The shipping industry is experiencing the biggest dry bulk market recession since the 1980s. The uncertain global economic outlook and the increased imbalance between supply and demand have lead to historical low freight rates . The downturn seems to continue until 2017 if a viable equilibrium is not achieved.
Despite the economic downturn, Greek shipowners have proved once again to be the leaders of global shipping industry. It is worthy to note that they control the 16,25% of global fleet in terms of dwt, while they own the 23,5% and 18,5% of total tankers and bulkers respectively.
The oil and gas sector is increasingly turning to technology to plug rapidly growing skills gaps, according to a new report on industry sentiment for the year ahead. GL Noble Denton’s new “Seismic Shifts” report on the future of the oil and gas sector has revealed that industry leaders are confident for significant industry growth in 2013. But, despite this optimism, major concerns are emerging over an industry skills meltdown, tougher operating environments and increasing risk and regulatory hurdles.
Europe’s LeaderSHIP 2020 strategy to increase the competitiveness of European maritime technology is the result of a close co-operation between the industry, the trade unions, maritime regions, Member States and the European Commission. The European ships and maritime equipment industry employs more than 500,000 people and has an average annual turnover of around €72bn but faces strong competition, and, like many other industries, the effects of an unprecedented crisis.
During Early February the Spanish Association of Maritime Industries (ADIMDE) and The Basque Maritime Forum have presented the European Commission with a paper which criticises the Dutch financial leasing system for vessels. In particular the coalition requested that the anticipated and accelerated amortisation between 2009 and 2011 be investigated to determine whether it is selective and whether (in combination with other tax incentives to acquire vessels in Holland) it constitutes state aid amounting to a 35% subsidy of the price per vessel.
According to shipping experts banks are set to take tougher action against distressed shipowners this year, leading to a rise in loan foreclosures and lenders taking possession of vessels and all this at a time where the euro-zone crisis is still on the forefront along with considerable economic uncertainty.
According to Greek press as German shippers are loosing market share, a driven request of the European Commission is meddling with the Greek shipping tax system. The European Commission asked Greece to clarify the workings of the tax system for its key shipping industry which is run by some of the wealthiest people in the bailed-out country. “The commission is currently looking at the tonnage tax and has asked for details from Greece,” the office of European Competition Commissioner Joaquin Almunia said. Greece has until October 30 to reply.
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Officer of the Watch 