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IN THIS ISSUE
1. Midsummer melange
2. Right to terminate
3. Iran agreement
4. Class NK
5. DRYCON
6. Procurement efficiency
7. Operator safety
8. Port cost management
9. AI for insurers
10. Seabed mapping
11. WISTA award
12. Customs standard
13. Weaponisation of trade
14. Sustainable shipping
15. Aviation insurance
16. Electrification
Notices & Miscellany
Readers’ responses to our articles are very welcome and, where suitable, will be reproduced. Write to: contactus@themaritimeadvocate.com
1.Midsummer melange
By Michael Grey
Is the Strait of Hormuz really reverberating to the noise of several hundred mighty diesels springing into life after 107 days of idleness enforced by the respective blockades? A certain scepticism among the crews of the trapped ships would be forgivable, despite President Trump’s enthusiastic endorsement of a “deal” between the warring parties. Memoranda of understanding are all very well, but when trust is in short supply, why should those who have spent these last months in fear of drones and missiles think that this so-called outbreak of peace will be anything other than a hiatus?
There are a lot of people with fingers on their triggers between the Gulf waters and the safety of the open sea, not that anywhere in mid-east waters is without risk to mariners these days. And it will take a lot more than a few words in a treaty in Geneva this week to persuade any responsible ship operators to take up where they left off, when the war exploded over the region in February. There may be some bold souls, lured by freight rates and reckless crews, but it is hard to think of anything other than a slow and cautious resumption of trade. Nobody, whatever the pay is like, wants to be a target, and when you have seen the results of indiscriminate fire on slow-moving merchant vessels, such memories will not go away in a hurry. Both sides in this conflict have felt free to give conflicting orders to the hapless masters of ships and, when these are not obeyed, to recklessly fire drones and missiles into ships, regardless of the lives they are putting at risk. Those three Indian engineers killed in their machinery space by a US Hellfire missile should not be forgotten.
But that’s just the Gulf; there is plenty more to make mariners miserable this week. Last year, we are told, is the worst year ever for abandonments, with the owners of 410 ships walking away from their responsibilities, with 6,233 seafarers left to fend for themselves, unpaid and supported, if they are lucky, only by the maritime charities. We surely cannot be surprised, with the cavalier attitude some sovereign states take of their duties to register ships. There are some truly awful, hopelessly incompetent, so-called administrations offering their flags to both the risky and unscrupulous owners. More of them, too, with the emergence of the “dark fleet” of sanctioned vessels, changing their flags as fast as their owners change their underwear. Whether a more robust approach to sanctioned tonnage surging past coasts will change anything, remains to be seen.
The first such seizure by the greatly depleted UK forces occasioned all manner of headlines and curious comments. Coming just a few days after the resignation of the Secretary of State for Defence over funding, the decision to make a spectacular statement of military capability, some suggested, was somewhat performative. The ship, judging by her state of apparent dereliction, would perhaps justify a detention, but quite what to do with the vessel and her cargo is something of a conundrum. The Indian and Georgian crew, we are told in an improbable footnote, will be ineligible for asylum. And the possible reaction from a wrathful Russian president is another uncertainty to be faced. A small morsel of good news is that the little cruise ship Hondius, scrubbed like a new pin, is back in operation after her worrying medical scare, with the courageous crew being released from their quarantine.
But in one last tweak from that episode, it is reported than a final remaining adventure-seeking passenger from that dispersed congregation had to be tracked down and rescued from, of all places – Pitcairn Island, possibly the world’s most inaccessible holiday destination, at an eye-watering cost. Finally in our tour around the maritime world this week, there was yet another report, this time from Antwerp, of containers falling onto a bunker barge which was innocently refuelling the vessel. Nobody was hurt, but the number of these incidents in recent months suggests that bunkering can be a riskier business than some might have thought. With some of the exciting new fuels that the net zero enthusiasts are encouraging, a more hard-headed look at the dangers might be needed. You need more than a hard hat.
Michael Grey is former editor of Lloyd’s List.
2. Right to terminate
In the most recent edition of HFW’s London Calling the writers Brian Perrott and Lee Forsyth say the right to terminate does not necessarily mean a right to loss of bargain damages
The case related to shipbuilding contracts. A clause in the contracts provided that refund guarantees had to be issued by the yard within a specified time.
The guarantees were not issued within time and the Buyers terminated the contracts. The Buyers argued that the obligation to provide the guarantees was a condition and the breach entitled them to loss of bargain damages.
Decision
While the contracts contained an express provision entitling the Buyers to terminate if the guarantees were not issued in time, the obligation to provide the guarantees was not a condition. The Buyers were not entitled to claim loss of bargain damages.
