Amelia Dunn, Trainee Account Executive at ITIC, speaks to us about her career journey in shipping and professional indemnity insurance.

It can feel overwhelming when embarking on the journey of finding your first job. However, Amelia Dunn, who currently holds the position of Trainee Account Executive at ITIC, believes that maintaining the right mindset and determination can make anything achievable.

Amelia began her career at ITIC in November 2022, when she was appointed Board Administrator. At that time, she was working as a sailing instructor and decided that it was time to find a more “formal” job. With a degree in economics, she asked all her contacts, and a family friend informed her about the administrator position at ITIC. She submitted her CV and was invited for an interview; the rest, as they say, is history.

“My role as the Board Administrator was a steep learning curve, but it was also a fantastic opportunity to immerse myself in ITIC’s business and the maritime industry. Despite my lack of prior experience in the maritime industry and professional indemnity (PI) insurance, I was able to adapt and learn quickly,” shared Amelia.

Although ITIC is primarily recognised for its presence in the maritime industry, it is also active in the aviation, offshore, and energy sectors. While these industries may seem vast and complex at first, they offer numerous opportunities for entry-level employees.

After a year and a half with the company, the trainee account executive position became available. Encouraged by her managers, she applied for it.

Her daily tasks include managing members’ accounts, following up on client renewals, and identifying opportunities for new business development. Amelia is currently responsible for nearly 200 members, and she especially enjoys speaking with insurance brokers and members to gain insights into their respective areas of business.

Currently, she is responsible for the south coast and southwest of the UK, Finland, Sweden, Iceland, and Norway. Even though she is technically a trainee account executive, she is encouraged to be proactive and receives much support from the rest of the team.

“I am excited about the future. Each sector within ITIC provides unique underwriting and contract opportunities, and we try to provide tailor-made solutions to each member. As businesses are unique and different from each other, so is my work, with no two days being the same. There is a lot of career progression, and I am especially interested in the superyacht side of the business,” she added.

In addition to receiving ongoing training from ITIC’s legal and claims department, she is also pursuing her Institute of Chartered Shipbrokers certification part-time.
Amelia stresses the importance of strong personal and organisational skills, as well as the need for effective time management. Being naturally curious and open-minded is also advantageous.

Building connections with people who work in the industry can be highly beneficial for those unsure where to begin when pursuing a career in shipping.

“Shipping is an amazing industry to work in. The most important thing anyone can do is to put themselves out there. Sign up for seminars, interact with people in the industry in person or by using LinkedIn, ask questions, and read extensively. It’s a fast-moving industry and fun to work in,” Amelia concluded.

For more information on ITIC, go to https://www.itic-insure.com/.

Christian Rae Holm, Managing Director of Coach Solutions, emphasizes that IT solutions can foster sustainability, but a positive attitude towards change is crucial.

We help shipping companies use software to understand their carbon emissions and make choices about how to optimise their voyages to create financial and environmental sustainability. We don’t claim that we can save the world; it’s regulators that set the course for decarbonisation.

Increasing vessel efficiency and reducing carbon emissions is daunting but boils down to a simple principle: validated vessel performance data can generate actionable insights for measurable improvements.

Sustainability is not just about protecting the environment but also safeguarding business interests. While shipping focuses on reducing carbon emissions, widespread adoption will only occur if it benefits the bottom line. We provide tools for optimizing operations, understanding that sustainability ultimately lies with our customers.

Effective software tools shouldn’t necessitate costly integration projects. By collecting small amounts of validated data from the crew, we ensure the information is both accurate and useful. This data enables owners to adjust routes and speed to minimize fuel consumption. Despite the greener option of sailing slowly, many owners continue high-speed voyages, either out of habit or because it remains the best business choice when using our tools.

Our aim is to support users in navigating these complex decisions. Having a complete view of the voyage allows for informed comparisons and adjustments. It’s crucial that software solutions cater to operators’ commercial needs, providing valuable insights beyond mere data presentation.

We deliver objective data and analysis, helping owners make informed choices for sustainable operations, balancing financial and environmental considerations. Valid data is essential; without it, opinions are unsupported. Many systems lack proper validation, relying on inconsistent reporting methods.

Achieving a single source of truth for vessel performance requires structured collaboration between owners and charterers. Predictive, trust-based data enhances emission and performance estimates, guiding voyage decisions.

