P&O chief: four factors impacting tugboat market

P&O Maritime Logistics chief executive Martin Helweg highlighted four core areas of development across the tug and towage sector during a video interview at Riviera’s 27th ITS Convention, Exhibition & Awards.

Mr Helweg highlighted a recent spate of acquisitions, with tug owners acquiring competitors to expand their operations, bringing new entrants to the market.

Separately, Mr Helweg said technology developments are fuelling investments, most notably in the areas of decarbonisation and the choice of power on board vessels.

And the third factor making waves in the sector is increased political pressure for localisation, with cabotage and added local content requirements in various markets.

During the interview, Mr Helweg touches on P&O Maritime Logistics’ strategy, saying the company is targeting ports that wish to expand and, to that end, helping them build up their infrastructure.

He also elaborates on how the company is approaching the green transition, stressing the importance of collaboration among all stakeholders to accelerate the move away from fossil fuels.

In 2024, P&O Maritime Logistics is focusing on fleet renewal, using biofuels and technology to meet IMO Tier III emissions standards, and is using monitoring systems to lower its environmental impact.