Comment
The case highlights the importance of clear drafting. If, in the event of a breach of an obligation, a party wishes to have loss of bargain damages in addition to an express right of termination, this should be made clear in the contract.
SLB (and others) v PAK (and others) [2026] EWHC 449
3. Iran agreement
The International Maritime Organization (IMO) recently issued a statement on the peace agreement announced between the United States and Islamic Republic of Iran.
The Secretary-General of the IMO, Arsenio Dominguez “welcomes with great satisfaction the peace agreement reached between the parties in the conflict affecting the Strait of Hormuz.
“This signals a crucial return to peace, dialogue, multilateralism and diplomacy, and in particular, an important step toward restoring safety in this vital maritime corridor for seafarers and ships, as well as safeguarding the fundamental principle of freedom of navigation.
“The Secretary-General expresses his deepest sympathies for all victims of the conflict, paying particular tribute to the innocent seafarers affected and to their families. Their courage and resilience in the face of prolonged uncertainty deserve the highest recognition.
“The agreement also allows IMO to advance its plan to evacuate the thousands of seafarers stranded in the area. The Organization is working in close collaboration with Member States and partners to implement this plan safely and effectively. However, its implementation will require time to ensure that all necessary safety and security guarantees are in place.
“IMO reaffirms its commitment to maritime safety, the protection of seafarers, the freedom of navigation, and the continued free flow of global trade.”
4. Class NK
ClassNK has launched the co creation digital marketplace “ClassNK Design Data Marketplace” for stakeholders in the maritime industry. The marketplace is designed to promote linkage and utilization of 3D models and design data created ship design and owned by shipyards and design firms, together with various services provided by software vendors and other providers. It enables a wide range of stakeholders seeking design data or services to search for and compare relevant information according to their specific needs. By facilitating the use of 3D models and design data—resources that have not been fully utilized to date—the marketplace is expected to promote data sharing among stakeholders and foster a cycle of new value creation arising from such collaboration.
While shipyards produce a large number of 3D models and design data, design-phase data is often underutilized beyond its initial purpose. This has led to growing interest in leveraging such data to generate value across the vessel lifecycle, including improvements in operational efficiency and safety. This initiative has been carried out as part of the “Digital Twin Project”, in which shipyards, shipowners, software providers, and classification societies collaborate to examine a secure framework for sharing design and operational data. Through feasibility studies and evaluations conducted by project members, ClassNK has advanced the development of the marketplace as an impartial entity to ensure that the marketplace is neutral and fair.
The marketplace is provided as a membership based closed system functioning as a legal marketplace. Members are able to register their service information and model data in the library while complying with the terms of use that govern proper management and handling of design data. Members may also refer to models and services offered by other participants and consider their use. By clearly defining responsibilities and permissible use of design data, the marketplace establishes an environment in which members can securely share information and advance comparative studies and collaboration on new technologies and services.
For further details and registration, please refer to the website below.
https://designdp.classnk.or.jp/
5. DRYCON
At DRYCON in Mumbai, Global Strategic Commodities (GSC) presented a strategic framework to align India’s mineral requirements with Africa’s extensive resource base.
“Across the five key sectors of energy transition, digital infrastructure, industry, defence and aerospace, we have identified 30 critical minerals essential to India’s long term strategic development,” said James Lumley, Managing Director of GSC.
India’s ambition to become the world’s fourth largest EV market depends on secure supplies of lithium, cobalt, nickel and niobium, all of which are currently 100% import dependent. These minerals underpin battery manufacturing, cathode chemistry and rare earth magnet production, the backbone of India’s electrification and clean tech industries.
James Lumley noted that GSC has identified ten minerals and rare earths where India’s critical demand profile aligns directly with Africa’s production strengths.
Africa already dominates several of the world’s most critical mineral markets:
⦁ South Africa and Zimbabwe supply 80% of global platinum group metals output — vital for fuel cell technologies and hydrogen applications.
⦁ The Democratic Republic of Congo provides 70% of the world’s cobalt — a cornerstone of modern battery supply chains.
⦁ The continent holds 30% of the world’s known mineral reserves yet attracts only 15% of global exploration spending — a structural gap that GSC is positioned to bridge.
“We see significant investment opportunities across Africa,” Lumley said. “The continent holds 30% of the world’s known mineral reserves yet attracts only 15% of global exploration spending. GSC is working with governments, companies and investors to align strategic demand and supply, ensuring that sustainable economic growth can be unlocked across key sectors.”
6. Procurement efficiency
SpecTec, the asset management technology company has launched AMOS Procure Smart. The AI powered platform is built specifically for maritime fleet operators and addresses one of shipping’s biggest hidden cost challenges around structural procurement inefficiency. By connecting maintenance schedules, inventory, supplier data, and financial controls into a single procurement workflow, the new solution automates manual processes, streamlines data flow and enables a more proactive approach to purchasing, helping save time, money and manual workload.
