Insights

One of the most interesting debates during the Summit related to that of legislating for the shipping industry in the remit of Green House Gas (GHG) emissions. The debate saw the participation of the Minister of Maritime Affairs and Insular Policy of the Hellenic Republic, the Minister for Transport Communications and Works of the Republic of Cyprus and the Director of Maritime Transport Affairs at the European Commission, together with shipowners’ representatives, namely the Secretary General of the International Chamber of Shipping and the Secretary General for the European Community Shipowners’ Association.

During the lively debate, a very important point was made by the shipowners’ representatives namely that when it came to emissions from shipping, while the European Union should lead the way, there was a general consensus that it should refrain from ‘going solo’ and that it should instead make a greater effort at working with the International Maritime Organisation (IMO) to achieve internationally accepted solutions. The ‘regional’ approach, seemingly adopted by the European Union towards the control of GHG emissions from shipping, was generally frowned upon. Shipowners’ representatives present at the summit reiterated the fact that a global approach to what is essentially a global industry should be pursued.

Two members of the firm gave an interesting presentation on securitisation and the capital markets as an alternative to traditional ship finance and contributed to a panel discussing the Cape Town Convention. A second Summit is already being planned for next year.

There is general consensus in Malta that maritime events, such as the Malta Summit, continue to augment Malta’s well-earned international standing as an important player in the shipping industry. We will continue to report such events to our readership.

Click here to read about Malta’s, Greece’s and Cyprus’ common front on shipping policies (article published in Lloyds List in October 2016).