Global investors coalition calls for crew change crisis to be resolved
In the latest chapter of external forces reacting to one of the most unique humanitarian crises to hit the world since the pandemic began, investors are now calling for action to be taken.
By Michael McGrady, Maritime Direct Americas Correspondent
A coalition of global investors has called on governments and other industry stakeholders to end the crisis that involves hundreds of thousands of seafarers stuck on vessels for months on end, due to the onslaught of the global COVID-19 pandemic.
Reuters wire services report out of London that investors from several institutions and equity firms have called on United Nations leadership to advance measures to resolve the ongoing crew change crisis as soon as possible.
The initial letter was dated December 21, 2020.
António Guterres, secretary-general of the United Nations (UN), was named in a joint letter signed by Jenn-Hui Tan, the global head of stewardship and sustainable investing at Fidelity International and representatives from other responsible-investing organizations.
Other signatories to the letter include Corey Klemmer, director of engagement Domini Impact Investments, and chief executive Vincent Kaufmann of the Ethos Foundation — Switzerland’s responsible investment group.
“We write as a group of international investors representing US$2 trillion of assets under management,” reads the letter. “Collectively, we are invested in every part of the shipping transportation value chain, including ship owners, logistics providers, management companies and charterers.”
The investors also note in their letter to Guterres that 90 percent of all international trade is transported over sea, and that the overall impact of the ongoing crisis could include extraordinary economic challenges for countries in each hemisphere.
The International Chamber of Shipping has estimated that the number of seafarers — on-shore and off-shore — could reach over one million if the crisis isn’t addressed urgently, the letter notes.
It should be additionally noted that shipping industry officials say that sailors are at a breaking point with many being at sea for more than 11 months, which is the limit determined by an international maritime labor convention.
“We recognise that any solution here has to be premised on a multi-lateral approach aimed at facilitating seafarer movement while
protecting local communities from re-infection risk,” the letter adds.
Guterres oversaw a UN General Assembly non-binding resolution passing asking that all countries designate seafarers and maritime personnel as essential workers, in a step to help alleviate the crisis.
Investors in the letter urge the United Nations to issue recommendations that include the vaccinations of all seafarers and other measures that include the respect of such individuals as key workers.
The story is developing.
