• 2023-06-03
  • Admin

The US Company has inked significant contractual agreements to deliver regulatory compliance testing services to multiple maritime liners across key regions including the Caribbean, China, Australia, and the Americas. These contracts, with an average duration of three years, are a testament to the high level of confidence that clients place in the company’s proficiency in consistently providing top‐quality services.

In the fast‐paced world of shipping and offshore oil/drilling operations, maintaining the highest quality standards and achieving maximum efficiency is paramount. To meet these demands, shipping companies and offshore oil/drilling corporations rely on safe and efficient testing and inspection procedures. The growing emphasis on safety and practicality has spurred the expansion of the Testing, Inspection, and Certification (TIC) market, as businesses and companies seek reliable methods to ensure compliance and optimize their operations.

In an increasingly competitive and regulated environment, businesses and companies are realizing the value of TIC in managing their operations, where these services enable them to not only meet regulatory requirements but also optimize their processes, reduce downtime, and enhance their reputation with stakeholders. Furthermore, TIC supports sustainability initiatives by helping businesses comply with environmental regulations and standards, thereby contributing to responsible and sustainable practices in the shipping and offshore oil/drilling industries.

The maritime industry is experiencing a significant shift towards Environmental, Social, and Governance (ESG) activities, driven by growing environmental awareness and regulatory compliance requirements. Companies are now tasked with measuring and defining their carbon footprint, offsetting emissions through carbon credits, and disclosing their ESG activities. In this landscape, the role of Testing, Inspection, and Certification (TIC) has become multi‐faceted, encompassing crucial tasks such as verifying ESG claims and assisting investors in assessing companies’ sustainability practices. The market for TIC services catering to the investment community and companies seeking to meet the demands of ESG‐oriented investors is estimated at $1 billion annually, with a compound annual growth rate (CAGR) of 10% to 15%. The TIC industry is poised for a promising future, as the global market size for testing, inspection, and certification is projected to reach $349.27 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030, according to industry reports. The surge in demand for ESG verification is driven by regulatory compliance requirements, particularly in the United States, and the increasing demand from institutional and individual investors for ESG investments. With ESG investing becoming a permanent and significant force in the market, the issue of corporate “greenwashing” has emerged, where companies may exaggerate or make false ESG related claims. This amplifies the need for investors to verify the methodologies and results claimed by companies, relying on TIC companies to provide reliable and independent verification services. As the maritime industry continues to embrace ESG practices and investors place increasing importance on sustainability, TIC plays a crucial role in providing objective and trustworthy verification of companies claims. With its expertise in measuring, verifying, and certifying environmental performance, TIC helps companies and investors make informed decisions, promote transparency, and uphold the highest standards of ESG compliance.

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