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Modernizing Maritime Safety: Overhauling the International Safety Management Code

Modern Maritime Challenges Demand Modern Solutions

The International Maritime Organisation’s Maritime Safety Committee has issued a decisive call for a comprehensive overhaul of the International Safety Management (ISM) Code. A recent independent study has laid bare significant shortcomings, including inconsistent enforcement, weak oversight, and a disconnection between documented procedures and the lived experiences of seafarers. Issues such as crew fatigue, harassment, and excessive workloads underscore the urgent need for reform.

Data-Driven Critique of the Current Code

Industry leaders from Columbia Group highlight that the ISM Code, once a pillar of maritime safety, now risks becoming a mere box-ticking exercise. Captain Saurabh Mahesh, Group Director Crewing (Operations), emphasizes that a simple redraft is insufficient. Instead, the Code must evolve to address real-world challenges, restore accountability, and ensure that enforcement mechanisms protect the welfare of seafarers. His call to action aligns with broader industry concerns intensifying calls to integrate anti-harassment measures, protect whistleblowers, and reinforce rest hour regulations.

Innovative Solutions and Digital Transformation

One of the most critical reform areas is the manipulation of rest hour records. Captain Mahesh advocates for biometric solutions, such as fingerprint or retina scans, to replace outdated paper logs susceptible to falsification. In tandem with more rigorous external audits and realistic safe manning assessments, these measures promise to modernize an essential safety framework. Such digital innovations, paired with flexible crew scheduling and shore-based relief options during harsh operational conditions, can significantly enhance crew welfare on high-intensity routes.

Balancing Compliance Costs With Diversity And Inclusion Initiatives

Adopting these sweeping reforms is not without risk. Both Captain Mahesh and Claudia Paschkewitz, Director of Sustainability, Inclusion, and Diversity at Columbia Group, caution against unintended consequences. They warn that without strategic planning and adequate support, increased compliance costs could jeopardize seafarers’ earnings and undermine diversity efforts. Effective reform must strike a balance—ensuring standards are enforceable and inclusive, while also reflecting the realities and complexities of modern shipping operations.

Looking Ahead: A People-Centered Framework

The International Maritime Organisation has tasked its Sub-Committee on the Implementation of IMO Instruments and its Sub-Committee on Human Element, Training and Watchkeeping with redrafting the ISM Code guidelines over the next three years. These bodies will integrate comprehensive safety oversight with a focus on human factors, aiming to deliver a revised Code that is enforceable, people-centered, and aligned with current maritime operational challenges. This restructuring represents a pivotal step in ensuring that the ISM Code remains robust and effective in an evolving global maritime landscape.

FinTech’s Dominance In MENA: Three Strategic Drivers Behind Unyielding VC Success

Despite facing tightening global liquidity and macroeconomic headwinds, the FinTech sector continues to assert its leadership in the MENA region. In the first half of 2025, FinTech emerged as the most resilient and appealing arena for venture capital investments, proving its worth as a catalyst for financial innovation and inclusion.

Addressing Structural Financial Gaps

In many parts of MENA, a significant proportion of the population remains underbanked and underserved by traditional financial institutions. FinTech companies are uniquely positioned to address these persistent challenges by bridging critical access gaps and driving financial inclusion. With the proliferation of payment apps, digital wallets, and micro-lending platforms, investors have witnessed firsthand how these solutions pave the way for scalable growth and eventual exits. Early-stage momentum in the region is underscored by a doubling of pre-seed deals year-over-year, reinforcing the sector’s capacity for rapid innovation and sustainable expansion.

Highly Scalable and Replicable Business Models

One of the key factors behind FinTech’s dominance is the inherent scalability of its business models. Once the necessary infrastructure and regulatory approvals are in place, these models have demonstrated robust performance across borders. The first half of 2025 saw a marked acceleration in deal activity, with payment solutions leading the charge with 28 deals in MENA—a significant increase over the previous year. Lending platforms, in particular, experienced a meteoric 500% year-over-year increase in funding, emerging as the fastest-growing subindustry. Such replicability makes FinTech an attractive proposition for investors seeking high-growth opportunities in diverse markets.

Supportive Regulatory And Government Backing

The strategic support offered by key government initiatives in the UAE and Saudi Arabia has been instrumental in propelling the FinTech sector forward. Progressive frameworks, such as the UAE’s open finance and digital asset directives, coupled with Saudi Arabia’s live-testing sandboxes, have materially lowered entry barriers for startups. These measures not only foster innovation but also streamline the path to commercialization. Consequently, the combined efforts of these regulatory bodies have enabled the UAE and Saudi Arabia to account for 86% of MENA’s total FinTech funding in H1 2025.

The resilience of FinTech in MENA is not merely a reflection of contemporary market trends—it signals a fundamental shift in the region’s economic fabric. With an unwavering commitment to addressing real financial challenges, scalable and replicable business practices, and robust regulatory support, FinTech is setting the benchmark for sustainable innovation. As capital markets become increasingly discerning, this sector stands out as a beacon of long-term growth and transformative impact.

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