The International Chamber of Shipping (ICS) and the Chamber of Marine Commerce, Canada (CMC), convened over 120 industry leaders from 90 organisations and nearly 30 different countries to the flagship Shaping the Future of Shipping Summit on Thursday 13 June.
The Summit centred on the unique challenges that the maritime sector is facing including the aftermath of the pandemic, strikes, global geopolitical conflicts, decarbonisation, the human element and the impact of climate change, all having a significant impact. The negative impact of increased protectionism was highlighted as one of the biggest emerging threats to global shipping.
The high-profile Summit, aptly titled ‘Weathering the Storms: Global trade – Risk and resilience in an age of disruption’ took place at the Port of Montreal’s Grand Quay on the St Lawrence River in Montreal, Canada.
Prime Minister Justin Trudeau emphasized Canada’s commitment to reliable global trade and sustainable supply chains, highlighting a $750 million investment in the Clean Fuels Fund.
Meanwhile, industry leaders, including Emanuele Grimaldi of the International Chamber of Shipping (ICS), expressed concerns over rising protectionism, citing increasing unilateral trade barriers and their detrimental impact on global economic growth. Grimaldi referenced a Harvard study suggesting that reducing such barriers could significantly boost global GDP and highlighted recent regulatory challenges like the EU ETS and proposed tariffs on electric vehicles and ships.
Bruce Burrows from the Chamber of Marine Commerce echoed concerns, emphasizing the damaging effects of protectionist measures on market competitiveness and consumer costs. Grimaldi concluded by stressing the need for collaborative efforts within the maritime industry to tackle these challenges and announced plans for further discussions during Hong Kong Maritime week in November.
