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IN THIS ISSUE
1. Few novelties in marine accidents
2. Maritime Single Windows survey
3. IUMI trends
4. Seafarer welfare
5. Insurance challenges
6. Propeller Club partnership
7. Rate hike warning
8. High Seas Treaty
9. Electronic evidence
10. Energy efficiency
11. Bond market
Notices & Miscellany
Readers’ responses to our articles are very welcome and, where suitable, will be reproduced:
Write to: contactus@themaritimeadvocate.com
1. Few novelties in marine accidents
By Michael Grey
According to my calendar, this is being written on World Peace Day, which could occasion a hollow laugh, but might be joyfully celebrated by a few folk who live “off-grid” and don’t get out much. It takes place in the same week as the IMO’s annual World Maritime Day, which this year has, as its theme: “Policy to Practice – Powering Maritime Excellence.” It might lack the power of a gritty slogan, or even a loyal toast, but is surely well meaning, in its hope for a more effective implementation of all the regulations and recommendations that are similarly so. One hopes that your WMD was a happy one.
A realistic assessment of where marine safety is in the world might be gleaned from the US National Transportation Safety Board’s Safer Seas Digest 2025. This is an excellent compendium of the investigations undertaken by their diligent operatives and gives a first-class overview of the sort of incidents that have occurred within their ambit, in a defined timescale.
But as with all these summaries which gather together a selection of such accidents, (one can think of the UK’s Marine Accident Investigation Branch annual reports, and those of the European Maritime Safety Administration), there is a depressing recitation of recurring problems which lead to all these losses and damage. It is really quite rare that there is something that has never been met with before, in the field of maritime human endeavour.
We just keep making the same mistakes. We may, within the last few years have suddenly been faced with battery fires which are almost impossible to extinguish, or navigational accidents which were largely contributed to by some new piece of kit which encouraged bad habits – think of editing functions in electronic chart devices, or even radar itself. But, by and large, the same sort of little and large accidents recur, year after year.
You can imagine the editor of Safer Seas, considering with a weary note of resignation this litany of repetitive accidents, wondering which to choose to include in the 1995 edition. The purpose, after all, is to inform and to generally sharpen the awareness of professionals afloat and ashore of accident trends, and to “power maritime excellence” to steal the IMO’s phrase. And maybe the point is not that there is repetition in the content, edition after edition. Does not the overall message emphasise that we need to try harder because of their repetitive nature, even though few will be seen as what we hacks like to define as a “marmalade-dropper?”
The current edition offers us incidents caused by maintenance issues, with apparently small omissions causing catastrophic consequences and accidents caused by inadequate voyage planning. There are problems with fire detection and containment that have lessons for both ship and shore, problems of watertight integrity in which the closure of a door has been the route to disaster. Accidents caused by distraction, whether from a mobile phone or just trying to do too much at once with too few hands or brains feature. Fatigue has appeared as a cause, increasingly over the years and maybe it is at last being properly recognised as not something that is inevitable in a 24/7 operation. There have been awful consequences from losses of electrical power at a crucial moment and evident lack of emergency preparedness. There are yet no satisfactory answers to the problems caused by lithium-ion batteries, although the consequences of fires involving them are becoming more apparent. The fact that little failures, of procedures, people, or equipment, can lead to awful consequences, is a home truth that these hard lessons endlessly emphasise.
There is no doubt that the identification of casualty trends and the repetition of lessons from individual accident investigations is a valuable service. There will be those who are oblivious to the need for improvement or change and blunder on as usual, so the words will fall on stony ground. But more thoughtful professionals will look at these pages and apply them to their own operations. They may even think – “there, but for the grace of God….” Michael Grey is former editor of Lloyd’s List.
2. Maritime Single Windows survey
The International Maritime Organization (IMO) has launched a global survey to assess the implementation and use of Maritime Single Windows (MSWs), inviting feedback from organizations and individuals involved in maritime information exchange.
A Maritime Single Window (MSW) is a centralised digital platform that enables the streamlined exchange of information among ships and various government agencies during port calls. Its use became mandatory under the IMO Convention on Facilitation of International Maritime Traffic (FAL Convention) on 1 January 2024.
MSWs are a key component of shipping digitalization: they provide a single electronic entry point for the submission of information required when ships arrive in, stay at and depart from ports. By enabling data to be submitted only once and then shared among relevant authorities, MSWs help reduce administrative burdens, improve efficiency and transparency, and facilitate smoother port operations.
