SSA president Poulsson:

Shipping Industry in Much Better Place than 12 Months Ago

The shipping industry, in particular dry bulk and containers, has seen a marked improvement over the last 12 months according to Singapore Shipping Association (SSA) president Esben Poulsson.

News ID: 73474

Date: 18 April 2017 - 12:20

According to MANA, overall I would say we are in a much better place than 12 months ago… especially dry bulk and containers,” Poulsson told a media briefing for Singapore Maritime Week (SMW) 2017.
Looking at the dry bulk sector he said there was a lot of optimism at the moment. The Baltic Dry Index is currently at around 1,200 points, compared to an all time low of 290 points in February 2016.
However, he added, “I hope we don’t repeat the mistakes of the past, we have to hope any ordering will be moderate.”
In the container sector Poulsson said that the bankruptcy of Hanjin Shipping had acted as a real wake up call. “That led to more discipline in terms of the supply side….that has led to rate levels coming back to levels that are beginning to be sustainable.”

“There is an enormous overcapacity that will take time to work through, but it is very much related to oil price,” he said.

“Nonetheless, I’m still reasonable optimistic. I don’t think there’s going to be upturn in the offshore industry over night, but I think the worst is over time it will return to a healthy balance.”