The 11th City of London Biennial Meeting took place on the 2nd-3rd October 2025.
Taking place at the International Maritime Organisation’s headquarters in London, this event saw ~800 attendees across both of its days.
The days featured sessions around:
World Economy, New Era: Challenges and Opportunities of the Shipping and Related Industries
Dry Markets
Tanker Markets
Finance (Banking and Capital Markets)
Shipowners’ Discussion on Major Topics
The event was further enriched by keynote addresses from Hon Professor Apurv Bagri, and Alderman Alastair King DL (Lord Mayor of London).
During session 2 “New Era: Challenges and Opportunities of the Shipping and Related Industries”, Dr Ioannis Moutzouris, theme lead for the UK National Clean Maritime Research Hub spoke to an international audience consisting of members of academia, industry and policy makers, emphasising the Hub’s commitment to clean maritime innovation and sustainable shipping practices.
Dr Moutzouris discussed the hub and research related to the financial and economic barriers to maritime decarbonisation.
Ioannis’ research employs a multidisciplinary approach, bringing together a diverse community of academics and industry professionals, with expertise across a wide spectrum spanning shipping economics and finance, energy and commodity markets, actuarial and data sciences, insurance, management, banking, and even food policy.
Representing the Clean Maritime Research Hub, Professor Vladimir Molkov and Dr. Sergii Kashkarov from Ulster University contributed to the international dialogue. Professor Molkov delivered a plenary lecture on the opening day titled ‘Progress in Computational Hydrogen Safety: Overview of Selected Problems’, highlighting recent advancements and ongoing challenges in the field.
Additional presentations/ submissions from colleagues included:
Sivaraman S, Cirrone D, Makarov D, Benjamin Truchot, Molkov V. Numerical modelling of dynamic flashing behaviour in the release of ammonia from pressurised vessel.
Cirrone D, Makarov D, Molkov V. Numerical investigation on the pressure multipeaks structure of a LH2 storage tank “BLEVE”.
Kashkarov S, Makarov D, Molkov V. Performance of conformable hydrogen tanks in a fire test and a road fire incident.
Kazemi M, Brennan S, Molkov V. Critical diameter and flame stability in hydrogen-methane mixtures.
Ebne-Abbasi H, Makarov D, Molkov V. Numerical simulations of sLH2 refuelling: impact of initial mass flow rate on HRS process dynamics.
The Ulster team also received a prize for best paper, awarded to Dr Donatella Cirrone for the paper titled ‘Numerical Investigation on the Pressure Multi-Peaks Structure of a LH2 Storage Tank “BLEVE”’.
For further information on hydrogen safety please see:
Summary: Exhaust gas fuel reforming is a process that uses the heat from engine exhaust to help break down fuel or ammonia into a hydrogen-rich gas. This gas burns better than regular fuel, which makes engines more efficient and cleaner. In engines that run on ammonia, this process also helps burn the ammonia more effectively and reduces emissions of any unspent ammonia from
the exhaust (i.e. ammonia slip).
This seminar provided an overview of:
Ammonia cracking with heat recovery
Exhaust gas fuel reforming
Case studies of catalytic reactors
Engine performance and emissions
Environmental catalysis
2. Out of the tank into the air: Ammonia dispersion
Summary: There are complex changes that occur when liquid ammonia is released from a pressurised storage tank. These changes occur not only for the released ammonia but also the conditions in the storage tank.
During release from a pressurised tank, liquid ammonia boils due to pressure drop and becomes a gas. Toxic gaseous ammonia is easily dispersed in the atmosphere. The hazard distance depends on a wind conditions. Understanding the complex underlying physical phenomena, including dispersion in meandering wind, is important for inherently safer use of ammonia as a fuel.
This seminar provided an overview of the numerical experiments performed using a contemporary tool developed by Prof. Molkov and his team to understand the phenomenon and validate against large-scale experiments performed by INERIS in France.
It was found that the model was able to reliably predict:
The amount of released ammonia,
It’s concentration at different distances in realistic wind conditions
The resulting final pressure in the tank.
The model is able to define hazard distance (both flammability and toxicity) through dispersion. The model can be used as a contemporary tool for safety engineering, hazards and associated
risk assessment, and developing tank management safety strategies for liquid ammonia storage. The model will be further validated against the bunkering and debunkering of ammonia
experimental data when it becomes available.
Summary: Persistent bottlenecks at ports have significantly disrupted global supply chains, necessitating more efficient seaport operations to address yard density and port congestion. An untapped but potentially critical approach to mitigating these challenges is to leverage container characteristics, road traffic data and machine learning to optimise container storage strategy
and ferry scheduling.
An empirical study conducted at a container seaport shows that our framework yields cost savings ranging from c.15-30% compared to the Business-as-Usual scenario. Additionally, the road traffic prediction for ferries yields an accuracy of over 75%.
4. Port Decarbonisation: Emissions, measures and studies
Summary: Professor Song presented the emission sources at seaports and categorised them based on criteria such as geographic location and emission scope. Subsequently, he discussed emission reduction measures at seaports, organizing them into six structured categories:
Operational measures
Technical measures
Fuel and energy measures
Infrastructural measures
Digitalization measures
Policy and collaboration measures
A time-phased roadmap outlining mitigation strategies for port decarbonization on the path to net zero was presented, concluding with an overview of several case studies that demonstrate the application of specific emission reduction measures.
5. Wind-assisted ship propulsion: Status, challenges and the future
Summary: Maritime transportation accounts for 90% of the world’s trade and is responsible for 3% of global energy-related carbon dioxide emissions. With ever-more stringent emission regulations, such as that of the International Maritime Organisation (IMO), there is a vital and urgent need to decarbonise shipping.