Two years after this requirement entered into force, the survey aims to provide a clearer picture of how MSWs are being used across countries.
The findings will identify implementation challenges, good practices and capacity-building needs, supporting countries in their efforts to further modernize maritime transport procedures.
This exercise forms part of IMO’s ongoing work to support Member States in implementing the FAL Convention and advancing maritime digitalization through technical cooperation.
The survey is open to maritime administrations, port authorities, customs and border control agencies, port community system operators, shipping companies, ship agents, terminal operators, freight forwarders and other stakeholders using MSW systems.
A follow-up survey is planned for 2028 to assess progress since 2026 and measure the impact of MSWs on users’ workload and operational efficiency.
IMO encourages all organizations and individuals involved in maritime information exchange to participate and share their experiences. Feedback will help shape future IMO support and contribute to the continued development of efficient and user-focused Maritime Single Window systems worldwide. The survey is open until 31 October 2026.
3. IUMI trends
2025 global marine cargo insurance premium indicates that the cargo market softened in that year despite continued growth in the overall premium base, according to the International Union of Marine Insurance (IUMI).
According to IUMI’s latest research, global cargo premiums reached USD 24.2 billion in 2025, representing a 6.9% increase on the previous year and continuing a multi-year upward trend.
Speaking at the IUMI annual conference in Rotterdam, Mike Brews, Chair of the IUMI Cargo Committee cautioned that the headline growth figure should be viewed in context.
“A 6.9% uplift in our premium base in 2025 is welcome but we should recognise that the depreciation of the US dollar against European currencies has accounted for much of this growth rather than underlying market development. The majority of real growth has come from Asia, predominantly China.”
“We have also had to contend with additional capacity and increased competition, which has softened the market somewhat. More positively, the claims environment has remained favourable and this is reflected in the loss ratios. Overall, the cargo market softened in 2025 rather than correcting, and that pattern has continued into 2026.”
Europe continued to account for the largest share of the global cargo market in 2025, but Asia is rapidly closing the gap. The difference in premium share between the two regions narrowed to just 3.3% percentage points in 2025, compared with 7.8% percentage points in 2024.
As in previous years, the Chinese market was a key growth driver. This was mainly due to new products tied to the rise of domestic e-commerce and return-insurance schemes, as well as high-value exports such as EVs, photovoltaics, and lithium batteries. Singapore also recorded strong growth of 13%, driven in part by high-tech and semiconductor shipments moving through the city-state. Europe also recorded strong headline premium growth, much of this increase was attributable to currency movements -with a roughly 13% stronger EUR to the USD- rather than significant underlying market development.
Loss ratios in Europe continued to trend downwards, reaching approximately 40% in 2025. Latin America has also shown a gradual improvement since 2017, with loss ratios of around 45%.
Asia, by contrast, reported a loss ratio just below 70%, continuing an upward trend since 2020. In the US, the loss ratio fell significantly to around 40% in 2025, compared with approximately 75% the previous year, although this may partly reflect some under-reporting in the market.
It should be noted that loss ratios are reported mainly as “paid only” and generally exclude case reserves and “incurred but not reported (IBNR)” losses which have the potential to erode future profitability significantly.
Overall, the cargo sector experienced no major losses in 2025 that were significant enough to materially influence the wider market.
Brews noted that concerns over tariffs and their potential impact on global trade had been a major theme over the previous year. However, their effect on the marine cargo insurance market has so far been less pronounced than anticipated.
“Last year, the discussion was dominated by tariffs and their potential impact on global trade. We have not seen them influence the cargo market as strongly as some had predicted. Insured values have held up and, although volumes have slowed, they have not declined as sharply as many expected.”
Looking ahead, Brews said: “In general, the underlying cargo market remains soft, with over-capacity putting pressure on rates, particularly across Europe. It is largely competition that is affecting market conditions rather than significant claims activity.”
“Our top-line premium base has grown, but that growth is largely attributable to trade volumes and currency movements. It does not necessarily herald a healthier market.”
4. Seafarer welfare
Five years after the launch of the Delivering on Seafarers’ Rights Code of Conduct, a growing number of shipping companies are demonstrating real change in seafarer welfare. However, across the industry as a whole, welfare improvements are not always reaching many seafarers, according to a new progress report published today by the Sustainable Shipping Initiative (SSI), the Institute for Human Rights and Business (IHRB), the Mission to Seafarers, the Rafto Foundation for Human Rights, RightShip and TURTLE.
