Connect with us

Hi, what are you looking for?

Economy

Global investors call for end to seafarers marooned at sea due to coronavirus

About 90% of world trade is transported by sea, and coronavirus restrictions in many jurisdictions are affecting supply chains.

LONDON — A group of leading investors on Wednesday called for an end to a crisis involving hundreds of thousands of seafarers stuck on ships for many months due to coronavirus disease 2019 (COVID-19), warning that the situation was creating bigger risks every day.

About 90% of world trade is transported by sea, and coronavirus restrictions in many jurisdictions are affecting supply chains.

In December the United Nations (UN) General Assembly urged all countries to designate seafarers and other maritime personnel as key workers. The non-binding resolution came after an earlier call in June by UN chief Antonio Guterres.

In a letter sent to Mr. Guterres in late December, the investor group, which represents over $2 trillion in assets, said that it was “no longer solely a shipping industry problem”.

Shipping industry officials say many sailors are at breaking point and many have been at sea for longer than an 11-month limit laid out in a maritime labor convention.

This is the first time that such a group of investment companies have joined the efforts to ensure seafarers do not have to exceed their maximum working limit, while also calling for key worker status to accelerate their transfers from ships even during lockdowns.

Vincent Kaufmann, chief executive of the Ethos Foundation, which includes Swiss pension funds, described the situation involving an estimated 400,000 merchant sailors as “a humanitarian tragedy as well as a major supply chain risk for many companies.”

“If nothing is done, it’s just a matter of time before something disastrous happens,” Jenn-Hui Tan, with Fidelity International which is leading the investor group, told Reuters separately.

“The performance of some of the companies we invest in will ultimately be linked to the safety of cargoes being handled by seafarers. Ensuring that the rights and interests of seafarers are represented helps lower the operational risks.” — Jonathan Saul/Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global plastic pollution treaty, weeks...

Economy

By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded its growth forecast for the Philippines for this year and 2023, citing an “accommodative”...

Economy

THE PHILIPPINE auto industry’s sales recovery will likely be derailed if a measure reimposing excise taxes on pickup trucks is signed into law, according...

Economy

THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected to...

Economy

THE ASIAN Development Bank (ADB) is planning to allocate at least $14 billion for a program aimed at easing a food crisis in the...

Investing

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.