We fully support the agenda of decarbonisation and the need for increases in vessel efficiency and we agree that global legislation is the best way to guide that process. However, we also believe that daily decisions about vessel fixtures are subjective. Most shipowners are compliance-minded; they want to trade and these days that means lower carbon and higher efficiency. For them, it’s about making that decision and having the tools to realise it.

Regulation is a key driver when it comes to decarbonising the shipping industry and data is integral to upholding that regulation, writes Helen Barden*, NorthStandard.

The International Maritime Organisation’s (IMO) Greenhouse Gas (GHG) Strategy is to reach net-zero GHG emissions from international shipping by or around 2050, and there are various check points to meet along the way.

Complete and accurate data will be needed to know whether the targets are met, and at MEPC 81, in spring 2024, agreed amendments to Appendix IX of MARPOL Annex VI showed IMO increasing interest in securing more complete data on ship emissions. The amendments will enter into force in August 2025, require the submission of additional data to IMO’s Document Collection System (DCS).

The Carbon Intensity Indicator (CII) Regulations are already heavily reliant upon data, not only to ensure that the attained annual operational CII can be correctly calculated, verified and recorded, but also so shipowners (and charterers) can monitor how the vessel is performing. The calculation also offers guidance on whether the ship’s operation needs to be adjusted to meet the required annual operational CII.

Knowledge sharing in shipping

Any discussion of CII Regulations must acknowledge the problems associated with it, including  the apparent unfairness and inefficiencies which have perhaps watered down their impact. Conversely, new and deeper conversations between owners and charterers about data that have been brought to industry (in part) by these regulations must be seen as a real positive.

It would be fair to say that there is a nervousness from stakeholders when it comes to data transparency and sharing of data. However, the regulations have increased the need for owners and charterers to be on the same page when it comes to the ship’s operational efficiency. The regulations have therefore prompted more dialogue between owners and charterers about data accuracy and transparency, and the sharing of data.

Industry initiatives like the Sea Cargo Charter are encouraging that dialogue, and in April 2022 its expansion to include shipowners now allows charterers and shipowners to monitor and report their emissions under a common framework.

Cost will also always be a driver for shipping and, in this context too, data is proving key. Taking the European Union’s Emission Trading System as an example, emissions are now directly attributable to a cost. As this will, in general, be passed down the charterparty chain and on to the end user, charterers have an interest that goes beyond the cost of fuel itself and includes  reducing their EU allowance cost exposure. The incentive to ensure data accuracy is clear.

Furthermore, with the expected introduction in 2027 of the IMO’s market-based measures – one an economic measure and one a technical fuel standard – the focus on cost will only keep on growing. So too, therefore, will the focus on data truth, transparency and verification.

The true costs of change

Of course, not all costs can be immediately absorbed or passed on as part of the trade when it comes to decarbonisation. The cost of energy efficiency technologies (EET), or alternative energy sources like wind propulsion, may be prohibitive to an owner unless there is cost sharing or financing available. Nevertheless, understanding the savings any given EET or wind technology may provide will require complete and accurate data and analysis.

For owners and charterers, greater consistency of data will be helpful for developing more transparent methodologies to calculate the true impact of EETs.

The framework provided by Poseidon Principles to integrate climate considerations into ship financing also depends upon high quality data and analysis. And for future fuels and technologies, obtaining data, for example from pilot projects, will allow for more informed discussion and fact-based decisions.

Scrutiny of data and data sources will therefore inevitably increase, as a reflection of the critical role transparency plays in realising regulatory, commercial or voluntary objectives. Verification and certification will continue to be imperative, as will the clarity of the frameworks within which the data is being used.

And to get full value from the data captured, collaboration and shared learning amongst stakeholders will be vital to drive the energy transition. Commercial considerations which act as a brake to information sharing must therefore be weighed up against the risk of missing important pieces of the decarbonisation jigsaw because one stakeholder holds on to data that would be useful for another.

Good work is being done by many to get the shipping industry to net zero, but a joining up of data and knowledge will be vital if we are to use it in the timeliest way and for maximum impact.

*Helen Barden, Senior Solicitor – External Affairs, NorthStandard
To find out more about NorthStandard and its work on decarbonisation, visit north-standard.com

WISTA, the Women’s International Shipping & Trading Association turns 50 this year! The organisation was originally set up in 1974 by three women representing the Netherlands, UK, and Germany. The primary purpose of the Association was to help promote networking in exchange for the sharing of experiences among women working in the sector.