The report, Five Years into the Code of Conduct: What’s Changed for Seafarers? draws on three previously unpublished data sources. Data from RightShip’s Crew Welfare Self-Assessment (CWSA), the tool through which ship operators self-assess against the Code of Conduct, reveals clear progress in many areas of crew welfare. More than 1,000 companies have now completed the CWSA, together accounting for over 13,000 vessels and around 300,000 seafarers, with participation increasingly reaching beyond the largest operators. Despite this progress, the results of two new studies among seafarers themselves – commissioned specifically for the report – paint a less rosy picture across the wider industry. Both of these studies revealed that, for many seafarers, core aspects of welfare still fall short.
The comparative insights from the report highlight:
Fair terms of employment are one of the strongest-performing areas among CWSA participants, with overall attainment of 90%. Among seafarers surveyed, 76% said their wages were always paid correctly, in full and on time, but delayed pay and employment terms remain a concern for almost a quarter of respondents.
Crewing is an area of high attainment among CWSA participants, at 88%. However, only 49% of seafarers surveyed said there had been enough crew on board during their most recent contract to work safely, without excessive fatigue or breaches of agreed rest hours.
Trust remains fragile across the industry as the seafarer study showed fewer than six in ten (59%) said they would feel safe raising a serious concern without fear of consequences, and the remainder either would not, or were unsure.
Crew wellbeing still requires the most universal attention across all data sets. Attainment among CWSA participants sits at 76%, the lowest of the areas covering owners and operators, and progress within it is uneven, although there is clear movement in the right direction.
The share of companies participating in the CWSA charging seafarers for internet access has fallen from 18.4% in 2024 to 8.5% in 2026.
Mental-health training has risen from 64% to 76% since 2024 amongst the CWSA cohort of ship owners and operators. The seafarer surveys indicate that mental health support still needs further improvement: 56% said they had free mental-health support or confidential counselling available and would feel safe using it. However, another 17% had support available but would not feel safe using it, and 27% had no access at all to such services.
The report calls on charterers, cargo owners, insurers, financiers, regulators and flag states to make crew welfare visible in the commercial and regulatory decisions that determine which operators succeed, arguing that scaling what leading companies have already proven is possible is the defining task of the next five years.
Ellie Besley-Gould, Chief Executive Officer, Sustainable Shipping Initiative, said: “The evidence from the last five years points in two directions. It shows that good welfare can be delivered but those standards are not yet part of daily life for many seafarers. The next five years must be about closing that gap. The industry isn’t being asked to choose between commercial viability and responsible practice. It already makes commercial decisions that determine which operators win business, secure cover and access capital. What it needs to do now is make sure crew welfare is visible in those decisions. The operators leading on this are already seeing the returns. The rest of the industry shouldn’t need five more years to draw the same conclusion.”
Francesca Fairbairn, Shipping Lead, Institute for Human Rights and Business, added: “We need to close the gap between the good players and the long tail of the industry so that seafarers’ rights are respected right across the board.”
Georgios Tsoukatos, Diana Shipping Services, commented: “When seafarers are mentally and physically supported and have adequate opportunities to rest, communicate and enjoy their free time, they are better positioned to maintain concentration, make sound decisions and work effectively as a team.” Menand Karsan, General Manager, Marine, Rio Tinto said: “By uplifting crew welfare standards, we strengthen safety, resilience and ultimately operational performance across the fleet.”
5. Insurance challenges
At its annual conference in Rotterdam recently, the International Union of Marine Insurance (IUMI) discussed whether freight forwarding liability insurance should become a greater focus of its work, recognising the increasingly important role freight forwarders play in managing global supply chain risks.
Freight forwarding liability is an important subline of marine insurance but one that has received less systematic attention from the international marine insurance community than cargo insurance.
Freight forwarders occupy a central position in global supply chains, coordinating transport, logistics and other activities on behalf of their customers. Growing geopolitical tensions, conflicts, trade disruption and other supply chain challenges are further expanding their role, with forwarders increasingly providing alternative solutions, including crisis management, to help customers manage disruption.
Matthias Kirchner, IUMI Executive Committee member and conference workshop chair explains: “The logistics industry is very creative, flexible and innovative which continuously finds new solutions. The freight forwarder is often at the centre of the supply chain organising and arranging all relevant activities for their clients globally. This is becoming increasingly a strategic role but unlike cargo insurance, there is no globally consistent wording for freight forwarding liability insurance. Legal and regulatory frameworks vary considerably between countries, while insurers generally use their own individual policy wordings. There might be a role here for IUMI to address some of these challenges and, perhaps, consider a platform for sharing information.”
