Marshall Islands Registry: Gearing Up for Further Growth
Hellenic Shipping News
he IRI / Marshall Islands Registry is gearing up to further grow, with quality in mind, over the coming years. Reflecting on the changes of the past 20 years and today’s challenges, Mr. Theofilos Xenakoudis, Chief Commercial Officer and Managing Director of the IRI / Marshall Islands Registry, Piraeus Office, said in an exclusive interview with Hellenic Shipping News Worldwide: “Twenty years ago, communication was different and vessel owners and operators looked at the flag State as a regulator. Today, we’re a strategic partner, bridging the needs and requirements of stakeholders such as port State control and coastal authorities, Classification Societies (Class), and international bodies, with the reality faced by owners, operators, and shipyards”.
How critical is it for ship owners to have the necessary support from their registry and in this instance the Marshall Islands, in times of crises like the one in the Middle East? Which were the steps you undertook during the past few weeks?
During times of crisis and conflict, owners and operators need to make quick decisions that may have significant impact on their fleet, vessels, and safe passage of cargo and seafarers. In such times, the support from a registry can become critical. The Republic of the Marshall Islands (RMI) Registry acts as a strategic partner, not only in compliance, but also in enabling smart and successful operations in all operating environments. Offering owners and operators technical expertise, operational guidance, global resources, and real-time, reliable information from a large network of partners and stakeholders throughout the industry, the RMI Registry serves as a strategic partner. International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the RMI Registry, has a dedicated maritime security (MARSEC) team that coordinates, collaborates, and engages with coalition naval forces, industry associations, non-governmental organizations, governments, information sharing centers, and intergovernmental organizations worldwide. This team, accessible to owners and operators of RMI-flagged vessels 24/7/365, delivers timely intelligence and security guidance. Over the last several weeks, the MARSEC team has relied heavily on strategic partnerships and relationships with stakeholders to support an active flow of reliable, accurate, and timely information to protect safe vessel operation. In quieter times, owners and operators rely on the MARSEC team to deliver threat assessments, data, and trend analysis for proactive risk mitigation, situational awareness, and global insights.
Theofilos Xenakoudis, Chief Commercial Officer and Managing Director
How has the nature of your business evolved over time? How different is it today compared to 20 years ago? Which have been the main drivers of change?
The role of the flag State has changed significantly over the last 20 years as the maritime industry has become more complex and interconnected. Twenty years ago, communication was different and vessel owners and operators looked at the flag State as a regulator. Today, we’re a strategic partner, bridging the needs and requirements of stakeholders such as port State control and coastal authorities, Classification Societies (Class), and international bodies, with the reality faced by owners, operators, and shipyards. Advances in technology have made us more interconnected than ever before and completely changed the way we think of a global maritime industry.
Highlighting IRI’s most important developments over the past couple of years, which would you pick?
We’ve always been focused on client service. Our goal is to ensure that we give clients a variety of ways to engage, interact, and get the support they need from the RMI Registry. From expanding our specialized teams with technical experts from around the globe, to ensuring that we are appropriately resourced in our 28 offices worldwide, we have invested in strengthening our team in number as well as in accessibility and capability. We’ve also heavily invested in building smart, efficient digital solutions to support client service at the speed of the 21st century. From new digital tools to support efficient and optimized inspections to the ability to verify seafarer documentation online, we aim to consistently support smooth and seamless client operations.
How do you see AI fitting into shipping and flag states in particular? How is Marshall Islands Registry embracing the new technologies?
Artificial intelligence (AI) is already widely used in the shipping industry to enhance efficiency, safety, and vessel operation. AI is used for data and trend analysis across the fleet, which has been helpful in quickly identifying areas of concern or rising interest. For example, our technical team logs every technical request in its technical dashboard. Using AI, we can quickly and efficiently identify trends in technical requests and evaluate if we need to publish additional resources or provide different support. Many owners and operators of RMI-flagged vessels are using AI for voyage optimization, predictive maintenance, and even autonomous shipping. As a flag State, we help clients evaluate and determine which tools fit their strategic goals while remaining compliant with existing regulations. The RMI’s permanent delegation to the International Maritime Organization (IMO) actively participates in all Committee and Sub-Committee meetings and working groups and recently contributed to improving the Marine Casualty Investigation Module of the IMO’s Global Integrated Shipping Information System (GISIS) database and led the final stages of the development of a non-mandatory goal-based instrument for Maritime Autonomous Surface Ships (MASS).
Shipping is navigating a regulatory environment more complex than ever before. Can you give us some insight into what to expect moving forward in issues like decarbonization?
The RMI Registry supports owners and operators in structuring and developing compliance strategies for regulatory frameworks, including those related to fuel and energy standards. Given the wide range of emerging technologies and solutions, we have built experienced and technically specialized teams to specifically address the needs of owners and operators assessing renewable and oil/gas solutions to meet these future regulatory frameworks. These teams work closely with owners and operators of RMI-flagged vessels to balance technical feasibility and commercial viability with forthcoming regulatory change. Having a knowledgeable and capable partner can make a difference in managing the complexities of the regulatory environment and the plethora of innovative technologies coming to market.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
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