- European Shipowners support the EU’s Competitiveness Compass for enhancing trade and economic security.
- Shipping, handling 76% of EU trade, is recognized as crucial to Europe’s resilience.
- The plan promotes investment in renewable and low-carbon fuels under the Sustainable Transport Investment Plan (STIP).
- Simplified business processes aim to reduce reporting burdens, benefiting SMEs.
- Industry leaders welcome the EU’s commitment to innovation and clean fuel production.
The European Commission’s newly introduced Competitiveness Compass underscores the fundamental role of the maritime sector in securing Europe’s trade, economy, and strategic resilience. With shipping handling around 76% of the EU’s international trade, the sector is essential for ensuring the smooth movement of energy, food, and goods across the continent, according to European Community Shipowners’ Association.
Boosting Investments in Clean Fuels and Innovation
The Competitiveness Compass builds on the Draghi report, which stresses the need for European shipping to remain globally competitive. A significant aspect of the initiative is its push to de-risk investments in renewable and low-carbon fuels, a move welcomed by European shipowners. Under the Sustainable Transport Investment Plan (STIP), the EU aims to accelerate the production and adoption of cleaner fuels to support the shipping industry’s green transition.
Streamlining Processes for European Businesses
European shipowners also back the initiative’s focus on simplifying administrative procedures and making European business operations more efficient. The commitment to reducing reporting burdens by at least 25% for all companies—and 35% for SMEs—reflects a positive shift towards a more business-friendly regulatory environment. This is expected to enhance the competitiveness of European shipping firms in the global market.
Industry Leaders Endorse the Strategy
“The Competitiveness Compass highlights that Europe’s security depends more than ever on our ability to innovate, compete and grow. It also lays out a pathway to a competitive industry by closing the innovation gap and by investing in clean tech and clean fuels. The shipping sector is an essential part of our economy’s energy transition. We welcome today’s explicit recognition of shipping as a key sector to Europe’s growth and the commitment to scale up the production of clean fuels for shipping under the upcoming Sustainable Transport Investment Plan,” said Sotiris Raptis, ECSA Secretary General.
“Shipping is a cornerstone of our continent’s security, moving around 76% of the EU’s external trade and carrying the energy, food and goods that European citizens need for their daily life. We support today’s reference to open trade as a key driver for EU’s prosperity, resilience and growth” he added.
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Source: ECSA