The workshop also discussed whether greater consistency could eventually be achieved through the development of a global freight forwarding liability insurance standard, alongside the collection of international market statistics for the subline. Any such developments would require further consideration and would need to reflect the significant differences between individual jurisdictions.
The changing role of freight forwarders is also placing greater emphasis on risk management and loss prevention. As forwarders increasingly act as supply chain coordinators and use technology to anticipate and respond to disruption, effective risk management needs to extend beyond the physical movement of cargo. Areas requiring attention include organisational structures, operational risk management, subcontractor oversight, documentation and information management, contractual arrangements, incident and claims response, appropriate liability insurance and continuous improvement.
Kirchner said: “For IUMI, the discussion reflects the wider evolution of marine insurance as global trade becomes increasingly exposed to disruption, geopolitical uncertainty and complex supply chain risks. Freight forwarding liability insurance is relevant because it supports the logistics company to make the supply chains more resilient. It deserves much more attention because it plays a vital role in the development of global trade in a world of disruption, geopolitics and crisis.”
Insurance must shift “from repair to prevention”, says IUMI. Marine insurers will need to place greater emphasis on loss prevention as risks become more complex and costly to insure, according to Pascal Dubois, Chair of IUMI Loss Prevention Committee.
Dubois highlighted what he sees as a broader shift across society and the insurance industry – from responding to losses after they occur to taking measures to prevent or minimise them in the first place.
“At a macro level, nations are increasingly recognising that allocating capital alone will not be enough to manage climate change. Prevention is now becoming an important component of public policy, helping to contain the costs associated with climate change while also reducing the impact of events such as wildfires, floods and other natural catastrophes.”
“This is about preventing an event from occurring or limiting its impact, rather than simply repairing the damage afterwards. We are definitely seeing a global transition from ‘repairing’ to ‘prevention’ and marine insurance should take note.”
Dubois acknowledged that marine insurers already undertake extensive loss prevention activities but believes these will need to evolve further as the risk landscape becomes increasingly complex and uncertain.
He also expects loss prevention to become less concentrated among the larger insurers, with preventative measures increasingly adopted across the SME sector.
“Nowadays, the issue for an underwriter is not only price and conditions. It is increasingly about incorporating loss prevention into the insurance proposition and I see this spreading across all elements of our sector.”
“As our business becomes more complex and uncertain, some insurers may simply be unable to offer cover for certain activities because premiums become unaffordable or risk appetites become too restricted. We are already seeing this in the wider insurance market in relation to certain natural catastrophe risks.”
Dubois expects marine insurers to invest further in prevention capabilities over the coming years, including greater access to technical expertise and dedicated loss prevention specialists.
“Currently, underwriters and claims handlers far outweigh loss prevention professionals. I expect this balance to begin to change as insurers respond to an increasingly complex and uncertain risk environment.”
IUMI guidance is available at: https://iumi.com/policy/position-papers/ispm-15-guidance-to-avoid-the-risks-associated-with-non-compliant-wood-packaging-material/.
6. Propeller Club partnership
The International Propeller Club of Norway has announced a new partnership with Höegh Autoliners, strengthening the Club’s growing engagement with leading companies across the Norwegian and international maritime community.
The partnership was marked during the opening reception of New York High-Level Week and New York Climate Week, held at the Royal Norwegian Consulate General in New York. The signing brought together Andreas Enger, CEO of Höegh Autoliners, and Danielle Centeno, President of the International Propeller Club, Port of New York & New Jersey.
The setting reflected the international character of the partnership and the longstanding connection between the Propeller Club and the United States, while bringing the maritime community together during a week focused on global cooperation and climate action.
The International Propeller Club traces its roots to New York in 1922, when a group of maritime professionals began meeting informally to discuss issues affecting shipping and trade. The Port of New York was formally established in 1923, and in 1927 the Propeller Club of the United States was created as a national and international organization, providing the foundation for what would become today’s global International Propeller Club network.
Today, the International Propeller Club connects maritime professionals across ports around the world, promoting cooperation, knowledge-sharing and dialogue across the international maritime community. The International Propeller Club of Norway, established as part of this global network, builds on this nearly century-long tradition by creating a platform that connects Norway’s maritime industry with colleagues and organizations internationally. The partnership with Höegh Autoliners represents another step in that development.