At Spinnaker, we have 3 active members of WISTA UK – Managing Director, Teresa Peacock, Head of Marketing & Business Development, Helen McCaughran, and Senior Recruitment Consultant, Hayley Menere.

As we celebrate 50 years of WISTA, we asked them how the shipping industry has changed since they began working in the sector and any advice they’d give to women starting out in maritime.

Teresa Peacock

Tell us about your current role, how long you have been working in maritime, and how you moved into the sector.

I fell into maritime really, I had been working in Search & Selection for twenty years and had successfully sold my company. After taking some time off, I was looking for my next challenge, I was introduced to Phil Parry and became fascinated by this industry I knew nothing about. He asked me to join Spinnaker and sixteen years later I am still as fascinated and engaged in the industry! We specialise in placing great people into great companies, I personally handle all of the Executive Searches for the business, generally C-Suite level, but also for those more difficult-to-fill roles.

What do you enjoy most about the shipping industry?

The variety of sectors we work across, from owners and managers to law firms or technology companies, charities or industry bodies – and around the entire globe, my job is never boring. Of course, I also enjoy meeting lots of people and hearing the paths of their careers, people are so interesting, I just love it when I match people with organisations.

How do you think the industry has changed since you first started out? Specifically with opportunities for women.

HR in maritime has become far more sophisticated over the last twenty years. This change has resulted in an education around what people from different backgrounds can offer to companies. The more diverse an organisation is the broader the spread of ideas and approaches to challenges and issues, which results in better decision-making because people come at problems from different angles ensuring wider considerations. Women’s voices add to that diverse approach, as does the voices of people from differing backgrounds. I don’t think the issue of gender has been solved, but we have certainly made inroads and we have large numbers of very senior women in the industry now, more than ever before.

How has an Association like WISTA helped promote diversity in the sector?

I have seen WISTA grow from around 1,200 members worldwide to almost 5,000 worldwide, which is just incredible. We are here to support women in their career. The membership is made up of men and women, men are key advocates for women, we need to work together to improve diversity. This is not a women’s issue, this is a business issue and those businesses that embrace diversity will outperform their competitors.

What advice would you give women looking to work in maritime?

Join a professional organisation like WISTA, attend industry events and seek a mentor. Take time to explore all of the different roles within maritime, from seafaring to legal to chartering to HR – there are so many diverse roles to choose from. Entering the maritime industry as a woman may come with its unique set of challenges, but with determination, the right skills, and a supportive network, it can lead to a highly rewarding career.

Helen McCaughran

Tell us about your current role, how long you have been working in maritime, and how you moved into the sector.

I have been working in the shipping industry for the last 8 years (since I first stepped into the Spinnaker office!). When I first joined the company, it was in a newly created role in the HR Consulting team and the focus was on new business development for the Maritime HR Association. This is a member’s ‘club’ for shipowners and shipmanagers who want help to ensure they are paying their shore-based staff correctly.

The role grew over the years to include a new membership club for employers of crew, the Seafarer Employers’ Association, a leadership development programme, and I was also tasked with growing Spinnaker’s annual conference for the maritime HR community.

I stumbled into the shipping industry by accident. I was at a maritime festival in my hometown of Leigh-on-Sea and Spinnaker were a sponsor of the event. I picked up a business card and after researching them I thought they looked like a great local company, so I sent my CV in cold to Teresa Peacock and the rest is history.

What do you enjoy most about the shipping industry?

I like the fact that the industry is changing (all be it slowly), but it is great to see some of the changes that our clients are making within their own companies. I work mainly with HR teams and at our recent Maritime People & Culture Conference we invited our clients to submit an entry for a HR initiative they had implemented within their organisation. We were overwhelmed with the response and it was clear that HR teams are really trying to make a difference to the employee experience in their organisation. What was even more pleasing was that other companies were eager to learn what their peer group were doing, and make positive changes in their own companies.

How has an Association like WISTA helped promote diversity in the sector?

Organisations such as WISTA are absolutely fantastic for supporting women in the sector. They organise many networking events across the global creating a network of like-minded females who want to support each other and promote equality in the industry.

What advice would you give women looking to work in maritime?

