BIMCO Forecasts Growth; Analyzes Challenges to Shipping

press release
Thursday, January 03, 2013

BIMCO has published its Reflections 2013, a concise, condensed and thought-provoking analysis of the challenges facing the shipping industry today and during the coming year.

 

Shipping is a key facilitator of world trade and the performance of this essential sector is completely interdependent with those of the global economy. While there is some optimism that the worst of the global downturn  is now behind us, a perceptive economic analysis outlines the challenges facing the main shipping sectors on account of the excessive supply of ships. It emphasises the need for a worldwide industry to be regulated globally, calls for pragmatic and practical environmental policies, underlines the need to value, treat fairly and educate the human resources , upon which the industry depends and  for the maintenance of strong defences against piracy and lawlessness.

 

  • Turning point foreseen


Against the background of a world economy struggling out of the financial crisis, positive global growth of both GDP and world trade at 3.6% and 4.5% respectively encourages BIMCO to suggest that 2013 will be the turning point in macroeconomic terms. But while such a scenario might normally offer comfort to ship operators, all the main shipping sectors continue to labour under a substantial overhang of tonnage of ships ordered in more optimistic times. Despite slow steaming, layups and the recycling of redundant vessels, it is suggested that any balance between supply and demand will not be swiftly achieved. And while highly efficient “ECO-ships” might appear attractive, they too add to the totality of a remarkably young world fleet. Challenging times, BIMCO forecasts, will continue to face the industry.

 

  • Why global regulation matters
     

Free market access, along with a regulatory “level playing field” for all participants has been a rallying call for BIMCO for more than a century, with plenty of evidence that such an approach works best. With effective international regulatory bodies available, there is every reason to reject any moves toward regionalism or local protectionism and under the banner “Keep Regulation Global”, BIMCO provides in these Reflections 2013 compelling evidence why such policies need international support and why international regulation that is ratified and works in practice remains essential. Worrying tendencies toward regional and local regulations, along with a revival of local voices calling for trade protectionism as a result of hard times need to be energetically countered.

 

  • Towards greener shipping

With a closer focus of the environmental footprint of shipping, the shipping industry is working hard to improve and demonstrate its sustainability in environmental terms. Technical advances and fuel saving measures, along with operational efficiencies show many encouraging trends, although emission controls, such as limits to SO2 emissions, show that regulatory changes are neither easy nor cheap to implement and may produce many unanticipated consequences.  Nevertheless, the focus on energy efficiency shows that an environmental agenda need not be viewed in isolation. Reflections 2013 does however illustrate that the complexities of implementing the IMO Ballast Water Convention to its designed timescale at the same time as developing adequate treatment systems may have been overlooked or not adequately addressed.

 

  • The essential human element
     

With 1.3million seafarers servicing the material needs of the entire world population of 7billion people, BIMCO emphasises once again our dependence upon a highly professional workforce which deserves rather more recognition than 21st century society often provides. BIMCO, which has catalogued the unfair treatment of seafarers by certain legal regimes, once again points to the ways in which seafarers are unjustly criminalised after accidents and more regularly treated with disrespect by shoreside bureaucracy. The entry into force of the ILO Maritime Labour Convention in August 2013, will, it is hoped, be a further contributor to better and fairer treatment of this essential workforce. Reflections 2013 also emphasises the value of continuous education for marine industry personnel, with BIMCO enlarging its role with an expanded education programme.

 

  • Thinking beyond piracy
     

The fight against piracy needs much more than Best Management Practice or armed protection. A combination of political, economic, legal and diplomatic efforts, possibly supported by military action will, suggests BIMCO, be needed if the problem is to be eradicated. As a catalyst of information and advice on piracy, BIMCO continues to challenge governments to fulfil their obligations to protect shipping and to interdict and prosecute these lawless people who are making seafarers’ lives a misery. Let us also remember around 150 seafarers still held in terrible conditions by Somali pirates, while pursuing the ultimate objective of keeping the seas safe and secure.

 

  • Practice and pragmatism – and some optimism
     

In his accompanying message to Reflections 2013, BIMCO President Mr Yudhishthir Khatau speaks of his confidence that the “worst is behind us” and that there is room for optimism and that the industry outlook remains positive for the coming year, despite the challenge of oversupply of tonnage.  Meanwhile, he emphasises that BIMCO’s practical and pragmatic approach in influencing regulators, legislators and politicians really works and that free trade and fairness remain the most important ingredients to enable shipping to fulfil its irreplaceable role as the consistent and predictable servant of world trade and globalisation.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Shipbuilding

CBP, AMO Unveils New Interceptor Vessel

U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO) and SAFE Boat International celebrated the unveiling of AMO’s newest coastal interceptor vessel (CIV) Thursday.

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation,

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Environmental

US Navy Updated Zika Virus Infection Guidance

Navy Medicine released updated Zika Virus Infection guidance in NAVADMIN 121/16, May 26, communicating current information, travel precautions, and risk reduction

Seaspan Acquires Eighth 14000 TEU Vessel

Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 14000 TEU containership, the YM Width. The new containership, which was constructed at CSBC Corporation,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

Maritime Security

CBP, AMO Unveils New Interceptor Vessel

U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO) and SAFE Boat International celebrated the unveiling of AMO’s newest coastal interceptor vessel (CIV) Thursday.

SAFE Boats Delivers First CIV for Air and Marine Operations

SAFE Boats International (SBI), a manufacturer of aluminum boats located in Bremerton, Wash., has completed the first Coastal Interceptor Vessel (CIV) on contract from U.

Aquino: China Breaks South China Sea Deal

Philippine President Benigno Aquino on Thursday accused China of breaking a U.S.-brokered deal between the two nations on the Scarborough Shoal, an uninhabited rocky outcrop in the South China Sea.

News

Deployment: The Transpacific Trade Steps Up To The Plate

In 2015, it was the Asia-Europe route which was the focus of changing deployment trends, says Clarksons Research.   This year, it is the Transpacific trade which

US Navy Updated Zika Virus Infection Guidance

Navy Medicine released updated Zika Virus Infection guidance in NAVADMIN 121/16, May 26, communicating current information, travel precautions, and risk reduction

CBP, AMO Unveils New Interceptor Vessel

U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO) and SAFE Boat International celebrated the unveiling of AMO’s newest coastal interceptor vessel (CIV) Thursday.

Maritime Safety

Long Beach Port Maintains Strong Bond Rating

Fitch Ratings, one of the top three U.S. credit analysis agencies, has affirmed the Port of Long Beach’s “AA” rating on its outstanding debt. Fitch stated the AA rating — its highest for U.

Phoenix Express 2016 Concludes

Maritime forces from North Africa, Europe, and the United States concluded exercise Phoenix Express 2016 with closing ceremonies in Souda Bay, Greece May 27. Phoenix Express,

US Hospital Ship Aids South Korean Sailor

A U.S. hospital ship conducted a medical evacuation, or “medevac”, May 27 to assist an ailing Republic of Korea sailor aboard a Republic of Korea Navy (ROK-N) submarine.

 
 
Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2185 sec (5 req/sec)