Headquartered in Norway and operating across major international trade routes, Höegh Autoliners is one of the world’s leading providers of deep-sea RoRo transportation services. Its global operations and longstanding presence in international shipping include important connections with the United States and the North American market.
Andreas Enger, CEO of Höegh Autoliners, said: “The US has been an integral part of Höegh Autoliners’ history and business since our founding. Partnering with the International Propeller Club is a natural step in strengthening our ties with the US maritime community and advancing cooperation on transatlantic trade. We look forward to building stronger connections and creating new opportunities together.”
The occasion in New York also demonstrated one of the defining characteristics of the Propeller Club: while individual ports are rooted in their respective maritime communities, they form part of an international network connecting maritime professionals across countries and continents.
The partnership will support the International Propeller Club of Norway’s continued work to create arenas for dialogue, knowledge-sharing and collaboration, while strengthening connections between Norway’s maritime community and the wider international shipping industry.
7. Rate hike warning
The Bank of Japan recently raised interest rates to their highest level since 1995 while its own currency fell anyway, a paradox serious enough to unsettle anyone holding global assets right now.
This was the warning the CEO of deVere Group, one of the world’s largest independent financial advisory organisations, as markets scramble to work out what happens next.
The comments from Nigel Green come as the Bank of Japan lifted its policy rate by 25 basis points to 1.25%, in a decision split 7-2 among policymakers.
The pace of tightening has quickened sharply, with this hike arriving just three months after the last one, compared with six months previously.
Top-line inflation is running at 1.9%, yet the yen still weakened to 156.64 to the dollar immediately after the announcement, even after Tokyo and Washington had days earlier intervened together to defend the currency.
Japan’s 10-year government bond yield fell almost 5 basis points to 2.947% on the same day, an unusual reaction to a rate rise.
He says: “A central bank raises rates to defend its currency and support confidence in its bonds. Here, both moved the wrong way within hours.
“This is a credibility problem, and credibility problems in the world’s fourth-largest bond market don’t stay contained to Japan.”
Japanese investors are the largest foreign holders of US government debt, sitting on close to $1 trillion in Treasuries, and recent months have already brought record inflows back into domestic Japanese bond funds as that capital reconsiders where it wants to sit.
“Every basis point the Bank of Japan adds makes it more attractive for Japanese money to come home instead of funding US and European markets,” explains the deVere CEO.
“If that shift accelerates, borrowing costs everywhere get more expensive at exactly the moment governments are issuing record volumes of debt to fund their own deficits. This is a global funding story now, and it won’t stay confined to Japan.”
The 7-2 vote adds a political fault line to the mix. Dissenters Toichiro Asada and Ayano Sato, both seen as reflationists appointed by Prime Minister Sanae Takaichi earlier this year, argued the underlying economy isn’t strong enough to justify tightening, pointing to core inflation easing to 1.7% in August from 1.8% the month before.
He says: “Investors are being asked to believe two things at once, that inflation is dangerous enough to justify accelerating rate rises, and that the prime minister’s own appointees are right to say the economy can’t handle it.
“Markets hate holding two contradictory stories together, and something in that tension tends to give eventually.”
Nigel Green warns that the era of treating ultra-cheap Japanese money as a permanent feature of global markets is ending faster than most portfolios have priced in, and that the next shock, if one comes, is unlikely to announce itself in advance.
He says: “Three years ago this normalisation felt slow enough to ignore. Three months between hikes isn’t slow.
“Investors sitting in equities, emerging-market currencies or long-duration bonds without asking how much of that pricing depends on cheap yen and cheap Japanese capital are carrying a risk they haven’t stress-tested.”
He concludes: “This is a moment for genuine scrutiny of portfolio exposure rather than panic.
“Japan’s shifting stance should be taken seriously by investors across the world.”
8. High Seas Treaty
The High Seas Treaty has reached 100 parties after Germany, Papua New Guinea, Zimbabwe, Canada, Australia and Brunei Darussalam deposited their instruments of ratification at the UN General Assembly (UNGA) this week. This triple-figure milestone comes almost a year to the day after the Treaty crossed the 60-ratification threshold needed for entry into force, and brings the Agreement closer to the goal of universal ratification.