What have you got to lose? It’s a great industry to work in, with lots of opportunities to meet new people and really make a difference!

Hayley Menere

Tell us about your current role, how long you have been working in maritime, and how you moved into the sector.

I’ve been in maritime for nearly 5 years. I was introduced to the sector at a careers event that Spinnaker were exhibiting at. When I was made redundant in 2019, I sent my CV to Teresa Peacock and the rest is history.

What do you enjoy most about the shipping industry?

The global aspect so that our candidates can have the option to relocate across the globe.

How do you think the industry has changed since you first started out? Specifically with opportunities for women.

One of my law firm clients has a target to have 50% of their partners as women in the next 3 years.

How has an Association like WISTA helped promote diversity in the sector?

WISTA is a great space to share stories of how women are treated in the shipping market. It was fascinating to hear how more and more women are going to sea and how ships are finally accommodating with provisions for women and uniforms that fit!

What advice would you give women looking to work in maritime?

It’s a male dominated environment but that is changing, so don’t be scared to take a leap of faith to meet the hiring managers – you could be pleasantly surprised!

When one of the largest container service providers ordered a series of new ships recently, it was another significant contribution to the world fleet’s decarbonisation process. The alternative fuel selected for these newbuildings was methanol, which is proving a popular choice among shipowners seeking to reduce their vessels’ carbon emissions.

Earlier this year Ocean Network Express (ONE) ordered a series of twelve 13,000 teu container ships from two Chinese shipbuilders for delivery in 2027 and 2028. These were described in a press release as the inaugural fleet of methanol dual-fuel ships intended to contribute to the company’s sustainability goals “as part of the green strategy”.

Only a small proportion of the existing world merchant ship fleet – consisting of tankers, bulk carriers, container ships, gas carriers and other vessel types – is currently able to use alternative fuels or propulsion. But the proportion is growing and a much higher newbuilding order book percentage is now in this category.

What do the statistics show?

Measured by ship tonnage, about 7% of the entire world merchant ship fleet currently is able to use alternative fuels or propulsion. This share has increased from under 5% two years ago, and some estimates suggest it could reach 9-10% by 2026.

Focusing on the global merchant ship newbuilding orderbook percentage provides a clearer indication of how the industry is embracing the trend. According to data compiled by Clarksons Research, alternative fuels uptake has resulted in around half the current orderbook being comprised of newbuildings capable of using one of a wide range of alternatives.

The biggest part, 36% of the current orderbook, is ships set to use liquefied natural gas. Methanol is the second largest category with 9% of the total orderbook tonnage. The remainder is ships that will use liquefied petroleum gas (about 2%), while another 3% or so use other alternatives including hydrogen, ethane, ammonia, biofuels and battery/hybrid propulsion.

Progress towards sustainability goals is benefiting from other contributions. Energy saving technologies reduce fuel consumption and emissions. The Clarksons Research data also shows that a third (by tonnage) of the world’s existing merchant ship fleet on the water is fitted with one or more energy saving technologies including propellor ducts, rudder bulbs, flettner rotors, wind kites, air lubrication systems and other devices or systems.

Another significant feature is modern ‘eco’ vessels, designed to achieve the most economical fuel consumption, thereby also reducing emissions. These ships now comprise about a third of the present fleet, up by about six percentage points from two years ago.

The existential challenge

The figures for decarbonisation progress so far tend to confirm opinions among many industry observers. It has been frequently suggested that no single ‘obvious’ alternative fuel or propulsion that can be adopted to substitute for marine bunker fuel oil has yet emerged. Even after several years of intensifying discussion and almost obsessive albeit essential focus on this topic, the solution to this problem remains elusive: it is a conundrum.

Lack of clarity and uncertainty about several aspects has resulted is difficulties for investors in making decisions about ordering new ships or modifying existing vessels. Unanswered questions prevail about how the necessary technology will advance, future availability and pricing of many alternative fuels, the safety of seafarers and – crucially – what the future international regulatory regime will specify.

Indications of how trends in alternative fuel adoption could evolve over the longer term were provided by recent research conducted by classification society American Bureau of Shipping, published in a report last month. A “substantial and continuous transition in the maritime sector towards cleaner alternative fuels” is envisaged. The ABS calculations suggest that by 2050 traditional fossil fuel use could be reduced to a 15% market share, while methanol rises to 42% and ammonia to 33%.

