Lloyd’s Register: World Financial Crisis an update on the effects on Shipping and Shipbuilding

Speaking at Mare Forum’s Maritime Italy 2009 in Sorrento, Apostolos Poulovassilis, Regional Marine Manager, Europe, Middle East & Africa, gave an outline of the effects of the world financial crisis on the shipping industry and specifically in the context of the world order book, and how the market conditions have changed things dramatically over the last six months with practically no new orders having been placed

He proceeded to analyse the resulting over-supply of new ships between 2009-2012 due to the phenomenal growth in new building activity in the preceding 3-year period in the main dry bulk, container and tanker sectors, even with possible heavy levels of order cancellations and delays and scrapping of existing ageing tonnage, and the challenge in terms of significant supply-demand imbalance. He emphasised the importance of the availability of liquidity which is already putting the maritime industry supply-chain under extreme cost pressure but stressed that this is the time to invest in maintenance and human resources to ensure greater quality and safer work environments, and more efficient operations.

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