William R. Bennett III, Editor
What an amazing news cycle for shipping during the past two years, starting with the March 2021 EVER GIVEN grounding in the Suez Canal and running through the ongoing disruptions in shipping resulting from the Houthi attacks on vessels transiting the Red Sea. Add in sanctions, the dark fleet, cruise ship mishaps…well you get the picture. The point is the general public certainly has—or should have—become more aware of the impact global international shipping has on their daily lives.
But is that really the story of today’s global shipping industry? In the short term, yes, but in the long term, no. The story of today’s global shipping industry is what the maritime industry is presently doing that goes unnoticed by the public but will certainly shape the maritime industry in the future. For the foreseeable future, fossil fuels will continue to be the primary source of vessel propulsion. Nevertheless, significant investment of money and human capital is being made on issues involving the use of alternative fuels and the design of future vessels, sustainability, carbon reduction, wind as a vessel propulsion source, and offshore wind as a viable alternative source of energy (at least for the United States). And, although not every alternative fuel currently being considered for vessel propulsion will become a cost-effective and efficient workable solution, and while the full-scale installation of offshore wind along the U.S. East Coast may still be a few years away, the maritime industry has proven it is open to investing in solutions leading to “clean propulsion” and “clean energy.” Consequently—being the eternal optimist—finding an alternative fuel that is a cost-effective and efficient source of vessel propulsion is not a matter of “if” but a matter of “when.”