More transparency needed in shipping industry to tackle the impact of COVID-19

More transparency needed in shipping industry to tackle the impact of COVID-19
Sally-Ann S. Underhill September 17 2020 https://www.lexology.com/library/detail.aspx?g=54421df9-dffd-49b3-93f9-0...

Early results from our 2020 shipping survey – Navigating a post-COVID world indicate that industry participants believe more transparency is needed to tackle the impact and challenges caused by the pandemic.

66% of respondents so far indicate that transparency and sharing of information might be key to the shipping industry emerging stronger from the crisis.

There has been much conversation in recent years about advancements in technology allowing for more information sharing across the industry. The discussion was highlighted again at last year’s London International Shipping Week (see here). In 2020, the use of technology is illustrated by the Ship Recycling Transparency Initiative, which aims to “drive progress on responsible ship recycling by way of a one-stop shop online platform to report information on policies and practices against a set of predefined disclosure criteria.”

Despite potential liability and insurance risks caused by too much transparency, it appears that industry participants think the sharing of information on challenges, such as crewing and dealing with testing, might be the best way forward.