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Danish Shipping

Annual report 2022

Dangerous waters

In many ways, it has been yet another historic and challenging year for Danish shipping.

I’m referring not just to the war in Ukraine, which with its dreadful human consequences has made many of our everyday worries seem trivial, but also the fight against pirates off the west coast of Africa and the ongoing challenges in the wake of COVID-19.

The war in Ukraine has presented the industry with a number of difficult dilemmas. Many companies have put a stop to new business in Russia, while we navigate our way through sanctions and tackle minor practical issues, such as how we pay our Russian crew members their wages.

We understand and support all the tough sanctions against Russia and hope that a solution can soon be found, so that peace can once again descend over Europe.

Before the war in Ukraine broke out, it was the COVID-19 pandemic that demanded our full attention. The many travel restrictions, lockdowns and repatriations altered patterns of use and put pressure on supply chains. This led to major fluctuations in freight charges, which developed in very different ways in the various segments.

The development also saw us hit an all-time high with our contribution to exports. Shipping companies exported maritime transport worth no less than DKK 325 billion.

By the year-end in 2021, a total of 779 ships were sailing under the Dannebrog, the flag of Denmark. That is 15 ships more than the previous year and the highest ever number. At the same time, our operated tonnage is growing, with the result that we are still amongst the top 10 of the world’s largest maritime nations. That is something we can be very proud of.

However, this importance as a maritime nation also brings responsibilities. And I’m pleased to see Danish shipping companies taking the lead in the shipping industry's green transition. It is also pleasing to see that Denmark is taking its responsibility as a major, proud maritime nation seriously and actively contributing to the green transition of shipping, partly through our leadership of Shipping Mission Innovation.

Through our new strategy entitled “Towards Zero” here at Danish Shipping, we have set ourselves the ambitious goal of accelerating the green transition of global shipping. This will require innovation, flexibility and substantial investment in new technology over the coming decades.

A prerequisite for the green transition is green fuels not just for our ships, but also for the airlines and other adaptable sectors.

That is why we are today publishing a major analysis of how much renewable energy Denmark will supply as its contribution towards making shipping CO2-neutral. You will be hearing much more about this.

Happy reading!

Jacob Meldgaard, CEO of TORM and Chairman of Danish Shipping

The year in brief

Shipping in numbers