Diverse Demographics in the Maritime Industry

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1. Diverse demographics Maritime Industry is depended hugely on human capital, and diverse demographic is a common state of affair of the industry. The demographic composition depends on market trends, legislation and demographic realities such as local content requirements for operating in certain countries, etc. Having a diverse workforce and managing it effectively brings in huge advantages to the organization. We have around 30 nationalities working in our organization with varied gender, race, and age range of 24 to 67. A key benefit of having a diverse workforce is that they bring in different opinions and perspectives based on their varied background. They think out of the box and come up with appropriate solutions to the issues based …show more content…

Complex multi-layered political and legal landscapes The existence of multi-layered legal and political landscape is a huge challenge for the entire marine industry. Each country has a set of rules regulating the maritime industry including various taxes, importation bond, flag requirement, cabotage law, local content requirements, etc., In the USA, Jones Act is a massive barrier to entry for Offshore Operators. Brazil and Nigeria are countries with huge potential but entry has been restricted by a high percentage of local content. Australia and New Zealand are other potential areas, but the unionized crew and the high percentage of local content with high salaries is a challenge. In SEA region, entry to Indonesia is restricted with cabotage law and only Indonesian flagged vessels are allowed to operate. Malaysia, largest market in SEA also restricts foreign owners from operating in the country unless the type of the vessel required for operation is not available from local owners. Labuan, a freehold registry can be considered as a short-term path to do business in Malaysia as a local flag. Other countries in SEA do not restrict foreign vessels in operating in their …show more content…

Rapidly changing technologies The last two decades has witnessed rapid advancement in the technology used onboard the OSV’s. The new generation OSV’s has become more technically advanced to meet the support demands of deepwater drilling and subsea operations. This includes enhanced dynamic positioning systems, increased cargo carrying capacity, large accommodation spaces, panoramic navigation bridge visibility, enhanced crew amenities, state-of-the-art propulsion and automation systems. Dynamic Positioning (DP) system is one of the key innovations that gained trust and acceptance throughout the industry in the last decade. Dynamic positioning system allows the vessel to maintain automatically its position and heading through the coordinated control of thrusters. The advantages of DP system include the ability of the vessel to operate with positioning accuracy and the flexibility to establish the position of the vessel. Another key innovation is the new generation of environmentally friendly diesel-electric propulsion systems offering lower fuel consumption, better reliability, improved maneuvering, and station keeping capabilities, low emissions, lesser noise and reduced

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