… and why he would need a lobotomy before getting serious about ordering alternative fuels.
I was joined for this week’s conversation by our resident tankers supremo and shipping executive botherer in chief Michelle Wiese Bockmann – and if you didn’t get round to reading her interview with the man himself last month, make sure you follow this link – it’s well worth your time.
But not before you’ve listened to his conversation.
So what exactly is it that keeps one of the industry’s most bullish optimists awake at night?
RINA’s transformation enables it to compete at the top level
SPONSORED CONTENT IN ASSOCIATION WITH RINA:
Classification is deep into its transition to strategic partnership with clients. Indeed, it’s probable that no other sector has changed quite so thoroughly in its vision and mission than class.
What we thought of as certification and verification services have evolved into professional transformation advisors, client sustainability partners, and regulatory experts for an uncertain commercial world.
As is the nature of these things, those who fail to read the writing on the wall early enough will always be a step or two – here, a stage or two in the transition – behind their competitors.
Larger class societies have spent the past five years rethinking their role. These are further along the transition pathway than others – or at least they say they are. There has been a flurry of mergers and acquisitions, as they scrabble to bring onboard a body of expertise they never needed in the conventional confines of class.
Meanwhile, internally, chief execs are making sure every division is aligned with the new vision for the business. Those no longer ‘core’ are found a new home where they can grow and thrive.
One class society currently going through such a transformation is RINA.
Solidly Italian but keen to strengthen its ties in key markets in Europe and Asia; traditionally maritime yet breaking down barriers with energy, industry, and transportation to provide clients with a broader expertise.
RINA Services Chief Executive Paolo Moretti is leading the transformation to strategic partnership.
Mr Moretti graduated as a naval architect and marine engineer from the University of Genoa and has been with RINA since 1997, with assignments to South Korea to oversee the construction of oil and chemical tankers, and to Italy and France for cruise ship and LPG vessel projects.
He led RINA’s marine business between 2011 and 2016, when he was promoted to chief commercial officer.
In this Lloyd’s List podcast, Paolo Moretti explains the reason for diversification into new businesses and the decarbonisation goals that drive change.
He comments on the importance of the marine division collaborating with the energy, industry, and transportation divisions to ensure you learn from each other; and he develops the geographical spread of RINA Services and the two or three countries where investment will be most targeted in future.
RINA’s recent growth has been impressive, although the fanfare of trumpets is noticeably lacking.
Mr Moretti digs into the reasons for this expansion and the platform it offers for future growth. And he tackles one of the most significant challenges facing shipping: how to find talented people with the skills and competencies needed for tasks that haven’t yet been identified.
This podcast offers RINA’s perspective on decarbonisation, digitalisation and diversification – and reveals that transformation has left RINA stronger, agile, and proactive.
Great and interesting pod
very interesting pod on a topic where there is very little news or public knowledge.