Evidence contained in the fleet and newbuildings statistics confirms that the process of decarbonising the world fleet of merchant ships is under way. Another classification society, Lloyd’s Register, stated a few weeks ago that “the adoption of new environmentally friendly technologies in association with an increase in the maturity of the alternative fuels is slowly but gradually increasing as more governments declare their commitment to investing in port and bunkering infrastructure”.

These are useful perspectives and a focus for discussion and evaluation. But great uncertainty about what fuels and technology to embrace seems likely to persist during the period immediately ahead. Although the decarbonisation trend’s broad direction is visible, attempts to predict in more detail how an extended process stretching out over a quarter century up to 2050 will unfold is more difficult.

by Richard Scott FICS
Committee Member, London & South East Branch, Institute of Chartered Shipbrokers

Established in June 2020 by a strong group of global ship-owners and maritime suppliers under the umbrella of the International Marine Purchasing Association (IMPA), IMPA SAVE has been working with the industry’s best and brightest companies to bring knowledge of sustainable solutions to the maritime procurement sector. In this article, we engage with Mikael Karlsson, IMPA SAVE Chair and IMPA Special Ambassador for Sustainability, to learn exactly how IMPA SAVE has been slowly transforming the sector as we know it.

What is IMPA SAVE?

IMPA SAVE was started back in 2020 on a need for action and doing the right thing. It was formed by a handful of our industry’s sustainability frontrunners who had a keen interest in corporate responsibility and procurement with purpose, and continues to be steered nowadays by representatives of Northern Marine (myself), Maersk, Weco Shipping, Wilhelmsen Ship Management, Scorpio Group, OneCare Solutions and ReFlow. Nowadays, IMPA SAVE is an award-winning programme in the agenda of close to 15% of the global fleet and tens of maritime suppliers—over 100 companies in total—and its mantra is simple and essential to guarding the people, our planet, profit and our higher purposes: save the environment to save costs.

What does IMPA SAVE do?

There is no point emphasising yet again the shipping industry’s impact on the environment, which is significant and all too well known. Supply chain management professionals behind IMPA SAVE are aware that companies must minimise their climate footprint as much as possible, and, while long-lasting change can and should be actioned by legislators, companies sharing IMPA SAVE’s ethos believe that it is also their responsibility to adopt sustainable policies and implement responsible solutions at organisational level.

Through IMPA SAVE, we aim to develop several streams of work areas for shipping companies and maritime suppliers that aim to improve the way things are done and lessen the negative environmental impact in the process. These focus areas are, and will be, always loosely connected to ensuring a healthy and productive ocean by 2030, decarbonising shipping, ensuring fully traceable seafood, and ending waste from entering our oceans.

It is important to note than IMPA SAVE does not innovate, so to speak, but rather brings existing solutions to light that better our environmental footprint while reducing costs. In a nutshell, we share knowledge and sustainable solutions, we partner and collaborate with others, like the UK Chamber of Shipping and BIMCO, and we incentivise others to take action.

How can companies join IMPA SAVE?

IMPA SAVE started with and is still continuing a massive campaign against the use of single-use plastic drinking water bottles onboard the world’s 55,000+ vessels. It is a massive movement that is opened to both purchasers and suppliers who want to have a say and act. The former can act by beginning to produce drinking water onboard—using well-tested and industry-endorsed water filtration systems, many of which are freely available in the IMPA SAVE Directory—and regularly communicating progress to us and the industry. Accountability is paramount and well encouraged, as we are firm believes that if you cannot measure something, you cannot improve it. Suppliers, on the other hand, can act by supplying filtration systems or more sustainable alternatives for emergency stock replenishing, and by talking about this with their customers and trying to steer them away from plastic bottles.

IMPA SAVE now has over 15% of the global fleet engaged in the movement and tens of suppliers, all working in tandem to ditch plastic bottles. We are growing every day and welcome new pledgers all the time, so please join us if this is something of interest to your company.

What are the benefits of joining IMPA SAVE?

