The situation is caused by Covid-19 which has led to strict national movement restrictions impacting the ability of existing crews aboard commercial vessels to disembark and replacement crews to take their place. The lack of flight has further added to the logistical challenge of crew change. 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. As investors, it is clear that this is no longer solely a shipping industry problem nor a crisis that the shipping industry can resolve on their own. Shipping is responsible for 90% of global trade and holds the key not just to a global economic recovery from the devastation of COVID-19, but to maintaining our current way of life.

We welcome investors to join this initiative to get in touch with Ally by writing to [email protected] for more information.

To help investors to have a better understanding of this initiative, The PRI and Fidelity jointly organize a webinar on 20 Jan 2021, Wednesday, at 13:00 GMT. Join us by registering here.