The Treaty officially entered into force on 17 January 2026, following almost two decades of discussion and negotiation. It delivers the world’s first comprehensive legal framework to protect ocean life on the High Seas- nearly half the planet’s surface– and offers a vital tool to help combat the triple planetary crises of climate change, biodiversity loss, and pollution.
With the first Conference of the Parties (COP1) scheduled for January 2027, the Treaty is now entering a new phase: its implementation. COP1’s priority will be agreeing on the institutional setup and operating rules needed for long-term success. This marks a clear shift to delivering on the reason the Treaty was agreed in the first place- the urgent need for protection of ocean life on the High Seas. Critical to this will be establishing highly and fully protected Marine Protected Areas and setting rigorous standards for environmental impact assessments.
The Treaty’s membership already spans every region of the world- from major maritime powers to small island big ocean states, from developed to developing states and notably several landlocked countries, underlining that High Seas protection is a shared global responsibility, not just a coastal one.
However, legitimacy, equity and effective governance of the High Seas will depend on continued growth in the number and diversity of parties. Only ratifying countries can vote and shape the Treaty’s decisions, which means that those countries that have not yet ratified will not have a seat at the table to decide on the rules for nearly half the planet.
“ In many cultures, the number 100 carries real weight- whether it is a marker for age, an anniversary, or a symbol of luck and prosperity. For the High Seas Treaty, it marks the real momentum of the world uniting around ocean protection, even in divided times. But we cannot stop here,” said Rebecca Hubbard, Director of the High Seas Alliance. “We need more countries to ratify to achieve equitable global ocean protection by 2030. Parties need to show up ready to engage at COP1 so this wave of support turns into real decisions, not just symbolism. How countries engage in this first critical meeting will set the tone for every COP that follows, and too much is on the line to get this wrong.”
9. Electronic evidence
Electronic evidence is transforming maritime casualty investigations, says The Nautical Institute.
The new edition of Guidelines for Collecting Maritime Evidence Volume 2 addresses electronic records, AI, digital reconstruction and the changing responsibilities of maritime professionals.
The Nautical Institute is highlighting the growing importance of electronic evidence following maritime accidents and incidents as modern ships generate more data and complex records of their operation.
The forthcoming second edition of Guidelines for Collecting Maritime Evidence, Volume 2 examines how evidence from onboard systems should be identified, recovered and preserved, and how it can be used to understand the circumstances surrounding a maritime casualty.
Originally published in 2019, the updated edition reflects the rapid development of onboard technology and the changing duties, responsibilities and risks faced by Masters, officers, crew and ship managers when an incident occurs.
The increasing availability of digital information provides investigators with opportunities that would have been unavailable to previous generations, but it also creates new challenges.
Simon Daniels PhD AFNI, Technical Editor of Guidelines for Collecting Maritime Evidence, Volume 2, said: “Ships now produce an extraordinary amount of digital information, but having more data available does not automatically mean that the circumstances of an incident will be easier to understand.
“The quality of an investigation still depends on knowing where relevant evidence may be found, acting quickly enough to preserve it and understanding the limitations of the systems that produced it.
“For Masters and officers, this is increasingly important professional knowledge. The records created by modern shipboard technology can play a significant role in reconstructing an incident and understanding the decisions that were taken.”
The second edition brings together expertise from across the maritime, technical, insurance and legal communities. Subjects include electronic evidence recovery, evidence following fires and machinery failures, cargo deterioration, digital tools and ethics, visual reconstruction and analysis, evidence gathering for prosecution, the P&I perspective, average adjustment and evidence in the Admiralty and Commercial Court.
It also examines the opportunities and risks associated with artificial intelligence. The publication stresses the need for material generated or supported by AI to be verified rather than accepted without professional scrutiny.
A further theme is the role of just culture in casualty investigation. The guidance argues that effective learning depends on maritime professionals being able to provide safety-related information openly and fairly, while recognising systemic factors as well as individual actions.
The foreword is written by Marius Schønberg MSc, Vice President, Head of Loss Prevention at Gard AS. He emphasises that effective evidence collection has value beyond establishing liability, helping the industry identify technical, operational and human causes and use those lessons to reduce future risk.
Guidelines for Collecting Maritime Evidence, Volume 2 – Second edition is an essential companion to Volume 1 and is intended for seafarers, Masters and senior officers, shore-based ship managers, insurers, average adjusters and legal professionals.
The publication will be available in paperback and ebook formats.For further information and pre-orders, contact The Nautical Institute Publications Department at pubs.admin@nautinst.org.
