July 2, 2003—The international shipping industry has boosted its overall security efforts in meeting international regulatory standards, according to a new survey of 43 senior executives of international ship-owning companies conducted by Deloitte & Touche, a professional services firm, and Marine Money magazine. Still, almost two-third of shipping companies remain working on their security plans, with many holding off on completing their plans until new and more stringent United States security regulations are unveiled in July.
The Marine Money/Deloitte & Touche CEO/CFO Corporate Strategy Survey, the first of its kind for the maritime shipping industry, surveyed leading shipping company decision-makers on various issues including adherence to heightened standards regarding fleet security, the global economy’s effect on corporate growth, and the relative importance of business strategies to achieve such growth.
Data from the survey revealed that less than half of shipping companies polled have a designated executive with overall responsibility for security. Additionally, only one-third have actually adopted a security plan, while 21% responded that their firms have a fleet security plan already in place. However, in a sign that more companies are gearing up to meet the existing and forthcoming security standards, 37% of those surveyed said they expect to have corporate security plans in effect by the end of 2003, and 29% have targeted a July 2004 deadline.
On July 1, 2004, each ship and shipping company trading in the United States is required to have a company-wide and fleet specific security plan. The United States Plan, which will be released by the US Coast Guard on July 1, 2003, is expected to go beyond the current regulations set last year by the United Nation’s International Maritime Organization.
Marine Money International conducted telephone surveys of 43 CEOs and CFOs of industry-leading international shipping companies for the study. To obtain a copy of the survey, contact Lynda Bauer of Deloitte & Touche at 201/485-9031.
