Shipping Industry Much Better Positioned than a Year Ago
Esben Poulsson, President of the Singapore Shipping Association (SSA), speaking at a media briefing for Singapore Maritime Week (SMW) 2017, suggested that the shipping industry is better positioned than a year ago – especially the dry bulk and container segments, report says.
Better position:
“Overall I would say we are in a much better place than 12 months ago,” stated Poulsson, adding: “I hope we don’t repeat the mistakes of the past, we have to hope any ordering will be moderate.”
Disciplined approach:
Poulsson says the collapse of Hanjin Shipping Co. Ltd (Hanjin Shipping) sobered the industry and “led to more discipline in terms of the supply side,” which has helped rates return to more sustainable levels, although he notes that there is still more to be done in terms of consolidation.
Volatile tanker market:
“The tanker market is volatile and there are many ifs and buts,” explained Poulsson, noting that, while the segment’s supply seems stable, there is “a lot of potential supply coming onstream.”
Better hopes for tomorrow:
In February, Poulsson, who is also the chairman of the International Chamber of Shipping (ICS), said the organisation is “confident” the International Maritime Organization (IMO) can adopt an “ambitious strategy by 2018 matching the spirit of the Paris Agreement.”
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Source: Seatrade Maritime News
