Akimitsu Ashida, president, Mitsui O.S.K. Lines, Ltd., looking back on this 2008 year, said; "We have experienced both heaven and hell during this one year. At present we are in the midst of a living hell." The shipping industry enjoyed thriving operations in the first half of the year, but was thrown suddenly into the worst environment in October and beyond due to the global financial crisis.
Mr. Ashida, however, said, "All are not bad," and continued, "The '2010 problem' of possible over supply of ships due to massive orders of newbuildings has thereby become already unrealistic. Cancellation of newbuildings now amount to 550 ships across the world, potentially exceeding 1000 ships eventually." Scrapping of vessels that has been held back for long is now in progress. "Since around October ten Capesizes, nine Panamax-sizes, and four VLCC's have been scrapped, and the number of vessels to be scrapped will increase further." This would mean that possible over supply of vessels will be contained.
Mr. Ashida compared operations in the next two years to the cultivation of grapes, by saying firmly, "Poor land would help one produce delicious grapes with good care. We are thinking of growing good grapes on poor land (market) for the next two years to come." |
