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Facing up to market challenges

17 february 2017

For many sectors of the maritime industry, 2016 was a year to forget. With limited recovery at best predicted for 2017, ship owners, operators and shipbuilders need to focus on ways of boosting efficiency and becoming more competitive.

Shipping’s overall mood was recently summed up by a report from BIMCO, the ship owners association, which suggests: "The shipping industry has its work cut out going forward in 2017 as it will see another year of die-hard competition, which now includes tankers. The full restoration of shipping markets will need several years of solid improvements to lift fleet utilisation rates.”

BIMCO recommends strong medicine: order cancellations; abstinence from newbuilding and aggressive scrapping. But some restorative tonics are also needed to revive the currently ailing market. By charting a more positive, therapeutic course to recovery, Europort 2017 will come into its own.

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