According to the Global Agenda Council on Oceans, a World Economic Forum select group of experts looking for solutions to today’s challenges in the field of oceans, shipping significantly impacts our oceans as 90% of the global trade volume is carried on ships. But perhaps in part due to the high profile pollution disasters of recent decades, shipping industry principles and conduct have considerably improved, benefiting business and the health of the oceans.

Also according to the Council on Oceans, “As a global industry, the shipping sector has responded to the fact that it could not operate globally without sustainable and responsible self-regulation. It was also determined to eliminate unsafe ships, developing a culture that acknowledged good quality. Thus, a combination of regulatory bodies, led by the IMO, with industry self-regulation, like the Ship Inspection Report (SIRE) Programme, has been jointly responsible for the great advances in shipping quality.

This positive transformation of the shipping industry is an interesting example of best practice in business ocean stewardship. A networked system of good governance, combining laws and self-regulation, could be the model for other sectors.”