Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Top global traders work to ease seafarer crisis due to coronavirus

Published 01/25/2021, 07:21 PM
Updated 01/25/2021, 07:50 PM
© Reuters. FILE PHOTO: Small fishing boats pass in front of a cargo ship in Georgetown

By Jonathan Saul

LONDON (Reuters) - Over 300 leading companies said on Tuesday they would work together to help hundreds of thousands of merchant sailors stuck on ships for many months due to COVID-19 in a crisis that risks creating more dangers at sea.

About 90% of world trade is transported by sea, and coronavirus restrictions in many jurisdictions are affecting supply chains.

In December the U.N. General Assembly urged all countries to designate seafarers and other maritime personnel as key workers. Nevertheless, ship crews are still struggling to swap over with colleagues on land.

Shipping industry officials say many sailors are at breaking point and many have been at sea for longer than an 11-month limit laid out in a maritime labour convention.

The companies, which include shipping groups such as A.P. Moller Maersk, miners Anglo American (LON:AAL) and Rio Tinto (NYSE:RIO), oil majors BP (NYSE:BP) and Royal Dutch Shell (LON:RDSa) as well as trading companies Cargill, Trafigura and Vitol, will boost information sharing as signatories of the "Neptune Declaration" initiative.

"All of us have a duty of care to seafarers," said Kit Kernon, global head of shipping at Vitol.

"Their wellbeing is essential to safe and efficient operations."

Signatories will also increase collaboration between shipping operators and charterers to speed up crew changes while also calling for key worker status for mariners.

"We are witnessing a humanitarian crisis at sea," said Jeremy Nixon, chief executive of shipping group ONE.

"They have become hostage of the situation and unable to disembark from their ships."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Sven Boss-Walker, senior vice president of shipping at BP, said the "remote nature of their roles meant their contributions are often out of sight and out of mind".

"It is critical that the industry comes together to provide a collaborative response," Ashley Howard at Rio Tinto added.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.