With a pipeline of regulations complementing IMO2020 on sustainability, and more customers willing to pay premium for sustainable and transparent supply chain, the maritime industry is in for a major overhaul. This is expected to entail a compliance cost of US$15 billion a year for the industry players - already operating at bleak operating margins  - making it imperative for them to tap efficiency building options at the earliest to remain relevant and competitive.

While the first edition of `IMO2020 - Value proposition' paper discusses the importance of green fuel alternatives of the future, the second edition closely evaluates the options to build a transparent and efficient business model. It delves into the importance of collaboration in a platform model (across industries along the logistical supply chain) which would not only lead to efficient utilization of assets, quality and sustainability assurance, but also enable enhanced customer service. Collaboration platforms could also be useful source of data (which is not easily traded in the industry), enabling data analytics tools to further elevate the levels of service, transparency and efficiency in the broader logistical environment.

“Firms need to take the next step and collaborate, in order to get away from low margins and regain profitability which is only possible by collaborating in an environment where trust, transparency and data are factors.”

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