Shipping has always been an adaptable and resilient industry. Since the first ships left the shores of ancient civilizations looking to trade, the maritime industry has constantly adjusted to meet the economic, technological, and social circumstances of the day. A critical link between communities, the shipping industry supports today’s modern global economy, resulting in a world more interconnected than ever before. 

Therefore, the challenges and opportunities the industry faces from digitalization, decarbonization, a changing labor market, and new environmental solutions, will require long-term and collaborative solutions. Companies and industry leaders that are prepared to strategically meet these challenges will forge ahead.

Resiliency, action, and strategic planning are part of the fabric of our industry. International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the Republic of the Marshall Islands (RMI) Maritime Registry, has taken a long-term approach to resiliency and strategic planning to carefully prepare to meet these challenges while remaining committed to change and advancement. We are committed to enhancing operations, improving customer service, and staying a step ahead of marketplace challenges so that the Registry’s clients can take advantage of the resulting opportunities.

In the areas of digitalization and decarbonization, the RMI Registry has seen significant and unprecedented collaboration and cooperation across the industry. 

Together with colleagues at classification societies, manufacturers, and governments, our team of technical experts has worked closely on several joint development and research projects to evaluate, assess, and review emerging technologies and solutions to meet the challenges of digitalization and decarbonization. These projects rely on the cooperation and interaction of all parties, and the results have allowed owners and operators to make informed decisions as they act to future-proof their companies and operations. To increase resilience while meeting forthcoming environmental regulations, such as the 2030 targets set forth by the International Maritime Organization (IMO), IRI has formalized Gas and Renewables Teams. These teams evaluate and assess new and alternative energy sources, such as floating offshore wind turbines (FOWTs), as well as solutions and options for low sulfur fuels, liquified natural gas (LNG), and more. These team members from around the world provide clients with unparalleled technical insight and knowledge to help future-proof their decarbonization strategies and solutions.

The industry has committed to a sustainable future, and many owners and operators of RMI-flagged vessels are already availing themselves of new technologies and alternative fuels. In August 2023, the RMI Registry announced that it would flag the first-ever state-of-the-art 22,000 cubic meters (cbm) liquid carbon dioxide (LCO2) carrier, ordered by Capital Gas Ship Management Corp. In late 2022, operation commenced on the world’s most advanced drill ship operated by Transocean and flagged by the RMI. Owners and operators from cargo to cruise and yachts are incorporating sustainable technology and solutions on board, representing their commitment to the future of the industry.

Addressing the challenges in the labor market, the RMI Registry continues to partner with leading institutions and training facilities around the world to increase awareness about the wide variety of careers in the maritime industry. The Piraeus office participates in local and regional seminars, workshops, and events for students and cadets to increase their understanding of the industry, as well as exposure to the wide range of careers both at sea and shoreside. Additionally, IRI’s office in Manila partners with seafarer training facilities to ensure that curriculum and technical skills meet the needs of a modern fleet prepared for the future.

Since 2020, we have worked together as an industry to collaborate and cooperate to find a path through unprecedented global restrictions on travel and trade, come together to address the challenges faced by climate change, and modernized to embrace a  digitalizing world. To meet the challenges of 2024 and beyond, whether they be decarbonization, digitalization, global political situations, or a changing labor market, we must work together.