The recent edition of the Maritime CEO Forum, which took place at the prestigious Monaco Yacht Club, once again attracted key players from the industry. This exclusive event brought together industry leaders and experts to discuss and address the latest trends and challenges in the maritime sector. With its reputation as a gathering of the industry's big guns, the Maritime CEO Forum provided a platform for insightful discussions and valuable networking opportunities. The event showcased the industry's commitment to innovation, collaboration, and sustainable growth. As participants exchanged ideas and shared their expertise, the forum served as a testament to the importance of such gatherings in shaping the future of the maritime industry.
The Maritime CEO Forum held at the Monaco Yacht Club again pulled in the industry’s big guns earlier this month.
Outlook for 2024
It’s time to start thinking about 2024. As we enter the glide path towards the end of 2023, Maritime CEO’s gathering at the Yacht Club de Monaco in mid-October was well timed to gauge the pulse of how many of the great and the good of shipping see the prospects for the coming year.
Coming just a few days after the announcement of what is billed as the ‘biggest sale and purchase transaction of all time’ with the Frontline acquisition of 24 VLCCs from Euronav, there was plenty of upbeat chat from the tanker owners hoping this further consolidation will sprinkle some stardust on tanker equities.
Conversely, the flare up of hostilities in the Middle East in the week of the event once again casts a shadow over an increasingly tense geopolitical situation, with plenty of ramifications for shipping.
Monaco as a Major Shipping Hub
Monte Carlo is the perfect setting for gathering the major players in shipping. An easy trip from Europe’s other major maritime centres, French air traffic controller strikes permitting, the principality’s growth as a shipowning and shipping services centre is proof that you don’t need an industrial port or major flag state to develop a vibrant maritime economy. Expensive property and a small local workforce do not seem to hamper the ongoing development of Monaco’s maritime cluster in the same way they have hit places like Hong Kong, so a warm welcome from the locals greeted the lively debates that took place.
Shipmanagement and Crew Training
A panel discussion on shipmanagement covered the thorny issue of how crews will be trained to handle the new generation of propulsion systems, but was also notable for what appeared to be intense competition from the assembled managers to claim the highest levels of crew retention. It’s clear that shipmanagers see a rosy future for their sector and they don’t seem to be afraid to invest to meet the enormous challenges of preparing for decarbonisation. The race to the bottom of ‘cheapest is best’ which tended to haunt shipmanagement in the last century now seems to be well and truly over. That has to be one of the most positive developments of the past few decades.
Caution in the Bulk Carrier Sector
Any gathering of industry leaders is hopefully going to provide some pointers to the future. Whether it be in the formal sessions or the essential mixing during the event, there seemed to be a distinct note of caution, particularly amongst the bulk carrier players. Hardly surprising really when Chinese imports have seen such a strong performance in the key iron ore and coal trades, but not enough to make up for what has been a pretty lacklustre year, despite the recent stronger performance from the larger bulkers.
Perhaps the most telling moment was when the four illustrious participants on the bulk carrier panel were asked what they would do if they were given $100m to invest. Without exception, they all said that three-month Treasury bills was the best bet for the immediate future.
Sounds like bad news for the sale and purchase brokers looking to bag a few deals before Christmas and clearly the bulker market needs someone to channel their inner John Fredriksen to get things started.
Optimism for the Future
Whilst this all reflects a cautious approach in the short term, there was certainly optimism for the future, but then when were shipowners not optimists? By the time the dry bulk industry gathers in Switzerland in May next year for Geneva Dry, we should have a clearer idea of whether that caution was justified. See you there.
(This article is sourced from Splash247.com and curated by Thetransporteronline24)
