The long-awaited report by Mario Draghi on the competitiveness of the European economy published today, delivers strong and far-reaching recommendations to enhance the competitiveness of the European economy.

The report acknowledges the global leadership of European shipping and identifies that a fit-for-purpose regulatory and taxation framework has ensured that the sector has remained globally competitive.

The report also recognises that shipping, together with aviation, is one of the most difficult sectors to decarbonise. Investment needs for shipping alone will be around 40 billion each year from 2031 to 2050. Scaling up the production of clean fuels and clean and innovative technologies in Europe is set as a major objective. In this regard, the report identifies the need for adequate access to finance, including special calls for shipping under the ETS Innovation Fund.

“The Draghi report firmly recognises the global leadership role of European shipping and the need to maintain its international competitiveness. European shipping is a success story and a cornerstone of the energy, food and supply chain security of our continent. In these times of geopolitical uncertainty, it is crucial for Europe to maintain and grow the EU-operated fleet, which ensures Europe’s position in the global supply chains as well as access to key international markets” said Sotiris Raptis, Secretary General of ECSA.

“An internationally competitive shipping sector is also a prerequisite for a thriving European maritime industrial cluster, which must be part of the upcoming EU Clean Industrial Deal. It is crucial to  focus investments into European industrial capacity for clean fuels and innovative technologies for shipping, to deliver on our climate objectives and to enhance European competitiveness and security” he added.

Upskilling and reskilling needs for the green and digital transition are also highlighted. The report estimates that up to 250.000 seafarers in the EU could be affected in the coming years, with the figure going up to 800.000 seafarers globally that will have to be reskilled in the next decade.

European shipowners look forward to working with the new MEPs and the incoming Commission to implement the report’s recommendations and ensure that European shipping remains internationally competitive and a leader in the global supply chains.