A WORD FROM THE CHAIRMAN

We have come to realize painfully that good times don’t last forever. However, we also know that bad times do not last forever.
 
We now need to focus our initiatives and efforts in rebuilding the future. There are, after all, some reasons to be optimistic because of concerted efforts by governments all over the world to revitalize the economy.
 
We are waiting for the “green shoots” to appear. But I must caution that even if the trade recovers (and that means demand for shipping), the shipping industry is still awash with capacity. The shipping industry will therefore have to start addressing the problem of over capacity.
 
We seem to be getting some breather from the piracy problem in our part of the world (in the Straits of Malacca) – thanks to the coordinated actions by the littoral states. But the problem has shifted, with grave concern, to Africa, where the waters off the coast of Somalia and the Gulf of Aden, with 10-fold leap in piracy, have emerged as the most dangerous zones for seafarers and shipowners. We need to look at practical and unconventional solutions in partnership with other international and multilateral agencies to address this menace which could hold the global trade to a ransom.
 
Our Asian initiative paid off with the recent S Korean decision to overturn jail terms for the master and chief officer of the Hebei Spirit. But we remain concerned about the tendency on the part of coastal States to impose criminal sanctions for accidental pollution.
 
Looking ahead, the industry must continue to brace itself for more stringent international rules and regulations on safety, standards and security while our focus should remain on quality, clean and green shipping.
 
Thank you.