Special Report Interview in Gulf News with Tim Coffin – https://gulfnews.com/gn-focus/winds-of-opportunity-in-the-maritime-and-logistics-sector-1.1722329651517
Navigating regulatory requirements related to environmental sustainability can be complex. How does Tristar ensure compliance with global and regional regulations in shipping while balancing growth and operational efficiency?
The increasingly robust regulatory environment applicable to the shipping industry – and indeed all carbon-intensive industries – requires a greater commitment to compliance than we have had previously. We approach this challenge as an opportunity to further improve our culture and our systems. For this reason, we have established an in-house technical management function. By mastering the current and upcoming regulation ourselves, we improve our business intelligence to determine the best strategic course. Looking ahead, aligned with our principles and those expressed in our regulatory environment, we continue to work towards improving the well-being of our seafarers, whose front-line decisions are crucial for our success. That is why we have established a function focused solely on seafarer happiness. So adherence to the principles behind regulatory compliance is not a separate administrative burden, but part of our business culture, which we believe is a meaningful competitive advantage.
How do you foresee the shipping industry evolving over the next decade and what trends or developments are likely to drive growth and transformation within the industry?
Our industry is facing three challenges which will fundamentally change how it functions. First, we are focused on reducing the quantity of harmful emissions from the fuel we burn. At Tristar, we have committed to electrifying a portion of our fleet and our first new build electrically-powered vessel is currently under construction. Second, we recognise that demographic and economic change reduces the number of potential seafarers from traditional sources. So by recruiting women to our crews, we have doubled the size of the pool from which we can draw talent. Finally, along with emissions reduction, it is critical to better analyse data. Communication gets cheaper and data science gets better, so we have an opportunity to be much smarter in how we operate our fleet.