10. Energy efficiency
Gen-sets that operate at a consistent and efficient load to charge onboard batteries can provide the offshore wind industry with a sustainable, competitive route to increased efficiency and reduced OPEX on its service vessel fleet. Battery-first vessel designs can also take advantage of onshore and offshore charging infrastructure as it is deployed, enabling zero-fuel operation as charging infrastructure becomes increasingly available.
Bibby Marine urges the offshore wind industry to recognise that it need not wait until electric charging infrastructure becomes the norm to choose service vessels that can deliver operational efficiencies tied to lower fuel consumption and carbon emissions.
Bibby Marine’s battery-first eCSOV, launching in mid-2027, has been designed to operate efficiently in a self-charging, battery-first mode, using less fuel than a conventional CSOV, while delivering market leading operational flexibility for offshore wind operations. Battery-first vessels deliver cost savings for operators immediately, reducing exposure to volatile fuel markets and rising carbon costs, while retaining a clear future pathway for the vessel to deliver fully electric operations as offshore charging infrastructure expands.
Electrification means less fuel, not zero fuel Importantly, this is not a zero-fuel proposition. The eCSOV’s self-charging, battery-first system still uses fuel, but its battery-first design allows onboard generators to operate at a more consistent and efficient load rather than continuously responding to changing power demand. This reduces fuel dependency and contributes to lower operating costs and emissions.
“One of the biggest misconceptions surrounding vessel electrification is that it only delivers value once offshore charging infrastructure is in place. That’s simply not the case,” says Kevin Brown, Commercial Director at Bibby Marine.
“Our battery-first design has been developed to deliver meaningful commercial benefits from day one. The batteries provide the primary source of power, while onboard generators recharge the system at a steady, efficient load. That significantly reduces operating costs compared with conventional propulsion, while giving operators the flexibility they need today.”
This creates immediate commercial advantages for both offshore wind developers and vessel operators, particularly at a time when fuel prices remain volatile, and pressure continues to grow to reduce both operational expenditure and carbon emissions.
While offshore charging will ultimately unlock even greater benefits, Bibby Marine believes it should not become a reason to delay electrification.
“The industry doesn’t have to choose between today’s reality and tomorrow’s ambition,” Brown continues. “Battery-first vessels allow operators to begin reducing operating costs immediately, while ensuring they are ready to take advantage of offshore charging as the infrastructure develops. That makes the self-charging, battery-first eCSOV a practical vessel for the transition – commercially viable from day one, with a clear pathway towards fully electric operations whilst simultaneously buffering clients from ever-rising fuel costs and offering a route to mitigate strategic energy security risks.”
Bibby Marine’s eCSOV, currently under construction at Armon Shipyard in Vigo, Spain, is expected to enter service in 2027. The vessel will operate on a battery-first, self-charging basis, supported by dual-fuel methanol/MGO generator sets.
Bibby Marine’s whitepaper, The Electrifying Proof, is available for download here: https://www.bibbymarine.com/wp-content/uploads/2026/02/Bibby-Marine_The-Electrifying-Proof_Whitepaper.pdf
11. Bond market
The global bond rout is tearing through Britain’s public finances and the Chancellor is losing his grip on the budget before he’s even stood up to deliver it, warns the CEO of deVere Group, one of the world’s largest independent financial advisory organisations as gilt yields surge back towards a 19 year high.
The comments from Nigel Green come as the yield on 10 year UK government bonds climbs to 5.38%, within a whisker of last week’s peak, with barely five weeks until John Healey presents his budget on 28 October.
He says: “Britain’s budget is being written in the bond market right now. Investors worldwide are dumping government debt, and the UK is standing squarely in the firing line. Every tick higher in gilt yields lands on the taxpayer.”
The sell-off is global. The 30 year US Treasury yield has hit 5.444%, its highest since 2004, as inflation fears driven by the energy shock ripple through every major debt market. Gilts are among the most exposed. The 10 year yield has risen by around 1.3 percentage points since Labour took office in July 2024, and the UK now spends roughly £200bn a year on debt interest.
The deVere CEO comments: “Around £200bn a year goes to lenders before a single nurse, teacher or soldier is paid. It’s a staggering drain on the nation, and it’s getting bigger by the week. “Each quarter point rise in gilt yields adds about £2.5bn to annual interest costs. The arithmetic is brutal, and it compounds.”
