Increasing regulatory demands on the global shipping and bunkering industries call for extended cooperation and joint solutions.
Since 2008 more than 1,000 new regulations have been imposed on the shipping industry*. The industry is thereby growing increasingly complex and the time has come to face these challenges together. At a Monjasa hosted summit in Limassol, Cyprus, a group of leading Mediterranean ship owners, buyers, and operators sat down together to discuss important regulatory issues, such as the 2020 sulphur cap.
Increasing trade regulations mean extended compliance focus
The shipping and bunkering summit functioned as a combined open discussions forum and evening reception with participation of 75 local customers and business partners.
During the event, three external speakers representing S&P Global Platts, Saybolt, and energy trader VTTI presented their views on the consequences of future fuel regulations such as the expected large shifts in demand and upward pricing driven by the 2020 sulphur cap, quality and quantity assurance in bunker deliveries, and insights on future energy storage and oil flow infrastructure in Cyprus.
We are positive about future developments. Both when it comes to local reselling activities and making customers more aware of the opportunities they have for taking bunkers in one of Monjasa’s physical supply areas.
Besides these guest presenters, Monjasa Group COO, Svend Stenberg Mølholt gave Monjasa’s view on the increasing need for compliance and sanctions policies in the bunker industry:
“For companies to be successful in the future, a very central element in this discussion relates to converging operating models based on digital end-to-end compliance workflows with existing work procedures and company culture. At Monjasa, we still have some road ahead of us, but we have come a very long way in implementing these changes,” Svend Stenberg Mølholt said during the event.
Summit and official opening reception
The shipping and bunkering summit marked the official opening reception for Monjasa’s Limassol based trading office. This additional European trading office sharpens Monjasa’s service towards local customers and suppliers by offering a more personal business relationship.
“With only a short distance to meet in person with the integral Greek shipping community and other important Mediterranean markets, we are positive about future developments. Both when it comes to local reselling activities and making customers more aware of the opportunities they have for taking bunkers in one of Monjasa’s physical supply areas”, says Sales Manager for Monjasa Ltd. Theodoros Mitsingas”.