Posted on: 28 October 2024
The Turkish-British Shipping Forum, organised my Maritime London in partnership with NorthStandard and the Turkish Chamber of Shipping (IMEAK), was held on 21 October 2024 in Istanbul, Türkiye.
Hosted at the Chamber’s Assembly Hall, the event discussed how geopolitical instability and enhanced reporting requirements both form regulators and market participants are affecting commercial, financing and insurance dynamics in the market. It also included a session focusing on Russian sanctions with speakers from the EU, UK and US governments, offering an overview of sanctions programmes and a discussion around their enforcement.
Tamer Kiran, Chairman of the Board of Directors, Turkish Chamber of Shipping open the event by delivering a welcome address.
The first panel, entitled ‘Managing external intervention in shipping markets’, was moderated by Jos Standerwick, Chief Executive of Maritime London, and discussed the current geopolitical environment, stressing though being exceptional, it is not unique, and if the corporate memory existed in the market to learn from past experiences.
Melis Otmar, Chairperson of Marine Claims Sub-Committee at LIIBA (London & International Insurance Brokers Association) and Executive Director – Head of Marine Claims London at insurance brokers Howden talked about how the London war risks market demonstrated the appetite and capacity required to respond to the current security environment, and how it was responding to claims in operationally tricky locations, and whether LOF was still providing the level of certainty required to respond to major casualties as quickly as possible.
Metin Düzgit, International Chamber of Shipping Vice Chair and the Turkish Chamber of Shipping Assembly Member and Şadan Kaptanoğlu, past BIMCO President and CEO of Kaptanoğlu Group commented on how the conflict and crises over the past few years changed how the shipping industry approached risk management and the way in which shipowners were protecting seafarers and ships.
James Clayton, Partner of Campbell Johnston Clark LLP and Stefanos Fragos, Managing Director of Braemar Corporate Finance (Greece) talked about how since 2019, global supply chains have witnessed unprecedented disruption, putting significant strain on supply and driving up rates, and what this meant for traditional lenders in the market.
Jos Standerwick, Chief Executive of Maritime London, said: “Maritime London recognises the geographical and commercial importance of Türkiye to the global shipping industry. The London market and the UK’s maritime professional services have a long and proud partnership with the Turkish shipowning and management community. This forum provided an opportunity to have an open and honest conversation with both market participants and regulators about the increasingly complex global trading environment.”
The second session featured presentations from the US Office of Foreign Asset Control, the UK Office of Financial Sanctions Implementation and the EU Commission and focused on the key sanction-related issues affecting Russian trade. This was followed by an interactive panel discussion, moderated by Mike Salthouse, Head of External Affairs at NorthStandard, which brought these complex issues to life through a real-world case study.
Mike Salthouse said: “The value of bringing Regulators into direct contact with the shipping community cannot be overstated. Both sides spoke freely and left with a much greater understanding of the other sides position. Ultimately that facilitates compliance and leads to better policy.“
