During the 17th Annual Capital Link Shipping & Marine Services Forum, which was organized in partnership with ABS, and in conjunction with the 2025 London International Shipping Week, the task of how to combine the current regulations with on-the-ground practical solutions, was of major concern.
The keynote panel discussion, “Shipping in a New Era: Aligning Ambition, Regulation, & Reality,” was moderated by Ms. Elina Papageorgiou, Global Strategic Growth Director & Vice President at Greece & Cyprus at Lloyd’s Register, and featured voices from government and industry alike. Mr. Vasilis Kikilias, Minister of Maritime Affairs and Insular Policy of the Hellenic Republic; Ms. Marina Hadjimanolis, Shipping Deputy Minister to the President of the Republic of Cyprus; and Dr. Nikolas P. Tsakos, Founder & CEO of TEN Ltd. and former Chairman of INTERTANKO were brought together to discuss the topic.
The full panel discussion is available at the following link:
https://www.youtube.com/watch?v=WIy7vtwICaM
Pressuring an unprepared industry
Starting off strongly, Ms. Papageorgiou talked of the fact that current environmental ambitions and regulations are clashing with the difficulties of implementing those ideas at sea. The question now is, how can governments and the industry ensure regulations are achievable considering the available technology.
According to minister Kikilias, the upcoming regulations are not a problem but rather an opportunity for Europe to show its advantages. At the moment, Greece accounts for 20% of global freight, 60% of the European fleet, and 70% of the European commerce. Therefore, it seems imperative that they keep up with the competition as the U.S. and China are heading toward the future.
Mr. Kikilias argued that Europe cannot lose its competitive edge, and sees these regulations as a catalyst, not a penalty. He also added that since the fuels necessary for the transition are not widely available yet, perhaps there should be an adjustment of the set goals.
What can be achieved through collaboration
Similarly, Minister Hadjimanolis commented that collaboration is the only way forward, if the member states wish to evolve towards the green transition. She added that already within Cyprus, the Ministries of Energy, Transport, and Shipping work in tandem to try and achieve the set goals.
As she said, it is important to remain proactive, “We need to understand that if we want to make changes, we have to see that these changes are pragmatic and that they will bring the industry together. None can be left behind. It must be a global effort, and if it’s not, it will not work. The most important thing is not whose voice will be heard louder, but how many voices can be heard together.”
In these efforts, the private sector should not be cast aside, Ms. Hadjimanolis says, instead they should be part of the conversation. “We have been collaborating and listening to our industry, we have given green incentives. We want to reward the ship owners for everything they are doing for the industry to be able to cope, as the burden is on them. We are here as governments to help them have an easy transition” she stated.
The private sector demands realistic goals
Providing the view from the front lines, Dr. Tsakos, while fully endorsing the need for united global decisions, still wishes for realism to be part of decision making. He pointed out that shipping, which carries 80% of the world’s goods while contributing less than 3% of global carbon emissions, often operates under the radar screen and deserves more respect for its vital role.
“Some respect for the industry is important. The question is, are clean fuels available? Not at the moment. So, we provide support and fund the R&D and try to see in the near future what can be produced and for it to then be tested and practically implemented” he said, adding that they should involve alternative fuel producers in the conversation, and crucially, ensure that policy makers are informed of the practical obstacles of day-to-day operations.
The heart of the transition
The absolutely critical issue often receiving less attention, according to Ms. Papageorgiou, are the people who keep this industry afloat. This shift to new technologies and alternative fuels demands a parallel investment in human capital.
Dr. Tsakos was unequivocal about the priority of the human factor adding that their aim at TEN, is to focus on the quality of the personnel, warning that assets like dual-fuel vessels can become dangerous without highly skilled seafarers to operate them. He believes that the seafarer’s role has changed dramatically over time, from traditional engineering to highly technical, electronic roles requiring more effort and dedication.
Agreeing, Ms. Hadjimanolis offered that the EU alone will need 250,000 new seafarers in the next decade, as approximately 40% of the current workforce is expected to retire by 2030. In order to combat this, Cyprus has started recognizing maritime academies, the TEN Maritime Academy in Chios being such an example, and launching targeted programs to attract young people and promote women in shipping. “Upskilling and reskilling are very important; without those we will not be able to move forward. It is not only a matter of reskilling though, but also about preserving the safety of the seafarers. Putting them on a ship of great intelligence, without having the skills to drive it, is indeed very dangerous” she said.
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