CHAIR’S LETTER

Dear friends and fellow IBIA members,

The first quarter of 2025 passed exceedingly quickly, yet it was full of news, far-reaching developments – still unfolding, and IBIA’s continued development.

Our Annual Dinner in London was a resounding success, and this is not an exaggeration. With an attendance of approximately 1,200 guests, with ceaseless networking, great gusto for discussions and fun, I was truly impressed, as I said, and showed, when I welcomed you all there. This is what I always had in mind as Chair, what I strive for, what all of us at the Global Board focus on: expansion, diversification, impact, relevance. And this is how the newly formed Global Board of Directors as of 1st of April will surely continue.

You will have heard of, and likely attended, our other successful events, such as our Asia Dinner and our American Reception. The same success is expected for our forthcoming Middle East Gala Dinner. And we are also already working on the preparation of yet another dynamic and impactful Annual Convention, this year in Hong Kong, in November.

Apart from the aforementioned events, what we have squarely focused on is the rapid and monumental developments in the IMO, pursuant to the recent MEPC 83. We welcome the measures for a Global GHG Fuel Intensity Standard including a pricing mechanism. As significant work lies ahead and remains outstanding, we look forward to the further discussions and all pragmatic attempts to reach the widest possible consensus. To this end, we in IBIA will be present, vocal, and united.

Referring to the above, and as always, we were among the very first associations to organise a membership-wide open and in-depth discussion on the IMO developments, through a dedicated Members’ Meeting, and we are arranging more pertinent ones, always in conjunction with maritime developments. To only name a few, as MED ECA is approaching, we will host a dedicated Members’ Meeting for this measure, as we will a separate one further on for biofuels’ uptake developments.

In the meantime, our Future Fuels Working Group, which I also chair, is now completing the updated and comprehensive FAQs for all major new fuels, which, bearing in mind the urgent need for strategic preparation and compliance once IMO measures are, one way or another, ratified, will become a major issue for all shipping stakeholders. The remaining FAQs will be published in the next few weeks.

In all of this, independently of my professional duties in StarBulk, I dedicate myself to IBIA’s goals and priorities, and I am vocal about our aims and aspirations, but also – and mainly – about our great achievements in representing the marine energy industry. Hence, I was honoured to be invited and speak at FUJCON 2025 in Fujairah, at the “Leader’s Panel: Navigating the Current and Future Bunker Fuel Market” session, and to also have had the honour of being invited to meet His Highness the Ruler of Fujairah.

I also had the pleasure of representing IBIA at the Navigator Assembly 2025 in Athens and participating in relevant discussions on the decarbonisation session. Importantly, I also look forward to my keynote speech as a guest of honour at the 9th Istanbul Bunker Conference towards the end of May.

It may seem trite to repeat that we are living in exciting times. I firmly believe that these are more than that; they are extraordinary. Fundamentals are starting to play second fiddle to all other elements at play, and geopolitical tectonic plates are moving, not imperceptibly, but sometimes violently and surely in an unpredicted manner. Marine energy is right in the middle of this complicated jigsaw, and IBIA is right there, always present to practically assist in putting things in place.

Best regards,

Constantinos Capetanakis

IBIA Chair