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Introduction
Technology is reshaping the marine industry. Over the next decade or so, new technologies promise to completely transform shipping: an industry that is the engine of 90% of global trade.
Foreword
While it’s clear that technological change has already had broad and profound implications on business and commerce, to many, it’s equally clear that the biggest impact is still to come. Industries across the spectrum are coming to terms with the fundamental changes that technological advances in areas such as artificial intelligence, robotics, automation and connected devices will have and the opportunities and threats they pose. For the marine sector, innovation- led change is nothing new. Consider the impact that radar and satellite communications have had in the past one hundred years alone. But the industry now faces a tipping point, where technological developments such as autonomous and smart ships are turning the realms of science fiction into hard fact. At the same time, the sector is facing unprecedented cost pressures and a stricter regulatory backdrop, as environmental restrictions persist and harden. The emergence of such a high level of innovation and change brings with it new risks as well as huge opportunities.
Whether it is cyber attacks on smart ships, a dearth of expertise needed to maintain and run an unmanned ship, or a lack of infrastructure to support new fuel sources and technology, the industry must consider the potential pitfalls that innovation can present. It’s in this context that we partnered with IMarEST to take the pulse of the industry and understand how they are responding to this changing landscape; how they’re identifying the opportunities and mitigating the risks. The research shows starkly that these new and developing risks are holding back the full embrace of these potentially game-changing technologies. Successfully balancing the risk with the huge opportunities they pose will be crucial to ensuring success in the 2020s and beyond. As a global law firm that advises its clients on how to navigate today’s complex risk landscape to help them grow, we keep a keen eye on the emergence of new technology. That’s why we’re delighted to have partnered with IMarEST on this report and hope it will prove useful. We look forward to carrying on the discussion in person.
This often invisible enabler to the world economy will become more efficient and, in response to urgent environmental challenges, more sustainable too.
The transformation will invite a cycle of regulatory and legal change: regulators will have to rewrite the rules that have governed how vessels operate safely, efficiently and remotely. The changes will not happen overnight. Nor will the transition happen evenly. It will challenge traditional business models and companies will be forced to adapt in order to survive and prosper.
Clyde & Co and IMarEST teamed up in a joint initiative to seek insight on emerging technologies from more than 20,000 marine professionals around the world. Within this report we have provided an overview of the impact of emerging technologies today and identify the market’s key concerns regarding operating, staffing, insuring and implementing emerging technologies in the shipping sector.
Joe Walsh Partner, Long Beach Clyde & Co
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