AMOS Procure Smart focuses on critical procurement challenges, identified through fleet operator research, that contribute to significant operational waste, duplicate purchasing and higher emergency freight costs. SpecTec led research conducted across 20 fleet operators representing more than 3,150 vessels found maritime procurement teams still manage thousands of RFQs, purchase orders, invoices, and spare part requests manually. The same component can carry 12–20 different names across a fleet, invoice matching failure rates can exceed 60%, and procurement teams often operate without forward demand visibility or real-time budget insight.
To address these inefficiencies and support a more strategic approach to procurement, AMOS Procure Smart connects all procurement related workflows. AI-powered three-way invoice matching automatically reconciles purchase orders, delivery notes, and invoices, including handwritten and scanned PDFs, reducing the need for manual intervention. A Part Interchangeability Engine applies Form-Fit-Function logic to identify equivalent spare parts across fleets, helping to cut duplicate purchasing and improve inventory visibility. By linking maintenance schedules with future parts requirements, operators can forecast demand three to six months ahead, supporting more informed and cost-effective decision making.
Routine procurement workflows for lower-value purchase orders are automated, reducing administrative workload and cycle times. Technical Superintendents gain real-time visibility into allocated, committed, and spent budgets at the point of requisition approval, giving finance and operations teams a clearer picture of where money is being committed across the fleet.
AI recommendations on the platform are logged with confidence scoring and human approval controls, while audit trails and procurement records are retained for compliance purposes. The platform also supports operators facing increased inspection and compliance scrutiny under frameworks such as SIRE 2.0.
AMOS Procure Smart is built on more than 40 years of maritime operational expertise and data from a 2,530-vessel installed base. The platform has also been validated through customer research and prototype testing using real maritime procurement workflows. Unlike traditional procurement systems, AMOS Procure Smart is Planned Maintenance System agnostic and integrates with existing fleet management platforms without requiring migration or replacement of current systems.
Commenting on the announcement, Adam Dennett, CEO of SpecTec, said: “Maritime procurement has been accepted as a necessary inefficiency for too long. Operators know they are losing valuable money and time as a result of fragmented data but existing systems were never designed to solve those structural problems. That’s exactly what AMOS Procure Smart aims to solve by bringing together maintenance, inventory, procurement, and financial intelligence into one connected workflow. It’s built specifically for maritime operations and designed to work with the systems fleets already have in place.”
7. Operator safety
By linking machine usage data with Protective ventilations systems data, Hiboo and Bmair have put forward a proposition using data to effectively improve operator safety.
French company Hiboo, a specialist in heavy machinery and vehicle fleet data processing and analytics, has partnered with Dutch company Bmair, the European leader in Protective ventilation systems for machinery operating in polluted environments (such as mining, recycling, demolition, and waste management).
Bmair’s technologies protect operators from dust, gases, and particles using equipment that keeps cabins both pressurized and filtered.Hiboo provides Bmair with an additional layer of data collection and analysis to complement what Bmair already gathers—specifically, usage data from its filtration systems. This gives Bmair’s customers access to contextual and analytical insights regarding the operation of their filtration equipment, as well as the condition of its components.
Bmair customers will gain access to Hiboo’s platform, allowing them to centralize driver safety data from Bmair equipment alongside the machinery’s own operational data. While detailed filtration and air quality insights remain available through Bmair’s dedicated portal, the Hiboo platform brings these data sets together with machine and fleet data in a single environment. This provides customers with a more comprehensive view of both operator safety and equipment performance, ultimately enhancing operator protection through data-driven insights.
“We are particularly pleased with this partnership with a leading European company in operator safety. It allows Hiboo to demonstrate its ability to extract value from new types of data and turn them into actionable insights for operator safety,” commented Clément Bénard, CEO, Hiboo
“Our equipment has been protecting operators for over 30 years. Thanks to this partnership with Hiboo, we are taking it to the next level. On a single platform, our customers can now cross-reference driver safety data—such as air quality and filter condition—with machine usage data, providing a comprehensive, real-time overview that enables them to anticipate issues and take action. As more companies adopt the new European EN 15695 standard for protective ventilation systems, this integrated approach helps customers demonstrate compliance and ensure continuous operator protection,” added Huib van den Berg, CEO, Bmair
8. Port cost management
HarborLab, the AI-powered platform for port cost management, has launched a new feature that automates the creation of Disbursement Accounts from Proforma to Final and reduces a time-consuming, manual task to a single click.
With the Single-Click Port Expenses DA Creator, an agent selects the terminal and enters the agency fee. The platform automatically populates all associated port expenses based on the latest port tariffs. The agent then uploads the physical DA as well as any supporting documents, and the final document is complete and ready for approval.
