LR CEO on UK's Reckless Attitude Towards Its Shipping Industry

Press Release
Monday, October 29, 2012

Keynote speech by Richard Sadler, CEO Lloyd’s Register, at the annual Donaldson Lecture to the Lloyd’s Market Association.

Extracts from the speech follow:

"I have always been fascinated by the assertion of Martin Stopford, the respected Clarkson analyst, that merchant shipping is the biggest poker game in the world. Since hearing it, I increasingly believe that working out the odds of ensuring consistent prosperity is so difficult that it is more like the game of roulette.

In roulette, the odds are designed so that, over time immemorial, the punters will always lose 5.28 cents of every dollar they wager. Let’s hope shipping proves a better bet.

As an island society, we are almost totally dependent upon maritime transport for food and energy supplies. Could there be two more critical commodities?

Forty per cent of the food we consume is imported and, since 2004, the UK has been a net-importer of the energy we need to keep our families warm and our businesses thriving. The trend towards import dependence is growing.

Despite slowing demand for petrol, our dependency on oil and petroleum product imports continues to grow at pace: according to second quarter DECC statistics, we imported 5.5 million tonnes more of those products than we exported, compared with just 3.4 million tonnes a year ago, or a comparative growth of 62% in one year.

This growing dependence on imports is, as I have said, coinciding with an unprecedented erosion of our maritime capabilities, making us captive to the nations who deliver the basic commodities we must have.

Does that sound like a sensible gamble to you … or a reckless punt on a longshot?




 

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

People & Company News

Taiwan's Yang Ming Marine to Add Bigger Vessels to its Fleet

Yang Ming Marine Transport Corporation, Taiwnanese global shipping and logistics services company,  will take delivery of 14 large-sized ships over the next two years,

Hapag-Lloyd Adds North Europe-USEC Service

Hapag-Lloyd will open a new weekly service between North Europe and the US East Coast, the company said in its press release.     The new route – to be christened

Khamenei Says Iran Nuclear Weapons are a U.S. "Myth"

Iran's Supreme Leader Ayatollah Ali Khamenei told military commanders on Sunday the United States had created the "myth" of nuclear weapons to portray Iran as a threat,

People in the News

China Snubs G7 Declaration on Sea Row

Reacting to recent declaration of  the Group of Seven (G7) major nations' Foreign Ministers on maritime , China said “the situation of this region is generally stable,

Newport News Shipbuilding Hosts Sen. Inhofe

Huntington Ingalls Industries (HII) today hosted Sen. James M. Inhofe, R-Okla., for a tour of the company's Newport News Shipbuilding division.   The senator,

Hempel CEO Jullien Plans Retirement

Pierre-Yves Jullien, CEO of Hempel A/S since 2005, has decided to retire after nearly 40 years in the Group. He will step down from his role as CEO on March 31, 2016 at the latest.

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1095 sec (9 req/sec)