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Sunday, December 17, 2017

INTERTANKO's Asian Regional Panel meets in Shanghai

INTERTANKO’s Asian Regional Panel met last week in Shanghai to go through the main issues due for discussion at the forthcoming Council meeting in Tokyo. The meeting was chaired by the new Panel Chairman, David Koo from Valles Steamship (HK).

 

Koo explained that it is important for members in the Asia-Pacific region to participate and contribute in INTERTANKO’s regional meetings and seminars, adding that this is where the key issues being addressed by the Association can be debated. In this respect, Dr. Peter Swift, INTERTANKO’s Managing Director, provided the Panel with an update of the key agenda items for the Council meeting (to view click here) and in particular discussed the current considerations associated with greenhouse gas emissions from shipping as well as piracy in the Gulf of Aden.

 

The Panel meeting was held in conjunction with the TradeWinds Shipping Energy China 2009 Conference (for details click here). Dr. Swift sat on the Panel at the end of each of the two days of presentations and discussion. Tim Huxley, Giuseppe Bottiglieri, Wang Chun Lin and Prof John Tzoannos were also among the panellists with debate focusing on the counterparty failure in the changing economic landscape and the need to manage partnerships in the long-term.

 

Much of the two panel discussions overlapped on the theme of yard and owner relations. Some felt it important to maintain market forces for self-correcting the problem of oversupply while others felt a necessity to introduce some form of regulatory requirement for older vessels or, as is more likely in China, a subsidy-based solution.

 

Either way, most agreed that parties involved in or with the potential for contractual disputes should be communicating directly to assess the possibilities of renegotiation and the avoidance of heavy losses for one or more of the parties involved.

 

Contact: Tim Wilkins and Peter Swift