Thursday 28 Mar 2024
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SINGAPORE (Dec 8): The volatility in prices are representative of a structural rather than a cyclical change according to 70% of maritime leaders in Asia, according to data released by Sea Asia 2017.

The survey revealed that minority of maritime leaders believes that oil prices (25%) and the maritime industry (26%) will rebound to pre-2014 levels in the next six months.

Citing tonnage oversupply (83%), innovation (44%) and talent shortages (30%) as critical issues currently faced by the maritime industry, 77% of maritime leaders were still confident in the industry’s long-term prospects.

“In the past, the industry has been too focused on growth at all costs, and through this downturn we’re seeing a positive shift of attitudes towards achieving efficiencies, cost-control, and sustainability,” says David Roberts, managing director, The Standard Club Asia.

Companies should also take care not to reduce operational capacities too greatly, as they may find themselves behind, when the market rebounds,” he adds.

Prepping for the eventual upturn, 85% of maritime leaders are focusing on talent development after extensive downsizing across the industry. Top priorities for leaders in the next 12 to 18 months include tighter cost control, greater industrial collaboration and research and innovation.

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