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Wednesday, November 14, 2018

China Shipping Summit draws Strong International Presence

Celebrating its 30th anniversary, COSCO Dalian hosted this year’s World Shipping (China) Summit in Dalian this week where a record number of over 1,000 delegates were in attendance. INTERTANKO’s Chairman, Nicholas Fistes, its Managing Director, Dr Peter Swift, and its Regional Manager, Tim Wilkins, participated in the event.


While the event was hosted by COSCO Dalian and centred on the Chinese markets, there was a strong external presence at the event. Leading financial figures from the likes of Morgan Stanley and HSBC provided their perspective on the current global trade outlook and, while there was some ‘realism’ being provided, there was no doubt that the general view from within China is one of optimism.


This was particularly characterised by the presentation given by Capt. Wei Jiafu, President and CEO of the COSCO Group. He focused on the feeling of confidence that the trade growth experienced in the past five years would not be significantly affected by current problems in the U.S. and Europe, particularly as globalisation would not be reversed. He believes that certain factors, including a reduction in speculation, increased scrapping and the general continued strong demand for shipping, will prevail over current global economic worries.


INTERTANKO’s Chairman, Nicholas Fistes, presented a paper on single-hull phase-out and conversion. Noting the changes in the tanker fleet anticipated in the coming two to three years, Fistes provided an illustration of how the tanker fleet would now begin its more rapid change towards the 2010 regulatory phase-out deadline for single-hull tankers, noting that by the end of 2010 96% of the tanker fleet will be double-hulled compared to 84% today.


Furthermore, with conversions quickly diminishing, he noted an increase in scrapping in recent weeks. This has coincided with a fall in scrap prices from a recent high of some USD700/ldt to below USD200/ldt in the last week. Fistes concluded by emphasising that, regardless of the change in markets and tanker fleet dynamics, the tanker industry must continue to meet the highest possible environmental performance as well as attracting a steady flow of quality young people into the industry.


Fistes concluded his formal remarks by expressing the industry’s dismay that the two officders from the Hebei Spirit are still unable to return home from Korea. He also called on governments around the world to provide naval support for seafarers transiting the Gulf of Aden.


To view the Chairman’s powerpoint  click here   or to read his speech click here


Peter Swift chaired a session on the ever-rising tide of shipping expansion and new markets. This drew senior speakers from INTERTANKO’s membership, including NYK Line, Mitsui OSK Lines, China Shipping (Group) Company, and Sinotrans, with a K-Line presentation in a subsequent session..


Contact: Tim Wilkins