Port agents operate at the intersection of every port call, managing multiple systems, coordinating across time zones, and processing documentation under constant time pressure. DA preparation is among the most complex aspects of that work.
Over years of processing hundreds of thousands of port calls, HarborLab has built a comprehensive port cost dataset covering 1,400 ports with live tariff data. The Single-Click Port Expenses DA Creator is the result of that investment and is built first and foremost to reduce the time required for agents and provide a highly accurate first submission to principals.
“Agents are the backbone of every port call, and we have always felt responsible for making their work easier. This feature is the product of years of data collection, and we are proud to put it in their hands. The time they save on data entry is time they can spend on the work that truly requires their expertise,” said Antonis Malaxianakis, Founder and CEO of HarborLab.
The creation of Disbursement Accounts has historically been susceptible to errors due to the process’s complexity. Port tariff documents are typically published in local languages, exhibit considerable variation in structure and format, and are updated without notice. Translating, standardising, and maintaining that data at scale demands years of sustained effort. The autofill feature eliminates those errors: powered by HarborLab’s port cost estimation engine, it calculates full disbursement costs across all standard port expense categories – port dues, towage, pilotage, mooring, light dues, and more – for bulkers and tankers, using either an IMO number or vessel particulars.
9. AI for insurers
Earnix, has released its new report revealing that more than half (55%) of UK insurers have already integrated AI into some core business functions, signalling a major shift from experimentation toward operational deployment.
Based on insights from more than 400 global insurance executives for the Earnix 2026 Industry Trends Report, including 40 UK insurance leaders, the UK regional report explores how insurers in the UK market – are embedding, governing and scaling AI across pricing, underwriting, claims and customer engagement workflows, and compares this to the global results.
The findings show that while UK insurers are accelerating AI adoption, many are now confronting the industry’s growing “AI execution gap”: the challenge of moving from isolated AI use cases to enterprise-scale operational decision making.
Among the report’s key findings:
- 55% of UK insurers say AI is already integrated into some business functions
- 98% of UK insurers are either already using, or planning to use, generative AI for processing unstructured data – significantly ahead of the global average.
- 30% of UK insurers admit they are significantly lagging behind customer expectations around personalisation
The research also found that:
- 91% of UK insurers plan to increase investment in third-party data
- 53% say regulation is moderately slowing AI innovation
- UK insurers are prioritising AI for operational workflows such as claims processing and policy issuance ahead of customer retention use cases.
Adrian Mincher, Head of UK, Ireland and South Africa at Earnix, said:“UK insurers have clearly moved beyond experimenting with AI in isolated pilots. What comes through strongly in this research is that the pressure has shifted to making AI work consistently in the real world – inside pricing, underwriting, claims and customer decision-making, where speed, governance and commercial performance all matter at the same time.
“There’s no shortage of ambition or investment across the market, but many firms are still finding it difficult to turn insight into action at scale. That’s especially visible around personalisation, where customer expectations are moving quickly and operational processes are struggling to keep up. The conversation around AI is becoming far more practical now – less about testing the technology, and more about whether insurers can bridge the execution gap, and actually embed AI confidently and at scale into the way decisions get made every day.”
10. Seabed mapping
KONGSBERG and the Ocean Exploration Trust (OET) are diving deeper than ever before in a new expedition to map vast areas of previously unexplored seafloor in the Central Pacific.
The Pacific Mapping (NA178) expedition, which is running between 10–24 June, sees OET Exploration Vessel Nautilus deploying KONGSBERG’s EM 304 MKII multibeam echo sounder for the first time. Three KONGSBERG engineers are aboard Nautilus for the full 14 days, using the mission as a critical real-world testing platform for advancing multibeam technology and helping to raise standards across the global mapping community.
Despite covering more than 70% of the planet, huge swathes of the ocean remain uncharted at high resolution. The challenge is particularly acute in deep ocean environments, where access, cost and technical limitations typically constrain survey efforts.
The EM 304 MKII is designed to tackle these pain points head-on. Capable of operating at full ocean depth, it combines wide swath coverage with consistently high resolution, enabling survey teams to map larger areas more efficiently without compromising data quality.
For OET, this translates into a significant step forward in capability, as explained by Derek Sowers, Mapping Manager, Ocean Exploration Trust: “The EM 304 MKII is optimised for features of interest we tend to explore, like complex canyons, seamounts, ridges, trenches, seafloor spreading centres, and subsea volcanoes. It allows us to map and reveal these amazing features in greater detail and sets us up for success for further exploration using our ROVs and other assets.”
The system is expected to transform mapping efficiency for OET, effectively doubling the area that can be surveyed compared to previous equipment, while reducing both time and operational costs in remote environments.
