Navigating Complex Risks: Risk Management and Human Capital Solutions for the Maritime Industry
From port to vessel, cargo to crew, we understand the multifaceted risks facing today's marine operations. We’ve created a Financial Impact Report that focuses on aligning your business objectives with Risk Management and Human Capital solutions.
First, we ground our understanding of your business in the context of what is happening today in the wider industry…
Risk Management
The U.S. Navy's shipbuilding capacity has declined to its lowest point in 25 years, raising concerns about national security and the ability to meet strategic maritime demands.
In 2024, the U.S. Navy's ship production rate fell behind China's, with only one ship per year being produced by certain contractors, highlighting significant challenges in meeting defense requirements.
Source: NEW YORK POST
2024
2024
Employee Benefits
The marine industry is experiencing a workforce shortage, prompting companies to implement training programs and partnerships with educational institutions to attract and retain skilled labor.
To address workforce challenges, shipyards have established training academies and collaborated with technical colleges, as evidenced by the U.S. Navy's support for such initiatives to bolster shipbuilding capabilities.
Source: NEW YORK POST
2024
2024
Insurance
The resurgence of offshore oil drilling in the Gulf of Mexico has led to increased demand for specialized marine insurance to cover the heightened risks associated with deepwater operations.
Companies like Shell and BP are investing in advanced offshore projects, such as the Vito oil platform, necessitating comprehensive insurance solutions to mitigate potential environmental and operational risks.
Source: FINANCIAL TIMES
2024
2024
Risk Management
The U.S. marine economy contributed $476.2 billion to the national GDP in 2022, underscoring its significant role in economic stability and the need for effective risk management strategies.
The marine economy accounted for 1.8% of the U.S. GDP in 2022, reflecting its substantial impact on the nation's economic health.
Source: BUREAU OF ECONOMIC ANALYSIS
2024
2024
Insurance
The expansion of offshore wind projects in the U.S. has created a demand for specialized insurance products to address the unique risks associated with renewable energy installations.
The launch of the first U.S.-built wind turbine installation vessel, 'Charybdis,' in 2024 highlights the growing offshore wind sector, which requires tailored insurance coverage for construction and operational phases.
Source: REUTERS
2024
2024
We search for both Visible and Hidden Risks in your operations.
Visible Risks
- Hull & Machinery Damage
- Cargo Loss or Damage
- Personal Injury (Crew)
- Port Facility Damage
- Marine Terminal Operations
- Navigation Equipment Failure
Next, we apply our EBITDA Edge framework to your business…
1
Discovery
- Comprehensive fleet operations analysis
- Port infrastructure assessment
- Historical claims pattern review
- Route risk mapping
- Cybersecurity vulnerability assessment
2
Risk Mitigation
- Custom vessel safety programs
- Crew training protocols
- Port facility security measures
- Environmental compliance systems
- Emergency response planning
3
Modeling & Analytics
- Route optimization analysis
- Weather pattern modeling
- Port congestion assessment
- Operating cost benchmarking
- Carbon footprint tracking
4
Claims Process
- 24/7 global claims reporting
- Digital documentation systems
- Emergency response protocols
- Business interruption minimization
- Return-to-service planning
5
Risk Transfer
- Customized marine coverage design
- Global market capacity optimization
- Alternative risk financing
- Parametric weather coverage
- Environmental liability protection
We focus on the business drivers that impact your business…
-
Fleet modernization planning
Route expansion strategies
Port relationship development
Sustainable shipping initiatives
Digital transformation
Alternative fuel adoption
Market share growth
Strategic partnerships
-
Vessel efficiency optimization
Port operations enhancement
Crew management excellence
Environmental compliance
Digital security measures
Fuel cost management
Regulatory compliance
Emergency preparedness
-
Asset financing strategies
Working capital optimization
Fleet investment planning
Port infrastructure development
Technology integration
ESG performance metrics
Global trade adaptation
Operational cost control
Lastly, to execute on our goals, we’ve created a suite of world-class tools customized specifically for the marine industry…
Risk Mapping Edge
Comprehensive analysis of marine operations to identify and address unique risk exposures across your fleet and port operations.
- Detailed mapping of vessel operations and route-specific risks
- Port facility and infrastructure vulnerability assessment
- Maritime supply chain risk evaluation
- Environmental compliance and emissions analysis
- Crew safety and maritime labor risk assessment
Risk Insight Edge
Strategic analysis of maritime industry evolution and emerging opportunities in modern shipping.
- Alternative fuel transition opportunities
- Digital transformation and automation trends
- Port modernization and infrastructure development
- ESG compliance and sustainability initiatives
- Emerging maritime technology adoption strategies
Market Intelligence Edge
Deep understanding of marine insurance markets and rate environments across different coverage lines.
- Real-time tracking of hull and machinery market conditions
- Protection & Indemnity (P&I) coverage analysis
- Global maritime risk and capacity monitoring
- Cargo insurance market trends and pricing
- Emerging marine coverage options and alternatives
Pricing Edge
Strategic approach to optimizing marine insurance costs through risk quality improvements and market positioning.
- Vessel safety improvement strategies
- Port operations risk control program development
- Marine claims management optimization
- Alternative risk financing solutions
- Loss record improvement strategies