While operational measures and alternative fuels are proving suitable short-term solutions to meet these novel regulatory constraints, as the use of fossil fuels tapers off, wind-assisted ship
propulsion has emerged as a long-term solution, with a range of technologies available. These include soft sails, rigid wings, rotors, kites and many more.
This talk presented the state of the art in wind-assisted ship propulsion, including technologies, emission reduction potential, current and future vessels, and related research, such as routing algorithms. Further, the recent developments, challenges and future perspectives were discussed to provide a holistic view of wind-assisted ship propulsion.
We’d like to extend our sincere thanks to everyone who attended the Clean Maritime Assembly 2025. It was fantastic to see such strong engagement from both industry professionals and academic experts. The event was filled with vibrant discussions, valuable insights, and a real sense of shared purpose. Your contributions helped create an inspiring atmosphere, and we’re grateful for the energy and enthusiasm you brought to the day.
A particular highlight of the 2 days were the poster presentations, which showcased some impressive research being done to decarbonise the maritime sector. These displays not only allowed attendees to engage with cutting-edge research and innovation, but also provided researchers—especially early-career participants—with a valuable opportunity to enhance their presentation and communication skills. The breadth and depth of work on display reflected the sector’s commitment to a cleaner maritime future. We’d like to thank all entrants for their contributions and are delighted to announce the winners, as voted by you!
On Day 1 of the Assembly, the day was captured in photos, to produce a photo mosaic. If you were there, take a look and see if you can spot yourself or your colleagues. It’s a great snapshot of the energy and collaboration that defined the day.
Thanks again for being part of the Clean Maritime Assembly and for your valuable feedback which will help shape future events. Watch this space as we add the presentations from the Assembly to our Resources library!
Navigating Net Zero: Economic, Financial, and Insurance Insights into Sustainable Shipping
The event “Navigating Net Zero: Economic, Financial, and Insurance Insights into Sustainable Shipping”, held on 24 June 2025 at Bayes Business School, focused on the business and policy challenges of decarbonising the shipping industry.
On Tuesday 24 June, Dr Ioannis C. Moutzouris and Professor Ioannis Kyriakou presented recent findings from pioneering research conducted at Bayes on the economic, financial, and insurance aspects of shipping’s net-zero transition. This research has been informing both industry and policy makers.
A panel of industry leaders provided insights into the transition and its business and economic implications:
Mary Alexandrakis, Head of Sustainability Strategy and Compliance at Borealis Maritime
Tobias Backer, Executive Director at Pelagic Partners;
Andrew Mackenzie, Head of Claims at Clearwater UW Limited
Alastair Stevenson, Head of Digital Analytics at SSY
As the sector faces increasing regulatory and environmental pressures, the transition to net zero presents both risks and opportunities.
Behavioural Finance Working Group 18th International Conference
The 18th International Behavioural Finance Working Group (BFWG) Conference took place in London from June 4th to 6th, 2025. It brought together academics and practitioners from around the world to explore the latest research in behavioural finance. With over 110 papers presented by scholars from 28 countries, the conference covered a wide array of topics including asset pricing, corporate governance, fintech, sustainability, and investor psychology.
On Friday, 6th June, during a session dedicated to sustainable finance—covering themes such as ESG ratings, green investment under uncertainty, and sustainability-integrated portfolios—Dr. Ioannis Moutzouris presented a hub-related paper titled “Green Investment Under Market Uncertainty: Scrubber Installation in Shipping.”
UKNCMRH Showcases Research at Department for Business and Trade Social Research Conference
On 19 March 2025, the Department for Business and Trade (DBT) organised a conference in London, themed “From Analysis to Policy Insight.” This event brought together social researchers in the department, communication experts, and academics to discuss how to communicate analysis so that it can impact upon policy thinking, improving outcomes for all.
Dr. Ioannis Moutzouris represented Bayes Business School, City St George’s, University of London and the UK National Clean Maritime Research Hub’s in his academic capacity, delivering a presentation on the work conducted.
Dr. Moutzouris highlighted the Hub’s ongoing efforts to accelerate maritime decarbonization with his teams research on the “Determinants of the Price Premium for Eco Vessels”. This study, conducted by Dr. Moutzouris and his colleagues, quantified the price premium paid for eco-friendly vessels and examined the factors influencing this premium. Providing a thematic example of “From Analysis to Policy Insight”, this work subsequently informed the production of the Hub’s first policy bulletin “Policy Bulletin 001: Eco-ship investment and price differentials”, created in collaboration with Dr. Claire Copeland, the UK-MaRes Hub’s policy fellow.
In our policy bulletin, the in-depth research findings on price premium drivers are digested into direct policy recommendations, calling for clarity, and encouraging investment in eco-ships whilst recommending levies to discourage reliance on carbon-intensive fuels. This bulletin serves as a valuable resource for policymakers aiming to create a more sustainable maritime industry.
By bringing together diverse perspectives and expertise, the analytical community at DBT can create a more informed and effective policy environment, contributing to the UK’s economic growth and development.
We would like to extend our gratitude to DBT for providing an opportunity for the valuable work of Ioannis Moutzouris and his team, Claire Copeland (policy fellow) and the wider work of the UK National Clean Maritime Research Hub to be showcased.
For more information about the Department for Business and Trade you can visit their official page.
New Environmental Challenges for Fiscal, Monetary, and Macroprudential Policy
On 16 January 2025, Dr Ioannis Moutzouris, UK MaRes Hub consortium member and theme lead spoke at the Second International Conference on the Climate-Macro-Finance Interface (2CMFI): “New Environmental Challenges for Fiscal, Monetary, and Macroprudential Policy” that took place at Bayes Business School, City St George’s, University of London.
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