Redefining normality in the global maritime industry
After a decade of expansion and high profits, the global shipping industry continues to be challenged by lower demand, over-supply of new vessels and reduced freight rates. Traditional ship finance methods have been eroded and the rise of private equity has taken many by surprise. Increased regulation – emission controls, port security and working practices – are all impacting on the future of the industry.
The challenges faced by the shipping industry have a direct impact on the maritime services sector, be it in the ports industry, marine insurance, classification, shipbuilding & repair, ship management, legal or broking, and offshore services to the oil & gas industry.