GRM (Global Risk Management) and Baseblue are thrilled to announce the successful conclusion of the “Navigating the Seas of Change” conference held in Piraeus on June 28, 2023. The event brought together an exceptional gathering of industry experts, analysts, and professionals, resulting in valuable insights and empowering discussions surrounding the global oil market, energy transition, and maritime sector.
Kicking off the conference, Dr Leo Drollas, Independent Energy Consultant and former Chief Economist at CGES (Center for Global Energy Studies) delivered a captivating keynote address, shedding light on the intricacies of the global oil market, with a particular focus on OPEC and Russian supply dynamics.
Drollas highlighted the strong recovery of Brent oil prices in 2021, driven by improved oil demand and measured output response from OPEC. He also discussed the price turbulence experienced in 2022 due to Russia’s invasion of Ukraine and the subsequent restrictions on Russian oil exports. Despite severe sanctions by Europe and the US, Russia managed to increase its oil exports to countries such as China, India, Turkey, and other destinations. Drollas emphasised the significance of continuous investment in the oil and gas industries to combat natural decline and ensure future sustainability.
Continuing the momentum, Arne Lohmann Rasmussen, Chief Analyst and Head of Research at Global Risk Management provided a comprehensive analysis of the demand view of the global oil market. Rasmussen’s presentation addressed the Chinese reopening and the potential global recession risks, imparting vital knowledge and perspectives to the audience. Participants left equipped with a better understanding of market trends and their potential impact on their businesses.
Furthermore, the conference shed light on the maritime sector’s crucial role in the EU ETS (Emissions Trading System). Dennis Lysemose Andersen, Head of Sales at Global Risk Management, presented the process of purchasing EUAs (carbon allowances) within the EU ETS.
During the presentation, it was emphasised that the EU ETS aims to reduce overall emissions by 55% compared to 1990 levels, with a specific target of 62% sector emissions reductions by 2030 (from 2005 levels). The responsibility of surrendering the allowances lies with the shipping companies operating within EU waters. Each country’s legislation and interpretation may vary, but the responsibility is believed to be on the ship owner, the ship (technical) manager, or the bareboat charterer.
Companies operating in EU waters will be obliged to comply with EU regulations. They must surrender the allowances to their local authorities. The EU is expected to publish the list of responsible companies by February 2024, providing clarity and transparency for the industry. Attendees gained practical guidance on when, how, and where to buy EUAs, empowering them to navigate the evolving landscape of emissions trading effectively.
The “Navigating the Seas of Change” conference provided industry professionals with an unparalleled networking and knowledge-sharing platform. The results were profound, with attendees leaving the event equipped with actionable insights and fresh perspectives. The connections made, and the knowledge gained during the conference will undoubtedly contribute to fostering innovative approaches and driving positive change within the energy sector.
GRM and Baseblue would like to extend their heartfelt gratitude to all the speakers, attendees, and partners who contributed to the success of the conference.