Bunker suppliers and ship owners can expect harder times ahead, says Robin Meech, Managing Director at Marine and Energy Consulting Limited, who spoke at the inaugural of “State of the Industry” webinar.
The two-hour online event was held on May 26 at 11 AM CET/10 AM London/5pm Singapore time. The Webinar examined the key issues that the Marine fuel industry stakeholders face today.
Bunker demand recovers
“It may take five years before bunker demand recovers from a 7% drop back to 2019 levels with smaller ports feeling the strain. The market will become more competitive, credit more difficult to source taking its toll on the least robust suppliers,” said Meech.
He added, “Ship owners are also in for harder times with only minimal growth in international trade. We can see global warming on the horizon – its impact on humanity will make the current pandemic seem like a walk in the park.”
He also said, “This lack of liquidity will slow our efforts to improve the environment. COVID is devastating and was unexpected, but we can see global warming on the horizon-its impact on humanity will make the current pandemic seem like a walk in the park.”
Meech was joined by Adrian Tolson of BLUE Insight, Peter Sand, chief shipping analyst at BIMCO, IBIA Chairman and Senior Director at Bunker Holding Henrik Zederkof, Paul Hardy of NSI, and Steve Bee, group commercial and business development director at VPS.
In addition to the presentations, the webinar had two panel discussion sessions with Q&A moderated by Ship&Bunker Managing Editor, Jack Jordan.
The Webinar presentation can be downloaded here.
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Source: Ship&Bunker