While the scientific expedition is critically important, it also provides KONGSBERG with an opportunity to test and refine the EM304 MKII in demanding, real-world conditions.
Operating onboard Nautilus, the system will generate live datasets across a range of seabed environments, allowing engineers to optimise both hardware performance and software functionality. These learnings will feed directly into ongoing improvements, benefiting future deployments worldwide.
Colleen Peters, Product Manager Mapping Software, KONGSBERG, explains: “We can simulate many configurations in the lab and on our test vessels, but not the realities of deep-water surveying. That is why it is essential to test in the same conditions our customers work in, so we can confirm new features perform as intended.
“Nautilus is an ideal platform for system testing because the team is committed to pushing new technology forward. It also runs an integrated mapping internship on every cruise, giving us a rare chance to see how first-time users interact with the software.”
Peters concludes: “As ocean industries continue to expand, the need for reliable seabed data keeps growing. Seafloor mapping supports everything from research and environmental monitoring to subsea infrastructure and better-informed policies. The EM304 MKII helps meet that need with full-ocean-depth capability, broad coverage and high-quality data. We’re looking forward to showing what it can do onboard Nautilus with OET on its first mapping expedition since the upgrade.”
11. WISTA award
WISTA Norway has announced that Trygve Nøkleby, Managing Director of the Bergen Shipowners Association, has been named the recipient of the 20th annual WISTA Norway Leadership Award, presented at the Bergen International Shipping Conference on 10 June 2026. With the honour, Nøkleby becomes only the second man ever to receive the award.
The award was presented to Nøkleby by Siv Remøy-Vangen, herself the 2021 recipient, together with WISTA Norway President Jaquelyn Burton and Vice President Maren Lodden.
The recipient was chosen by a vote of WISTA Norway members at the organization’s Annual General Meeting, held on 18 March 2026 in Bergen and hosted by the Grieg Group. The award recognizes an individual who has demonstrated outstanding leadership, inspired others, and made a significant contribution to the maritime industry.
As Managing Director of the Bergen Shipowners Association, Trygve Nøkleby has demonstrated exceptional commitment to promoting diversity and inclusion throughout the maritime industry. Under his leadership, diversity has become a strategic priority across the association’s activities, helping to create stronger recruitment pathways, mentoring opportunities, and platforms that encourage broader participation in maritime careers.
Beyond organizational initiatives, Nøkleby has led by example. As an early supporter of the WISTA #40by30 pledge and a long-standing mentor in the Maritime Meet-Up program, he has actively mobilized leaders across the industry to engage in the work of creating a more diverse maritime sector. His consistent advocacy, both publicly and behind the scenes, has helped turn ambition into meaningful and lasting change.
The Leadership Award has taken many forms over the years. This year’s award is a print by the artist Björg Thorhallsdóttir titled “Trygg venn” (“safe friend”) — a lighthouse-and-boat motif celebrating the steady people who guide others safely through every storm and home to harbour.
12. Customs standard
The British International Freight Association (BIFA) has welcomed the publication by the British Standards Institute (BSI) of the new Publicly Available Specification (PAS 41201:2026) designed to support effective and transparent relationships between traders and customs intermediaries.
BIFA was actively involved in the development and preparation of the PAS 41201:2026 for customs intermediaries, which was sponsored by HMRC, working alongside industry stakeholders to help create a practical framework that reflects the realities of customs operations and the responsibilities of all parties involved in the customs declaration process.
Commenting on the publication, BIFA director general, Steve Parker said: “This marks an important step forward for our industry. As customs requirements continue to evolve, it is essential that traders and customs intermediaries have a clear understanding of their respective roles, responsibilities and obligations.
“BIFA was pleased to contribute to the design and development of PAS 41201:2026, helping to ensure that it is both practical and relevant for organisations that act as customs intermediaries and are responsible for preparing and submitting customs declarations or providing related customs services on behalf of traders.
“PAS41201:2026 provides a sound basis for building sustainable, transparent and effective relationships between traders and their customs agents, which is critical to maintaining compliance and supporting efficient supply chains.”
It establishes a framework of good practice that promotes clarity, accountability and cooperation between parties involved in customs activities. By setting out clear expectations, it aims to reduce misunderstandings, improve data quality and strengthen compliance across the supply chain.
PAS 41201:2026 sets out the core principles and behaviours that customs intermediaries should follow when fulfilling customs declarations and carrying out closely related services (such as paying tariffs or duties, or arranging the movement of goods).
It defines what good practice looks like across the end to end process of acting on a client’s behalf within the customs system.
It sits alongside the well-established Authorised Economic Operator programme, which is an internationally recognised quality mark indicating that a business’s role in the international supply chain is secure, and its customs controls and procedures are highly compliant.