Analysts estimate soaring borrowing costs have already wiped out more than half of the roughly £24bn cushion Rachel Reeves built against the fiscal rules in March. Healey has vowed to meet those rules with a margin for uncertainty, though it’s widely expected to be far smaller.
Timing makes matters worse. The Office for Budget Responsibility builds its forecasts on gilt market expectations taken during a confidential reference window, and the current turbulence could fall squarely inside it.
Nigel Green says: “The chancellor’s walking into a trap. A thin buffer practically invites the bond market to test it. “Rebuild it properly and he’s staring at painful tax rises or deep spending cuts. There’s no cheap way out.
“Promising a ‘focused’ budget and parking the big spending decisions until next year won’t calm markets for long. Investors want credibility, and they want it now.”
The Bank of England is edging towards tightening as well. Bank Rate stands at 3.75% after a split vote this month, with three policymakers pushing for a hike. Inflation reached 3.1% in August and the Bank expects it to top 4% early next year. Its chief economist now warns the longer energy prices stay high, the more likely rates will have to rise. Markets put the odds of a November hike at around 67%.
He says: “Britain has the worst possible mix: sticky inflation, sluggish growth and a government with almost no fiscal cushion left. When the central bank and the bond market tighten the screws together, households feel it first.”
Mortgage holders are already exposed, with lenders repricing fixed deals ahead of any rate move, piling pressure on a government pledged to ease the squeeze on living costs.
“Homeowners rolling off cheap fixes are about to discover what a 5% gilt market really costs. For millions of families, trading screens will have more say over their finances this autumn than anything announced in Westminster.”
He concludes: “Investors and savers should be stress testing their finances for higher rates lasting longer, reviewing currency exposure and checking their portfolios aren’t overloaded with assets that suffer most when borrowing costs climb.
“The bond market has fired its warning short. Healy ignores it at its peril.”
fired its warning shot. Healey ignores it at its peril.”
Notices and Miscellany
Link Live
KVH Industries, Inc says that Link Live is now available to commercial vessels and their crew. Link Live lets users stream live TV so the crew stays up to date with current content, including news, entertainment, and sports. Link Live is easy to install and has a vast array of channels to choose from. Link Live can be used via any Internet connectivity, and key features include a choice of 25+ fully licensed channels. Link Live delivers industry-leading stream quality while using approximately 1 Mbps of bandwidth per stream.
Market report
The Lockton Marine 2026 P&I Market Report, brings together the latest marine insurance intelligence in one place.
What is happening in the P&I market? How have the clubs performed? And what can one expect at renewals? For details contact lockton@communications.lockton.com
Chamber of Shipping conference.
Senior leaders from across shipping, finance, government and defence will come together at the QEII Centre, London for Shipping UK to take place on October 6, which is organised by the UK Chamber of Shipping. For further details contact the Chamber direct.
American Club conference
The American Club’s Claims & Loss Prevention Seminar & Reception are being held at the Piraeus Marine Club on Thursday, 15 October 2026. There will be presentations on navigating a nuclear maritime future, environmental regulatory developments and industry impact, Philippines disability claim mitigation, and the American P&I Club’s wellness initiatives.
Roundtable chairman
Chris Wiernicki, recently retired as Chairman and CEO of ABS, has agreed to act as Chairman of SHIPPINGInsight’s Invitation-Only Leadership Roundtable being held on October 14 in Houston, in conjunction with its PROJECT 2027: Catalyzing the US Maritime Industry into Action conference on October 13.
New SSI appointment
SSI, a global leader delivering software, services, and expertise for shipbuilding and sustainment, has appointed Andrew King to lead its deployment of digital design and production tools to UK-based shipyards.
Please notify the Editor of your appointments, promotions, new office openings and other important happenings: contactus@themaritimeadvocate.com
And finally …
With thanks to Paul Dixon
MORE POINTS TO PONDER
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If a deaf person has to go to court, is it still called a hearing?
Why are you IN a movie, but you’re ON TV?
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How come the Americans choose from just two people for their President and fifty for Miss America?
Why do doctors leave the room while you change? They’re going to see you naked anyway.
If a 999 operator has a heart attack, whom does he/she call?
Thanks for Reading the Maritime Advocate online
Maritime Advocate Online is a fortnightly digest of news and views on the maritime industries, with particular reference to legal issues and dispute resolution. It is published to over 20,000 individual subscribers each edition and republished within firms and organisations all over the maritime world. It is the largest publication of its kind. We estimate it goes to around 60,000 readers in over 120 countries.
