There is no shortage of opportunities for the shipping community to gather together in one form or another this autumn. What has become the usual fare of topics such as sustainability, diversity and ship finance are now clamouring for air time in a space where geopolitics is increasingly the subject du jour which keeps folk awake at night. That is why it was so refreshing to see so many of the great and the good of our industry gather for the Maritime CEO Forum in Monaco recently. Whilst matters raised included the risk of a small scale nuclear conflict, it was the fundamentals of how we can ensure the prosperity of our industry to thrive and pay for the changes which are coming which sparked lively debate and some memorable comments. How to make a decent return for your shareholders, fund the future and hence bring about the meaningful change we know is required is the back to basics discussion the industry needs to keep at the forefront of its mind. Despite enduring a year where there has been a constant stream of bad and in many cases tragic news across the globe, there appeared to be an overall mood of optimism as bright as the autumn Riviera sunshine. Memorable comments such as “You don’t enter shipping to have a quiet life”, “What we have lost in our society is common sense” and “Regulators have to come to terms with reality” framed discussions where the overall mood was one that everyone attending is blessed to work in an industry which has a great future, despite a few storm clouds on the horizon. We need diverse opinions to make a market The optimism, particularly for the dry cargo market, was much stronger in Monaco than what you currently see at similar gatherings elsewhere, particularly in the Far East. This could well be down to the high turnout from the titans of the Greek and Italian shipowning communities who have generally had a successful year, especially when it comes to asset play. Perhaps a more likely reason is that those living in the Far East are more directly confronted by some of the fundamental problems in the Chinese economy, which all in Monaco agreed would continue to be the key driver of global shipping demand. The figures on imports and demand backed up one speaker’s comment that “the industrial economy in China is roaring”, but the decimation of personal wealth through collapsing real estate prices and high youth unemployment are all too obvious to anyone living in Asia. All of which is matched by the very real spectre of Asian economies becoming the victims of increased trade wars and protectionism. Of course we need diverse opinions to make a market, especially in the sale and purchase of ships. This crucial component of the shipping industry is more susceptible to sentiment than any other and to get a deal done, you generally need two parties with opposing views on which way the market is going in the future. The Maritime CEO Monaco event opened with a session entitled ‘The Big Issues’, a genius move which took those who are perhaps too close to some of their negative local issues to the sunny uplands of a brighter future, without ignoring some of the big problems ahead. The generally positive vibe amongst attendees after the event suggests that at least on the Riviera, the outlook for shipping remains sunny. TagsSplash Extra Archive Splash Extra October 2024