Specifically, Katharina Stanzel, Managing Director of INTERTANKO moderated the panel discussion with Geir Bjørkeli, Chief Executive Officer at Corvus Energy; Liv Hovem, Chief Executive Officer at DNV GL – Oil & Gas; Neil McGregor, Group President and Chief Executive Officer at Sembcorp Industries; and, Dr George Pateras, President of Hellenic Chamber of Shipping and Hellenic Maritime Cluster, and Deputy Chairman of Contships Management Inc.

Ms Hovem led the discussions talking about the global alter from fossil fuel use, focusing on the fact that by 2050 the world aims to use a 50-50 mix of fossil fuel and non-fossil fuel energy resources, a large jump from the current split of 80-20.

Yet, concerning the shipping sector, the possibility that the energy future will meet IMO's targets, is that 39% of the shipping energy will be supplied by carbon neutral fuels by 2050, due to the increased use of renewables and a combination of carbon capture and storage (CCS), over traditional heavy fossil fuel oils.

In the meantime, the panel saw eye to eye to the idea that the use of battery power will be more widespread among companies. Batteries will not only complement engines on board but also reduce energy wastage across the industry.

Mr Bjørkeli supported that batteries have a safer and more efficient shipping as a more reliable power source, with enhanced power and less instances of blackouts, enabling certain ships to react quickly to unforeseeable circumstances.

Also, the panel sees the millennial generation having increased awareness for the world they live in and will aim to a more sustainable future.

Mr McGregor made a clear statement that climate change is here and that the industry must do something about it.

Concluding, he acknowledged that while increased regulatory and government policies will steer change, companies also need to set targets for themselves. He said that setting targets, as well as challenging teams to come up with innovative ways to use technologies to achieve them, are some of the most effective ways to bring about change.