Parker adds: “While the AEO programme offers a recognised framework for organisations involved in international trade, PAS 41201:2026 establishes a specification specifically for customs intermediaries, defining what good practice looks like for the industry.”
BIFA believes that adoption of the PAS 41201:2026 will benefit both customs intermediaries and their customers by fostering greater confidence and consistency in customs processes.
Parker added: “We encourage all BIFA members to review and adopt the specification as a basis for good practice within their businesses. Wider adoption will help to raise standards across the sector and support the delivery of high-quality customs services to the trading community.”
Further information on PAS 41201:2026 and guidance on its implementation is available at the following website:
13. Weaponisation of trade
The weaponisation of trade has increased and crews find themselves on the front line as capricious leaders use them as leverage in an ever complex geo –political environment. State Hostages are ill-served by the current international conventions and are vulnerable to arbitrary and wrongful imprisonment.
Stephen Askins, of Tatham & Co, who specialises in state detentions recently gave a talk in Greece exploring:
• United Nations Convention on the Law of the Sea (UNCLOS) and “innocent passage”
• Drug interdictions and arbitrary detention
• Blockades and geopolitical detentions
• Insurance, sanctions, and loss of hire risks
• The growing human cost for seafarers caught in global disputes
For shipowners, charterers, insurers, and legal advisors, these issues are no longer theoretical, they are operational realities.
14. Sustainable shipping
The Sustainable Shipping Initiative (SSI) recently announced that Braemar, the international shipbroking and financial services group, has joined SSI as a member.
Braemar becomes the latest organisation to join SSI’s ‘Commercial Pathways to Transition’ workstream, which brings together leaders across the maritime value chain to advance the commercial and financial levers driving decarbonisation decisions in shipping.
As shipbrokers are central to how shipping deals are structured and how commercial practices evolve across the market, Braemar’s membership brings that market insight directly into SSI’s transition work. It combines commercial intelligence with the practical tools and shared reference points that SSI has developed over 15 years of multi-stakeholder collaboration across the industry.
Braemar operates across sale and purchase, tanker, dry, gas, and offshore markets, serving shipowners, charterers, banks, and investors globally. The company’s Shipping Carbon Intelligence Tool gives owners, charterers, and financiers vessel-level carbon exposure data, helping translate transition commitments into actionable commercial decisions.
Ellie Besley-Gould, Chief Executive, Sustainable Shipping Initiative, said, “Brokers sit at the heart of how shipping deals get done. Braemar joining SSI brings expert market intelligence into our work, and signals that the commercial intermediary community is increasingly ready to move from analysis to action.”
Joey Ng, Global Head of Decarbonisation and Fuel Transition at Braemar, said: “The decision to transition to alternative fuels or not remains a key risk for our clients. The ability to navigate this complex issue is becoming a competitive advantage.”
15. Aviation insurance
Geopolitical instability, US claims inflation and supply chain disruption emerge as defining concerns for the aviation insurance market according to an annual survey of leading practitioners
The International Union of Aerospace Insurers (IUAI) together with the International Underwriting Association (IUA) and Swiss Re, have just published the results of the IUAI Cyber and Emerging Risks Study Group (CERSG) Survey, revealing a significant shift in the aviation insurance landscape as systemic risks increasingly shape underwriting priorities and market outlook.
Based on responses from 106 aviation insurance and reinsurance professionals worldwide, the IUAI Cyber and Emerging Risks Study Group 2026 Survey: From Isolated Perils to Systemic Stress, finds that geopolitical, economic and operational pressures are increasingly interconnected, creating new challenges for aviation insurers, reinsurers and operators alike.
Key findings from the 2026 survey include:
• Geopolitical instability and war are now the aviation sector’s most significant threat, receiving 79 first-place votes – the strongest result recorded since the survey was launched in 2024.
• US claims inflation emerged as the greatest challenge facing aviation (re)insurers, ahead of market conditions and rate adequacy.
• Supply chain and manufacturing issues entered the industry’s top three threats for the first time, highlighting ongoing concerns around aircraft production, maintenance and repair capacity.
• Operational resilience remains a major concern for airlines and airports, with air traffic control issues, infrastructure constraints and workforce shortages identified as the most urgent risks requiring attention in 2026.
• Artificial Intelligence (AI), new aircraft technologies and growing demand for aviation services remain the sector’s greatest opportunities, marking the third consecutive year these themes have topped the rankings.
The findings suggest aviation risks are increasingly being driven by external geopolitical, economic and technological developments rather than traditional aviation-specific exposures.
