Riskology By Infortal: Episode 37 - Boots on Deck: Managing Maritime Risk with Joshua Hutchinson from AMBREY cover art

Riskology By Infortal: Episode 37 - Boots on Deck: Managing Maritime Risk with Joshua Hutchinson from AMBREY

Riskology By Infortal: Episode 37 - Boots on Deck: Managing Maritime Risk with Joshua Hutchinson from AMBREY

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 Introduction to Maritime Geopolitics The global economic system heavily relies on maritime shipping. In fact, 90% of all trade travels by sea. Despite its critical role, maritime shipping often operates under the radar of public awareness. When a package arrives at your door or a product hits the store shelves, little thought is given to the complex journey it has taken to get there. The maritime industry plays an indispensable role in global trade, moving raw materials and finished goods to their destinations around the globe. Conflicts and tensions in various regions impact the security and efficiency of shipping routes, posing serious challenges to the industry. From the Middle East to Southeast Asia, maritime channels are becoming hotspots of geopolitical struggles, with significant ramifications for global trade and economics. Regional Threat Dynamics The risk landscape and the required risk mitigation techniques can vary dramatically by region. For example, navigating through the Red Sea entails different challenges and required precautions compared to traversing areas known for piracy, such as West Africa. Regional Threats: Red Sea: A current hotspot for terrorist attacks on shipping channels with continuing conflict in the region. East Africa: Risks include piracy, local corruption, and political instability. Southeast Asia: Navigational hazards, piracy, and regional disputes are significant threats in the region. Latin America: Organized crime, including drug cartels exploiting the shipping industry to launder significant amounts of cash creates a unique set of risks. Managing Risk versus Mitigating Threats It is important to distinguish between managing risk and managing threats, especially when it comes to managing maritime risk. Risk management is about adopting strategies to minimize exposure to potential losses, which is an intrinsic part of doing business in the shipping industry. This requires ensuring you have contingency plans in place and verifying that your firm’s compliance policies and programs are up to date. On the other hand, managing threats involves understanding and neutralizing specific dangers that could jeopardize your operations. In the case of direct attacks, this may even mean protecting a specific vessel's safety. Dealing with threats requires having a tactical plan in place to deploy as needed. Read full show notes at Infortal Worldwide Resources: Joshua Hutinson on the Web | LinkedIn Infortal Worldwide Email Dr. Ian Oxnevad on LinkedIn Chris Mason on LinkedIn
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