2024 promises an interesting cocktail of coverage

Geopolitical events are to the fore – ‘mad Vlad’, as the UK’s Sun newspaper aptly names President Putin, continues to wage his war of aggression against Ukraine, which to me, and doubtless many of you, seems to lack any meaningful purpose other than some flawed dream to rebuild the Soviet Union. Definitely ‘nuts stuff’ and the product of a deranged mind but nevertheless very important to react against for a number of fundamental reasons – not least to stop the contagion of Putin’s thinking spreading and to provide stability in the food and energy markets.

Clearly, the International Maritime Organization (IMO) agrees – our review of IMO’s latest thinking, highlights newly appointed Secretary-General, Arsenio Dominguez referencing the so-called dark fleet and calling on “Member States to uphold their responsibilities when it comes to implementing regulations.” The view is very clear that Member States are seen to have a role to play in conjunction with vessels evading safety conventions and operating without proper insurance cover, while breaking international sanctions to carry, for example, Russian, Iranian or Venezuelan oil cargoes.

The Red Sea crisis also comes into IMO’s focus – with the emphasis placed on the safety of seafarers.

We too add some interesting dimensions to this subject, Ben Hackett, regular writer of our Economist column, highlights how quickly much of the shipping sector has acted to avoid the threats in the Red Sea and how some ports will benefit from the introduction of more vessels using the Cape of Good Hope route. In key respects, he dubs the event, “a storm in a teacup.” Andrew Penfold, in the article Don’t Overplay the Issues, drills down into the economic impact of the crisis and suggests that there is too much ‘noise’ in this respect, in both the container and bulk shipping sectors, and that proper analysis suggests a limited impact.

In terms of port investment, there is a big story to tell in Egypt, a positive story in Turkey along its Mediterranean coast where the ports of LimakPort Iskenderun and Mersin are strongly pursuing positive development after the problems posed by the major earthquake in the area and, admittedly on less of a positive note, we look at what the future holds for container operations in Buenos Aires under the new Milei Government.

Looking ahead I would like to highlight the Safe Mooring Seminar PS is running in conjunction with Through Transport Club on 28 March in London. All critical aspects of safe berthing will be examined in this important day seminar. Ihope to see you there and that generally PS keeps you well informed, in advance of your needs, in 2024.