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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Prime Minister Solberg Visits DNV GL

Norway’s Prime Minister Erna Solberg visited DNV GL Høvik yesterday, September 16. Group President & CEO Henrik Madsen was host. “The Prime Minister was both

MARAD to Mark the Return of MV Cape Ray

Maritime (MARAD) Administrator Paul N. Jaenichen will host a ceremony on Friday, September 19, 2014 in Portsmouth, Va. to honor the civilian crew who helped to

Houston Shipping and Offshore Conference Program Announced

The fourth Houston Shipping and Offshore Conference has announced the final program for its Friday, October 10 conference at the Houstonian Hotel, Club & Spa, 111 N.

Tanker Trends

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Scorpio Tankers Receive 7 More Newbuildings

Scorpio Tankers Inc. say it has recently taken delivery of seven newbuilding vessels as follows: STI Madison and STI Park, LR2 product tankers, were delivered

Bulk Carrier Trends

Ferus Smit Building LNG Powered Cement Carrier

The first unique LNG powered ship that Ferus Smit has on order for Erik Thun A.B. will be built and equipped as a dedicated cement carrier. The ship will be delivered to the joint venture JT cement,

Scorpio Bulkers Upsizes Public Offering

Scorpio Bulkers Inc. announced today that it has further upsized and priced its previously announced offering of senior unsecured notes due 2019 in a registered public offering.

Sharp Slowdown in China Industrial Activity

The slowdown in Chinese industrial production growth ads to the existing concerns that China is going through challenging times, as Beijing aims for a soft landing and a transition of the economy,

People in the News

Prime Minister Solberg Visits DNV GL

Norway’s Prime Minister Erna Solberg visited DNV GL Høvik yesterday, September 16. Group President & CEO Henrik Madsen was host. “The Prime Minister was both

MARAD to Mark the Return of MV Cape Ray

Maritime (MARAD) Administrator Paul N. Jaenichen will host a ceremony on Friday, September 19, 2014 in Portsmouth, Va. to honor the civilian crew who helped to

Maersk Sees US Approval of Shipping Alliance as Formality

U.S. regulatory approval of a proposed shipping alliance involving AP Moeller Maersk should be a formality, the Danish company's chief executive said on Wednesday.

 
 
Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1337 sec (7 req/sec)