Tom Hughes, Co-Chair of the IUAI Cyber and Emerging Risks Study Group, Director of Underwriting at the International Underwriting Association, and Co-Author of the report, said:
“Now in its third year, the survey reveals meaningful trends in how the aerospace insurance market views both emerging risks and future opportunities. While concerns around geopolitical instability, inflation and supply chain disruption have become more prominent, there is also a clear and consistent message of optimism. For the third consecutive year, respondents identified artificial intelligence, new aircraft technologies and growing demand for aviation services as the sector’s greatest opportunities.
“As the IUAI’s membership continues to grow, now representing more than 90% of the global aerospace insurance market, the survey provides an increasingly representative picture of industry thinking.”
Florian Zierer, Co-Chair of the IUAI Cyber and Emerging Risks Study Group, Aviation Underwriter at Swiss Re, and Co-Author of the report, said: “The findings highlight a continued shift towards risks that are systemic, interconnected and often originate outside the aviation sector itself. Geopolitical instability, claims inflation, cyber threats and supply chain disruption all have the potential to create cascading impacts across airlines, manufacturers, airports and insurers simultaneously.
“Understanding those connections, and how they may influence future loss trends and market resilience, is critical for insurers, reinsurers and aviation operators alike. The results show a market that is not only adapting to a more complex risk environment, but also actively identifying new ways to support innovation, resilience and sustainable growth across the aerospace sector.”
16. Electrification
Vessel electrification is no longer a future concept for offshore wind and policy and regulatory alignment is now the main barrier to uptake, a cross-industry panel hosted by Bibby Marine told an audience during Global Offshore Wind this week.
Speakers from RenewableUK, Corvus Energy, Stillstrom, Tidal Transit and Kongsberg Maritime said rapid progress in vessel and charging technology means electrified vessels now represent an increasingly credible commercial proposition. They argued that better policy alignment and regulatory clarity will be key in unlocking the full value of electrification for developers and their contract partners.
Opening the session, Nigel Quinn, CEO of Bibby Marine, highlighted the growing need for offshore wind’s support infrastructure to keep pace with the sector’s wider ambitions. “Offshore wind is growing quickly, but the supply chain must also look at how it decarbonises its own assets and operations,” he said. “Vessel electrification is no longer just an environmental aspiration. It is becoming a practical way to reduce costs, improve energy security and give operators greater control over long-term operating risk.”
The panel was chaired by Laoiseach Scullion, Policy Manager at RenewableUK, and featured Kevin Brown, Commercial Director at Bibby Marine; Efraim Kanestrøm, Vice President Global Offshore Segment at Corvus Energy; Nikolaj Stald, Chief Commercial Officer at Stillstrom; Leo Hambro, CEO & Co-founder at Tidal Transit; and Euan Duncan, Regional Sales Director at Kongsberg Maritime.
Throughout the discussion, panellists challenged the idea that electrification remains too complex, too costly or too technically immature for offshore deployment. Instead, speakers pointed to rapid progress in battery systems, vessel design, offshore charging and system integration, as well as the growing pressure on operators to manage fuel-price volatility and future carbon-cost exposure.
Kevin Brown said: “For a long time, electrification was treated as a decarbonisation story alone. What is changing now is the commercial picture. We are demonstrating that electrified vessel operations can be cost-competitive and, in the right operating model, materially cheaper than conventional alternatives, while also reducing exposure to fuel volatility and carbon costs.”
Panellists also pointed to the role of grant funding and innovation support in accelerating progress. Support through initiatives such as UK SHORE and Innovate UK was highlighted as instrumental in helping move vessel electrification and offshore charging from early-stage concept work towards practical delivery.
At the same time, speakers stressed that the next challenge is not proving the technology, but creating the conditions for deployment. That includes integrating offshore charging into project planning earlier, resolving questions around access to offshore electricity, and establishing a clearer regulatory and commercial pathway for charging infrastructure.
Nikolaj Stald, Chief Commercial Officer at Stillstrom, said: “From a technical and operational perspective, offshore charging is ready to move forward. What the market now needs is greater certainty and a more proactive framework from regulators and developers, so that implementation can happen with confidence and at pace.”
Leo Hambro, CEO & Co-founder at Tidal Transit, said: “The sector now needs to move beyond theory and into deployment. The equipment exists, the vessel technology is progressing, and the business case is becoming clearer. The priority now is to demonstrate offshore charging at scale and create the confidence needed for wider adoption.”
Efraim Kanestrøm, Vice President Global Offshore Segment at Corvus Energy, added: “Battery technology and charging infrastructure have advanced significantly in recent years, and the step change in capability is now clear. The next requirement is not more proof that the technology can work, but the confidence, regulation and project commitment needed to deploy it at scale.”
The discussion also highlighted the value of cross-sector collaboration in bringing first-of-a-kind projects forward. Speakers pointed to the growing alignment between vessel owners, charging providers, battery specialists, maritime system suppliers and offshore wind stakeholders as an important sign of momentum in the market.
