How Viable Is Sustaintability in the Shipping Industry?

Abstract

The shipping industry plays a crucial role in global trade, but because of this has had a significant impact on environmental challenges. This is due to the sectors reliance on fossil fuels for fuel and the emissions of greenhouse gases. There has been huge concern in the latter years for sustainability in the industry. This dissertation presents an in-depth analysis of the viability of sustainability in the shipping industry with a concentration on three keys areas. The primary focus will be on environmental impacts, seafarer sustainability and the concept of being profitable and sustainable simultaneously. I will delve into innovations, policy initiatives and operational practices with the aim to reduce the impact this industry has on sustainability environmentally, socially, and economically.

Various sustainability measures will be discussed that have been implemented in the shipping industry to date. These will include the proposal of technological advancements such as alternative fuels and improved vessel designs. Furthermore, international regulations will be assessed. These include the International Maritime Organisations Energy Efficiency Design Index (EEDI), the International Convention for the Prevention of Pollution from Ships (MARPOL), Monitoring Reporting and Verification (MRV) and International Maritime Organisation Data Collection System (IMO DCS). Such operational practices such as slow steaming will be examined in reducing fuel consumption.

Secondly, this analysis will address the importance of seafarer sustainability. The crew work under demanding conditions to ensure smooth operations of vessels across the globe. However, the well-being and rights of the men and women onboard have been overlooked in the past. This research will highlight the significance of the introduction of the Maritime Labour Convention in 2006. This further highlights the importance of fair and ethical employment practices, mental health and demanding physically challenges. Not to mention the impact of being so far away from home for prolonged periods of time.

Lastly, this research will highlight potential economic challenges and barriers of implementing sustainability into the shipping industry. It acknowledges the high costs companies must invest with adopting new technologies with limited infrastructure. It shows the need for collaboration of stakeholders alike. Can companies truly be sustainable and profitable with today’s regulatory pressures to do so?

Overall, this research aims to provide a comprehensive review of the viability of sustainability in the shipping industry. It examines the importance of technological advancements, international regulations, seafarers’ rights and investing time and money into the environmental impact the sector is causing globally. By embracing these measures, the industry can potentially contribute to mitigating the environmental, social, and economic changes while maintaining its crucial role in international trade.