What are the prospects of the Maritime Industry for 2023?

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What are the prospects of the Maritime Industry for 2023?

Feb. 1 2023

2023, a year of implementation and strategic decisions

2023 will go down in history as the first year of the CII era. From now on, vessels will be judged not only on their commercial performance, but also on their environmental credentials. The worst performers (those that are rated E or D for three consecutive years) will have to submit an improvement plan, and owners of highly-rated ships (A or B) will hope that their good environmental performance will influence chartering decisions in their favour. How regulation and markets will interact to shape the new playing field for shipping is still an open question and one that will remain on everyone’s minds, in 2023 and well beyond.  

For many shipowners, much energy in 2022 was focussed on getting their plans approved ahead of the 1st January. But now that CII requirements are into force, the journey is only beginning. This next chapter will be about using the right tools to ensure compliance for every ship, but also to measure and report results.

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Paillette PALAIOLOGOU
Paillette
PALAIOLOGOU

Vice President Marine & Offshore Division, South East Europe, Black Sea & Adriatic (SEEBA) Zone

BUREAU VERITAS

Owners have a great deal of options available to make their ships less carbon intensive ships. 2023 will see a continued development in the maturity of these technologies. Meanwhile, owners will want to cement their decisions on what digital technology and energy efficiency devices will be right for their fleets. This will be true for newbuilds as well as retrofits.

In this context, a central question will be “to build or not to build”. The future fuels markets are uncertain, as they rely on the availability and price of multiple energy sources. For owners, this brings a dilemma between investing now in dual fuel newbuilds or sticking with conventional designs and convert later when the landscape is more certain. Another option would be to de-risk investment by building conversion-ready vessels with space allocated for future installations or key steel construction elements included. In other words, industry players must determine what level of readiness makes economic sense for them.

Finally, 2023 is shaping up to be a year when projects such as green corridors will demonstrate how technology and collaboration can help decarbonise specific routes and bring together industry pioneers in new partnerships for the greater good.

* Published in the NAFS Magazine as part of the "What are the prospects of the Maritime Industry for 2023" feature.

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NAFS Magazine
The prospects of the Maritime Industry for 2023