It is fairly simple, really. When it comes to removing plastic bottles from onboard vessels, it is not just a matter of kicking plastic and vastly improving ESG performance, but it can also act as a strategy for carbon reduction. It is no secret that the big emitter is fuel, but IMPA SAVE also plays a small part of the emission picture. Company ReFlow did a Life Cycle Assessment recently on packaged water versus producing water onboard using a filtration system. It was found that the total emission of the water filtration unit equals the use of 354 half-litre PET bottles. Now, thinking that a ship consumes 12,000+ litres onboard… Not such a small impact anymore, right?!

We are also searching all the time for new work streams, with exchanging detergents and chemicals with alternative onboard-made solutions and recycling of ropes deemed as waste being the next in the pipeline. Being part of IMPA SAVE opens up a pathway for companies with green initiatives paired with readily accessible solutions. With no cost in joining, the question should not be “why join?”, rather “why not join?”.

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IMPA SAVE is an IMPA initiative
Learn more: www.impasave.org
Email: [email protected]

We have taken a look at the Global Maritime Trends 2050 report from Lloyd’s Register and Lloyd’s Register Foundation which identified that issues facing the sector in the future include key ports becoming unusable due to climate change, a surge in the percentage of women in the workforce, and African nations becoming the world’s main suppliers of seafarers.

As a result of the report, Lloyd’s Register state that the maritime industry must improve its forecasting to prepare for a range of possible futures.

Lloyd’s Register and Lloyd’s Register Foundation have called on shipowners and other supply chain stakeholders to increase their ability to deal with significant changes and possible future scenarios – developed in a new report presented at London International Shipping Week.

The report, “Global Maritime Trends 2050”, authored by Economist Impact, is part of a new joint multi-year Global Maritime Trends programme between Lloyd’s Register and Lloyd’s Register Foundation.

Significant changes the report identified include:

Some of the world’s largest ports becoming unusable due to sea level rises.

• The IPCC estimates that sea levels are expected to rise by 0.29m to 0.51m by 2100 in a business-as- usual scenario.
• The report shows that a 40cm rise by 2050 could possibly render the ports of Houston (US) Shanghai (China) and Lázaro Cárdenas (Mexico) unusable.

African nations becoming dominant sources of labour supply to the industry.

• The IMF has forecasted that Africa will have the world’s youngest median age by 2050, at just 25.
• As other regions face increasingly ageing populations, Africa will buck the trend. For industries like shipping, this means that new recruits may increasingly come from African countries, potentially supplanting traditional strongholds in Asia.

Women making up 25% of seafaring workforce by 2050 due to technological advancements

• In 2021, women accounted for less than 2% of the global seafaring workforce, according to the latest BIMCO/ICS Seafarer Workforce Report.
• But a technology-driven energy transition could see this rapidly increase by mid-century.
• By 2050, the need for more tech-savvy ship managers could enable more women to take on managing positions on land and at sea, as increasingly autonomous ships and systems call for oversight and monitoring rather than intensive manual labour.

The report analysed likely future scenarios for shipping in 2050, based on the speed of technology adoption and the level of global collaboration, to help the industry forecast risks, opportunities, and required investment.

It was presented at an event at The Gherkin during London International Shipping Week.

Nick Brown, CEO of Lloyd’s Register, said that the report and the wider programme which will help benchmark some of the findings, represented an excellent opportunity to prepare for change and take action. He commented: “Other industries are much better at forecasting. The financial sector, for example, has a deep understanding of potential future scenarios and how to prepare for them, but shipping lags behind.

“From tackling the energy transition to sourcing the next generation of seafarers, we’ve allowed uncertainty to delay action for too long. Now we’ve created a way for the industry to get a much better idea of the future. It’s time for them to get on board.”

Ruth Boumphrey, CEO, Lloyd’s Register Foundation, added: “Shipping is deeply intertwined with geopolitical and macroeconomic challenges. Ships deliver 80% of the world’s trade and disruptions are felt acutely across the globe.”

“Amid global supply chain uncertainties, the urgent need to decarbonise, the integration of new technologies, concerns about human rights and safety at sea, and the future of labour supplies, it’s crucial that those in the shipping industry do everything in their power to anticipate, mitigate, and overcome these challenges without causing harm elsewhere.”

The Global Maritime Trends 2050 research programme will include a series of ‘deep dive’ reports in which Lloyd’s Register and Lloyd’s Register Foundation will commission expert organisations to examine what is needed to create a safe and sustainable maritime sector, in the face of geopolitical, macroeconomic, technological, and other societal shifts.

You can download the full report here.