Investors join forces to help bring a stop to the humanitarian crisis at sea
- 400,000 seafarers remain stranded at sea
- 85 investors representing over US$2trillion call for action in an open letter to the United Nations
Eighty five investors representing over US$2trillion in assets, led by Fidelity International, have joined forces to urgently address an unfolding humanitarian crisis at sea and preserve the long-term sustainability of global supply chains.
Due to Covid-19, over 400,000 seafarers are stranded at sea, many have been working for up to 17 months, much longer than the industry norm and the regulatory limit of 11 months. A further 400,000 seafarers remain ashore waiting to relieve them, often with little or no pay. The International Chamber of Shipping has estimated that the number of seafarers affected could soon reach one million if this issue is not addressed urgently.
This issue is presenting significant health and safety concerns to the already elevated mental and physical stress seafarers are facing and has the potential to result in major safety risks when exhausted seafarers handle dangerous or perishable cargoes. The environmental consequences of a serious maritime accident involving these cargoes could be catastrophic for our oceans and our security.
In an open letter to the United Nations, and in consultation with key marine organisations such as the International Labor Organisation and the International Transport Workers’ Federation, signatories, including Achmea Investment Management, ACTIAM, Ethos Foundation, Lombard Odier Investment Management and MFS Investment Management, identify the clear need for the following measures to be put into effect:
- Continuing to call for the official designation of seafarers as “key workers” and the establishment of systematic processes to enable safe crew changes such as safe corridors and testing regimes
- Raising awareness, through a targeted publicity campaign, of the scale and risks that this crisis is already creating for seafarers and sustainable supply chains
- Sharing the International Maritime Organisation’s (IMO) 12-step protocol with relevant entities to facilitate universal implementation
- Ensuring seafarers should not spend more than the legal maximum of 11 months on board and limiting any unavoidable crew contract extension
- Urging charterers, especially those that charter vessels on a frequent basis, to be flexible with route deviation requests from shipping companies to facilitate crew change and to consider financial support for the costs of crew repatriation.
A copy of the letter can be found here.