Society Maritime Industries – Annual Market Briefing 23/11/22
I was pleased to attend the SMI’s annual briefing to hear about current trends and predictions for the shipping sector, as well as a case study on the newly combined ports of Antwerp & Bruges.
The briefing by David Whittaker and Trevor Crowe of #Clarksons illustrated the mixed fortunes of the shipping sector. After an initial surge in freight rates for box shipments, this sector has cooled dramatically and is set for very low growth over 2023 as it is strongly correlated to the growth in the real economy, whereas LPG and LNG will continue to enjoy a boost due to geopolitical events mainly the war in Ukraine. Car carriers will continue to enjoy strong growth due to high demand for new cars coupled with supply side challenges following the global pandemic.
Secondhand values for box carriers are off, bulkers slightly off and red hot for tankers as the world switches evermore to deep sea shipped LNG and LPG.
Megatrends fall under the headlines of Green/ Tech/ Geopolitics with #decarbonisation measures influencing the design and build of vessels away from bunker fuels to cleaner solutions such as Ammonia, Hydrogen and Electric propulsion.
Justin Atkin gave a fascinating insight into the efforts of the newly formed combined Port of Antwerp and Bruges to future proof their business model with the adoption of green energy and a freeport area for green tech and clean tech companies to enjoy tax breaks and business development and innovation funding.
The audience was made up a diverse group of maritime professionals including tech specialists, lawyers, academics and of course me representing the marine insurance sector!