That was one of the arguments cited when Hafnia Tankers CEO Mikael Skov and CEO of Teekay Corporation, Kenneth Hvid, participated in a debate in which they had to convince representatives from family-owned carriers that they belong to the past.
A new report from Norway's Menon Economics, published Wednesday in Singapore, cements Singapore's status as the world's number one maritime hub. The analysis names Hamburg, Oslo, Rotterdam, London, and Copenhagen as the five key European maritime capitals.
Alphaliner's chief analyst, Tan Hua Joo, is one of only a few external experts who has been asked by the container sector's secretive Box Club about his view of the future. He now warns the carriers of a worrisome development.
Despite its indisputable role as the world's shipping center, financing for maritime companies has been lagging behind in Singapore, and the country will now work to bring carriers and investors closer together. The understanding of shipping as an investment represents one of the challenges.
Singapore based Ezra Holdings, with its extensive network of subsidiaries, held its first meeting with some of its lenders. The company, which is under US bankruptcy protection, is battling for survival.
Singapore's shipping industry is struggling and this is especially true of offshore. Many foreign employees of big companies have left the country, all while the government is open to the corporate demands and trying to keep the shipping industry afloat, several companies tell ShippingWatch.
Things have not moved quite as fast in Asia as expected since Svitzer opened office in Singapore in early 2016. The strategy in the region will change when the new overall strategy for Svitzer is settled in the second quarter this year, Managing Director Alan Bradley tells ShippingWatch.
Massive debts trigger renewed fear of defaults among Singapore's oil service companies. Most recently, Ezra Holdings has filed for Chapter 11 in the US, and the company's shareholders could face significant losses.
Dry bulk carrier Klaveness has experienced a significant rise in interest from customers over the past year compared to the previous years in which the carrier has been present in Singapore. The bulk division at Norden in Singapore also notes a surge in activity, the carriers tell ShippingWatch.
Yet another oil service company has succumbed to the crisis in the energy sector. Norway's Emas-AMC, which has ownership ties to crisis-stricken Singaporean offshore firm Ezra, has agreed to a voluntary liquidation. According to Norwegian media, the company has debt of USD 298 million.
The downturn for yet another of the prominent offshore companies in Singapore, Ezra Holdings, could drag down more victims in the series of oil and gas related companies which have at this point succumbed to the crisis. The banks are just one of the sectors being hit.
Shanghai cemented its position as the world's busiest container port in 2016. Despite a tough year for global trade, the port succeeded in increasing the number of twenty-foot containers. Singapore follows in second place.
The collapse of South Korea's Hanjin Shipping illustrates how governments will not always save vital companies or industries. But since the company's collapse, many Asian countries have announced large-scale aid programs for their maritime sectors. Singapore now joins the trend.
It is no longer enough to have a traditional background in shipping to reach the top. The ideal leader in the maritime sector almost needs to be a superman or superwoman, say headhunters at ShippingWatch's conference on Friday in Singapore.
Rig company Swissco has succumbed to the crisis in the oil and gas sectors, making it the second major Singapore-based company within oil and gas which in recent months has had to give up on reaching agreement with creditors.
Shipping, offshore, oil and gas – the entire industry is facing problems so severe that the banks have the power to decide who will survive. Extreme overcapacity is not the only challenge. The banks are also under pressure to reduce their exposure to the maritime sector.
The bunker industry has not been the same since November 7th 2014. The end of OW Bunker's fairy tale was so unexpected that it today – two years later – still hovers like a ghost haunting the large conference hall at bunker conference SIBCON being held this week in Singapore.