unproven) alternative fuel choices. This is challenging for them, but also for the insurance industry, which has to assess and cover risks. Skuld, Matias says, is working to stay at the vanguard of the transition.


The organisation has just participated in a Green Shipping Programme with Grieg Star to assess the potential of retrofitting an open hatch bulk carrier with green ammonia. This kind of cross industry partnership, he stresses, is crucial to unlocking understanding.


“Ammonia has huge potential for deep sea shipping, but there’s also challenges, not least in its toxicity,” Matias explains. “So, how do those challenges and risks compare to those of conventional fuels, and how can ammonia be handled, how can the technology develop, to mitigate those risks? Maybe it – or hydrogen, or any of the other competing alternatives – could incur less risks than conventional heavy fuels?


“These are questions that we don’t have all the answers to as yet, but through involvement in such projects we can build industry leading expertise. This enables to advise our members, helping them navigate the uncertain waters ahead.”


Easy does it


As if that task of navigation wasn’t already complex enough, Skuld’s members also have an array of regulations and reporting requirements to contend with, as Matias acknowledges.


“The regulatory landscape is changing fast,” he notes. “Owners now have CII to consider, and all the implications inherent in that, while we also need to look ahead at the development and adoption of new Emission Trading Schemes. For our members, who obviously need to focus on their core businesses, staying informed, ahead, and compliant can be an increasing challenge.”


Thankfully, Matias and the team are on hand to help. He says that their collective knowledge works to “simplify complexity”, streamlining regulatory developments into advisory services that help both Skuld’s claims handlers, and members, understand how trends impact upon their operation and insurance needs. As such, Skuld can act as a “partner and enabler” when it comes to negotiating a landscape where ESG demands are, understandably, looming ever larger.


This article was first published on the Skuld website and is published here with our thanks.


Ongoing optimisation


“The whole industry is evolving, but so is Skuld, and so is the task of underwriting,” Matias states, adding that the organisation’s recent commitment to the Poseidon Principles for Marine Insurance demonstrates the accountability, and responsibility, defining shipping today, and tomorrow.


“This is a collective effort,” he says. “No one can suddenly become ‘sustainable’ in isolation, so we need to work together, and Skuld has a strong part to play. Looking at the big picture, I see sustainability as optimisation – a process of continual improvement – and there’s multiple factors to consider, including underwriting insurance.”


Matias sits back to gather some final thoughts, revisiting the start of the conversation at its conclusion.


“Look, the future is uncertain,” he says, “and there are some big questions ahead for this industry. If you want to find the right answers, you need the right partners. And that’s Skuld.


“We’ve been a robust partner for our members for over 125 years, and I look forward to playing my small part in building that role for a successful, sustainable future.”


82 | The Report • June 2023 • Issue 104


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