The Cyprus Shipping Chamber took the spotlight at the International Shipping Summit in Hong Kong this week, showcasing the nation’s pivotal role in global maritime affairs.
Represented by Director General Thomas Kazakos and leading CEOs, the chamber joined nearly 300 delegates from 28 countries to address critical challenges facing the shipping industry.
The International Shipping Summit runs from November 17 to 23. Taking part are industry leaders and policymakers, aiming to tackled key global trade challenges.
Held in collaboration with the Hong Kong Government Transport Office, the Hong Kong Shipowners’ Association, and the Hong Kong Maritime and Port Board, the summit addressed pressing issues, including the shifting dynamics of global supply chains, the rise of protectionism, and sustainability-driven innovations.
Deputy Minister of Shipping Marina Hadjimanolis joined a high-level round table discussion alongside international counterparts, exchanging views on strategies to address geopolitical tensions and enhance trade resilience.
A highlight of the summit was the keynote by ICS Chairman Emanuele Grimaldi, who set the tone by emphasising the pressures on the global maritime system.
“As the world recovers from the COVID pandemic, this system [the global maritime transportation system] of free trade faces significant challenges due to an increasingly volatile geopolitical environment, including threats to long-standing free-trade principles and the global maritime regulatory framework,” Grimaldi said.
Grimaldi added, “We must seek to bring greater understanding to reduce risk and support global trade. No one wins if we all lose, so we need to find ways to ensure that we can all prosper…in our rush to address problems, please remember what we already have and use them, empower them to deliver for us.”
The summit, titled ‘Risk and Resilience in an Age of Disruption,’ also featured Secretary General of the International Maritime Organization (IMO), Arsenio Dominguez, who emphasised the need for cohesive global regulations.
He said, “It is only by working and engaging with each other that we can find solutions to the risks and disruptions that arise…I emphasise here the need for cohesive global regulations. Shipping
is inherently international and unilateral and regional rules can undermine the regulatory framework agreed upon at IMO…Shipping underpins world trade. Everyone depends on shipping for the things people need and want.”
Dominguez addressed the IMO 2023 GHG Strategy, saying, “Member states remain strongly committed to achieving this goal. Currently, mid-term measures are being developed, including a GHG fuel standard and an economic pricing mechanism, which will be finalised by the end of 2050.”
The plight of the ‘Galaxy Leader’ crew was also a key focus, with participants marking one year since the seafarers were taken hostage by Yemeni insurgents.
Industry leaders called for international action to secure their release, describing the situation as “abhorrent.”
Johanna Hill, Deputy Director General of the World Trade Organisation, closed the summit with reflections on the shipping industry’s critical role.
“The shipping industry has deep pride for the work that it is doing. Its international nature, the critical role it plays in international trade, and the well-being of its seafarers…[are] why we are here today. I welcome very much the support to a free and open trading system,” Hill said.
