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February 28, 2024

Navigating the maritime industry for today and in the future

Ken Yavoich

The maritime industry occupies a huge territory in global trade and transportation, connecting nations and facilitating economic growth. As subject matter specialists in the maritime industry, Marsh McLennan Agency (MMA) has dedicated our expertise to this dynamic sector for nearly two decades. In this blog, we will investigate trending topics in the space and highlight how maritime businesses can navigate the challenges and opportunities within this industry.

The maritime industry is not immune to the impact of global trends, and these challenges can be seen daily. Many current issues affecting the maritime community align with those faced by businesses across various sectors. Notably, increasing environmental regulations, workforce development challenges, and the heightened importance of cybersecurity are among the chief concerns of industry leaders. These concepts are shaping the maritime industry's future and require immediate proactive strategies to address them appropriately.

Committing to energy-efficient sustainable solutions

Reducing greenhouse gas emissions is a pressing concern for the industry, and stakeholders across the sector are actively working towards sustainable solutions. With this being said, shipyards are leading the way by designing and constructing energy-efficient vessels with optimized hull shapes and improved propulsion systems.

Along with these updates, vessel owners are adopting enhanced energy-efficient engines and exploring alternative fuels such as liquefied natural gas and biofuels. Notably, the first all-electric, zero-emission tugboat for Crowley Maritime was constructed and is ready for use at the Port of San Diego. These collective efforts demonstrate the industry's commitment to minimizing environmental impact and enhancing sustainability.

Navigating system enhancements

Artificial intelligence (AI) is revolutionizing the maritime industry, particularly in route optimization and autonomous navigation. It is also making big strides in being able to analyze various factors such as weather conditions, water depth, traffic congestion, and fuel usage to determine the most efficient routes. This optimization supports vessel owners, improves efficiency, shrinks costs, and minimizes environmental impact.

Furthermore, AI-powered autonomous navigation tools utilize sensors to detect and track other vessels, obstacles, and hazards in real time. These systems enhance safety and enable precise route planning by considering environmental conditions.

Risk services

At MMA, we are uniquely positioned to provide value beyond insurance placement, enabling us to adapt to the evolving trends within the maritime industry. Our expertise extends beyond risk management and offering comprehensive and customized solutions.

To support this, our Environmental Risk Practice provides guidance on environmental regulations, while our Employee Health & Benefits division helps develop attractive benefits packages to address workforce development obstacles.

Lastly, our Cyber Risk Practice assists clients in developing cyber best practices and complying with emerging regulations. With our team, our ability to positively impact our clients' businesses knows no bounds.

From environmental regulations to workforce development and cybersecurity, our experts are committed to assisting clients in the industry to adapt and thrive in a dynamic landscape. We are proud to be at the forefront of innovation and expertise in the maritime industry.

About Ken

With almost 20 years of experience in the insurance industry, Ken has been actively involved in the maritime community for the past 17 years. His focus has encompassed shipyards, ship repairers, marine contractors, dredgers, tug and barge operators, and commercial fishing vessels, among others. Ken’s extensive experience has provided MMA with a deep understanding of the specific risks and challenges faced by our clients.