Euan Duncan, Regional Sales Director at Kongsberg Maritime, commented: “What has made progress possible is getting the right partners involved early and designing around a shared objective. That collaboration is helping turn what once seemed ambitious into something practical and deliverable.”
Bibby Marine is involved in that transition through the development of its first eCSOV, currently under construction and due to enter service in 2027. The vessel forms part of the company’s wider E-Mission Zero vision to support lower-cost, lower-emission offshore wind operations through electrification and industry collaboration.
Looking ahead, panellists agreed that progress over the next 12 months will be measured not only by vessels under construction, but by tangible movement on offshore charging deployment, regulatory certainty and project-level commitment from developers.
Closing the panel, Laoiseach Scullion, Policy Manager at RenewableUK, said: “Today’s discussion showed that electrification is no longer just a future ambition for offshore wind support vessels. The technology is no longer the main question, the challenge now is aligning infrastructure, policy and deployment so the sector can realise the value at scale.”
Notices and Miscellany
BV appointment
Bureau Veritas Marine & Offshore (BV) has announced the appointment of Dr. Jeffrey Guo as Senior Vice President, Asia Pacific, and Maciej Lepicki as Vice President, Greater China, effective June 1, 2026.
The appointments reinforce BV’s commitment to supporting customers across two of the world’s most dynamic maritime markets as the industry accelerates its digital transformation and decarbonization efforts.
As Senior Vice President for Asia Pacific, Jeffrey succeeds Alex Gregg-Smith, who was appointed President of BV Marine & Offshore in January 2026. He will oversee the strategic development and operational management of BV’s maritime business across the region, with responsibility for market growth, customer engagement, innovation, and organizational development.
Jeffrey brings more than two decades of experience across the international shipping and energy sectors. During his career, he has held technical, commercial and leadership positions with leading organizations such as ABS, SeaRiver Maritime, ExxonMobil and QatarEnergy LNG, allowing Jeffrey to develop expertise across classification, shipowning and energy operations.
Reporting to Jeffrey, Maciej will lead BV’s Marine & Offshore business in Greater China. He will be responsible for strengthening customer relationships, overseeing regional operations, advancing digital transformation initiatives and developing local capabilities to support business performance.
Maciej brings more than 20 years of experience in the shipping, offshore engineering and maritime sectors. Throughout his career, he has held leadership positions with Chipolbrok, BBG Shipmanagement and Bourbon Offshore, building extensive expertise in maritime operations, international project management, business development and strategic partnerships across global markets.
Annual review
Drewry has announced the publication of its Container Census & Leasing Annual Review & Forecast of the Container Equipment Fleet 2026/27. This is Drewry’s annual review of the shipping container industry, based on a global census of fleet owners and a diverse range of forecasts unique to Drewry.
Key areas of analysis:
• Detailed assessment of the global container fleet, including fleet structure and 5-year forecasts
• Extensive profiling across all main equipment types including dry, refrigerated, regional and tank container fleets
• Comprehensive ownership analysis – current structure and forecasts
• Assessments and 5-year forecasts of newbuild and secondhand pricing, leasing rates and investment cash returns
• Estimates and forecasts of smart device installation rates
• Tables, charts and graphs also provided in flexible MS Excel format
DNV Cyber
DNV Cyber has surveyed organisations across four of Europe’s most digitally advanced markets. See how approach to risk, resilience, and security operations compare and where gaps are emerging.
While this research is based on organisations in Norway, Denmark, Finland, and Sweden, the findings reflect broader shifts in how companies are managing cyber risk, resilience, and compliance. For instance there was a significant difference in how prepared executives felt in the face of AI driven cyberattacks across the four countries.
For organizations outside the Nordics, the data provides both a benchmark and an indication of where requirements and expectations are evolving.
Across four highly digitalised markets, the research highlights: gaps between perceived and actual cyber resilience; Increasing pressure from regulatory and compliance requirements; challenges in operationalizing security across complex environments; where organisations are investing, and where they are not keeping pace. The research draws on surveys of executives in critical infrastructure and the public across the Nordics, supported by expert interviews and DNV Cyber analysis.
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And finally,
With thanks to Paul Dixon
The pilot was sitting in his seat and pulled out a .38 revolver.
He placed it on top of the instrument panel, and then asked the navigator, “Do you know what I use this for?”
The navigator replied timidly, “No, what’s it for?”
The pilot responded, “I use this on navigators who get me lost!”
The navigator proceeded to pull out a .45 and place it on his chart table.
The pilot asked, “What’s that for?”
“To be honest sir,” the navigator replied, “I’ll know we’re lost before you will.”
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