Reckless Shipowners Rapped by IMO Prizewinner

Press Release
Monday, December 10, 2012

In his acceptance speech Admiral Efthimios E. Mitropoulis is critical as he accepts the IMO International Maritime Prize.

The popular Admiral (known as EEM) made the speech at the recent ceremony awarding him the IMO Maritime Prize for 2011 at MO Headquarters, London.

He said (amongst other things):

"Shipping, we all know, is a service industry. With the exception of the cruise liner sector and passenger ships on domestic service, it is there in order to serve the needs of trade. The bigger the needs of the latter, the more shipping finds itself in demand, the more it prospers – provided, of course, that there exists, at any given time, a reasonable and manageable ratio between supply of shipping tonnage and demand for shipping services.

As shipping does not, and cannot, dictate the demand for its services, going to banks to secure funds before going to shipyards to order newbuildings should be a process that ought to be characterized by elements of due prudence and diligence. It follows that to have, as recently happened, so grossly over-ordered new ships mainly with borrowed money, and with little reference to the levels of demand needed to profitably employ them, does not make commercial sense.

As shipping is a global industry with few barriers to entry except money, the effect of any excessive speculation on the supply and demand ratio is felt across its entire domain – a feature that has the potential to severely damage even those shipowners, who have a reputation for being conservative.

No matter, however, how dire the times may occasionally be (as they certainly are at present), one thing should always be remembered thus setting the tone of cautious optimism when it comes to ponder the future of shipping: that it is an industry that serves the needs of an ever growing world population and the needs of an ever increasing appetite for development. The combination of both drives international trade up and this means increased demand for shipping services, given the industry’s unrivalled superiority in mass transportation of goods and people."


Maritime Today

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

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Australia, Japan Partner for Hydrodynamics Research

Australia and Japan have signed a cooperative research arrangement on marine hydrodynamics, the Chief Defence Scientist, Dr Alex Zelinsky, announced today.   “This

Cathelco Supply Equipment for Keppel Projects in Singapore

Press release -Cathelco have won orders to supply equipment for two projects which are being undertaken by Keppel yards in Singapore. The first is to provide marine

France-Corsica Ferry Operator SNCM's Takeover Gets EU Clearance

The European Commission has approved the takeover of troubled France-Corsica ferry operator SNCM by Corsican entrepreneur Patrick Rocca, according to a letter seen by Reuters on Tuesday.

Tanker Trends

New Methanol Projects to Change Chemical Shipping Patterns

New US and Middle East methanol production capacity being added over the next two years will have serious implications for chemical shipping trade flow patterns,

Frontline 2012, Frontline Merger Completed

Frontline 2012 Ltd. has completed its previously announced merger with Frontline Ltd. , with Frontline as the surviving legal entity and Frontline 2012 becoming

EuronavSells Suexmax Cap Laurent

Euronav NV announced the sale of its Suezmax Cap Laurent for $22.25 million. The 1998-built 146,145-dwt vessel was wholly owned by Euronav.    The vessel was

Bulk Carrier Trends

Frontline 2012, Frontline Merger Completed

Frontline 2012 Ltd. has completed its previously announced merger with Frontline Ltd. , with Frontline as the surviving legal entity and Frontline 2012 becoming

Scorpio Bulkers Sells Six Ships for $227 Mln

Scorpio Bulkers Inc. has entered into agreements with unaffiliated third parties to sell two Capesize dry bulk vessels and four newbuilding Capesize dry bulk vessels

Opportunities for Growth as Chinese Economy Evolves

The global breakbulk and heavy-lift markets have had to navigate choppy waters in recent years.   Not necessarily due to a shortage of freight, but as a consequence of unsustainably low freight rates.

People in the News

Shipping Industry Supports Global Climate Change Deal

The global shipping industry, represented at the United Nations Conference in Paris by the International Chamber of Shipping (ICS), fully supports a global deal on climate change.

Three Specialists join Wood Group

Wood Group has appointed three senior engineering specialists who will lead a new team of up to 20 people in the UK to further build Wood Group’s capability in vibration, dynamics and noise.

BSEE Participates in Circumpolar Gap Analysis Workgroup

Bureau of Safety and Environmental Enforcement staff from the Oil Spill Preparedness Division attended an international workshop last month that focused on how

Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.0915 sec (11 req/sec)