The Year of the Horse and the Importance of the Asian Market

The Spring Festival celebrations are over and the Year of the Horse has been well and truly welcomed in, but our thoughts remain with Asia and the importance of the Asian shipping business, both globally as well as in the Isle of Man.

2014.02.18 - The Year of the Horse and the Importance of the Asian Market

The Year of the Horse has more relevance for the shipping industry than you might think. In Chinese tradition, the horse is a heroic figure that carried the Chinese to success in war over the centuries. In English, we say ‘horsepower’ when we speak of speed and strength, and prior to the development of the internal combustion engine the horse was our helpful companion in heavy work and travelling great distances. The Year of the Horse is seen as bringing good fortune to those who are willing to take a chance and work hard at achieving a goal – and that sounds like a very positive way to look at the coming year.

Traditional Chinese philosophy also dictates that the Year of the Horse is the time to consider business expansion as well as achieving a successful career in your field. This is a year that will bring good luck and good fortune to those who take the time to exert a committed effort to improve themselves through motivation and sheer determination. As we start to see a recovery in shipping, the timing could not be better.

Asia is hugely influential and growing in importance as a shipping region. At its hub, Singapore has successfully positioned itself as an increasingly important legal and financial centre, which in turn has led many prestigious shipping companies to use it as an operating base. In our own business of ship registration, Asian clients now account for over 40 per cent of the tonnage registered in the Isle of Man, with clients in Japan, South Korea, Hong Kong and Singapore. All this has been achieved from a standing start as recently as 2008. These impressive developments indicate that the Isle of Man has been following the principles of the Year of the Horse for some time…

We wish you a happy and prosperous Chinese New Year!

Author - Dick Welsh, Isle of Man The article, reproduced here with the author’s kind permission, was written by Mr. Dick Welsh and was initially published in Isle of Man Maritime Blog. Dick Welsh is the Director of IOM Ship Registry at Isle of Man Government, a Marine and Mechanical Engineer with with over 30 years’ experience in the shipping industry. The Isle of Man Ship Registry stands in the world’s top 15 in terms of tonnage and the Isle of Man Red Ensign is becoming the flag of choice for an increasing number of quality ship owners and operators, attracting new tonnage from blue-chip clients around the globe.

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