World Maritime Day provided a fitting backdrop for the latest Maritime CEO Forum, staged last week at Singapore’s Fullerton Hotel for the final time before shifting to a larger venue in 2026. The opening Big Issues panel lived up to its billing, traversing geopolitics, compliance, decarbonisation, technology and the shifting expectations of financiers and charterers. The unifying theme? The sheer complexity of life as a shipowner in 2025. “Frankly, I don’t remember a time when it’s been harder,” moderator Sam Chambers, Splash‘s editorial director, told delegates in opening proceedings. A quick show of hands from the audience suggested some owners disagreed, but the subsequent debate reinforced just how dense the web of pressures has become. We can’t justify gambling on expensive newbuilds for delivery in 2029 without clear earnings visibility Emily Koo, group managing director at Hong Kong shipowner TCC, was unequivocal. “It is more complicated running our family business today than it was for my grandfather,” she said. “Ownership and management of an asset is easier to outsource, which has lowered barriers to entry. But at the same time, the standards of excellence have risen dramatically. The cost of maintaining that service standard is very difficult for owners to bear.” Koo noted her company spends about $1m annually just on compliance. “That’s the ballpark. The question is how do we make this sustainable for independent owners?” she asked. Erasmus Shipinvest boss John Su, who has built a 60-ship diversified fleet in just 15 years, concurred that the industry has never felt more pressurised. “Technology is racing ahead, regulations keep multiplying, and the financing environment is far tougher than before. We’ve survived historic lows in the dry bulk market and relentless demands from European banks — but today, the daily burden of compliance and sanctions risk is something else,” Su said. He revealed his team is already devoting significant time to anticipated new US sanctions regimes, describing the process as “cleaning potential troubles before they arrive.” Su added: “Our Fortune 500 charterers are ultra-cautious. Sanctions risk today has the same weight in negotiations as technical vetting or inspections once did.” Koo voiced frustration at the gap between what charterers demand and what they are willing to pay. “Everyone wants new ships and the highest safety standards, but they are not there to pay $50,000 a day to cover the economics of a $120m VLCC,” she said. The result is older tonnage remaining in the market while owners plough capital into stretching the lives of existing assets. Sustainability, compliance and finance are all squeezing margins Su agreed, noting that his firm recently acquired a 15-year-old capesize. “At today’s price levels, older assets still make sense. We can’t justify gambling on expensive newbuilds for delivery in 2029 without clear earnings visibility,” he said. If owners feel battered by regulation and charterer demands, class societies like ABS are trying to inject clarity. Vice president for technology in the Pacific, Dr Gu Hai, shared case studies from shipowners wrestling with unproven technologies.“Owners tell us: I’ve seen one company install wind-assist propulsion, but then stop. How do I know it works for me? Where’s the performance guarantee?” he said. He pointed to the absence of standardised methods to measure returns on voyage optimisation, coatings or retrofits. “Without transparent,