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The shipping industry should
brace itself for a moderate expansion in
shipping demand on account of the slower growth
in world trade and the pessimistic outlook.
The prognosis for the growth of the world trade
is somewhat pessimistic, especially in view of
consequence of the slow-down of the US economy.
The world trade is expected to witness a slower
grow of between 4.6-4.8 per cent in 2008 after
posting 5.1-5.2 per cent in 2007, said the
chairman of Malaysian Shipowners Association, Ir
Nordin Mat Yusoff.
Speaking at its annual general meeting, the MASA
chairman said technical corrections in shipping
markets are also increasingly evident.
The Baltic Dry Index has for instance already
fallen by about 30 per cent since the start of
the year while container rates are also
softening amidst capacity expansion.
The uncertainties, if any, will continue to
increase and create anxieties among shipowners
during the year ahead, he noted.
Nordin said the industry has also other concerns
as well especially in coping with the raft of
new measures and rules that are impacting on
operational and vessel costs, impact of increase
in steel prices on newbuildings, the phase-out
of single hull vessels, imbalance in the supply
of manpower among other issues.
“It is not just rules on safety and standards
but we are also being increasingly drawn into
compliance and commitment on issues relating to
environmental protection regulations, he said in
his chairman statement in the annual report of
MASA.
Nordin said shipowners are also concerned with
increased ship prices, longer construction
period and delivery time and increased
operational and management costs. The imbalance
created in supply of seafarers to match the
demand in the light of dramatic expansion in
shipping capacity is expected to impact on
shipowners in the near term.
“We are also facing prospects of unsettled
market condition in fuel prices which is
expected to impact on the performance of bottom
lines of companies. The pressure is also
building up on shipowners on the CO2 emission
and to reduce the environmental footprint,” he
said
Reviewing the performance of the Malaysian
shipping industry, Nordin, whi is the Vice
President (Fleet) of MISC Bhd said the industry
continued to enjoy the good years since 2003.
“The year under review was another good year.
There were however some exceptions but it was
significant to note that the national merchant
fleet recorded a high growth on account of
several new deliveries by Malaysian owners,
especially largely by members of MASA.
Performance of local shipping companies,
including our Members remained satisfactory,” he
said.
He said Malaysian shipowners took delivery of
several new tonnages duringnthe year under
review.
The Malaysian merchant fleet has become more
diversified and the fleet strength of members of
MASA stands at 10.74 million dwt as of January
2008.
Malaysian shipowners are among the largest
owners of LNG ships and tankers in the world.
Malaysian owners are also making good progress
in the offshore supply shipping services sector
by expanding their fleets serving not just
markets in the country but in several markets
overseas as well, especially in Asia and the
Gulf regions. |
