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January 13, 2021 10:35 AM

Investors call for action on COVID-19-induced humanitarian crisis at sea

Sophie Baker
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    Getty Images/iStockphoto
    Cargo container ship navigates through the busy Strait of Malacca off the coast of Malaysia.

    Money managers and investors have joined forces to help stop a humanitarian crisis at sea, brought about by the COVID-19 pandemic.

    Eighty-five investors, led by Fidelity International, are working to help more than 400,000 seafarers stranded at sea because of the coronavirus outbreak and to preserve the long-term sustainability of global supply chains.

    Investors have written an open letter to the United Nations outlining a number of measures that need to be put into effect including calling for the official designation of seafarers as "key workers" and putting in place testing regimes; raising awareness of the scale and risks the crisis is creating for workers and sustainable supply chains; and urging charterers, particularly those working on a frequent basis, to be flexible where shipping companies request a route deviation to allow for crew changes.

    Signatories including Boston Common Asset Management, Lombard Odier Investment Managers and MFS Investment Management have agreed to engage relevant portfolio companies and communicate their expectations about these measures.

    Many of the workers have been at sea for up to 17 months — beyond the regulatory limit of 11 months, a news release said Wednesday. More than 400,000 workers are also waiting to replace those at sea. These workers often receive little or no pay, the release said.

    See more of P&I's coverage of the coronavirus

    The International Chamber of Shipping estimates that the number of seafarers affected by the crisis could soon reach 1 million if the situation is not addressed urgently.

    "As investors, it is clear that this is no longer solely a shipping industry problem nor a crisis that the shipping industry can resolve on their own," Jenn-Hui Tan, global head of stewardship and sustainable investing at Fidelity, said in the release. "Shipping is responsible for 90% of global trade and holds the key not just to a global economic recovery from the devastation of COVID-19, but to maintaining our current way of life."

    Mr. Tan added: "We believe it's imperative the industry collectively sounds the alarm on an overlooked global humanitarian issue and protect our global supply chains. Together, as stewards of capital, we have a broader responsibility to the communities and societies in which we operate."

    Signatories represent more than $2 trillion in assets.

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