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This edition’s front cover shows ChungYang’s new 15,000 dwt module carrier, CY Interocean I, transporting three container gantry cranes. A sister vessel is due for delivery in April 2017, with the same clear 5,000 sq m deck space. ChungYang’s fleet is commercially managed by Esprit Korea Co. Ltd (
www.espritkr.com,
esprit@espritkr.com).
The times, they are a-changing
shipyards. Most are predicting that 2017 will see more of the same. The container sector got a severe lesson from the collapse of Hanjin Shipping.
T
The project logistics sector continued to suffer the consequences of the huge fall in oil prices. The slowing of China’s demand for commodities has caused endless problems for the dry bulk sector. To survive the economic downturn and prepare for an uptick, many within the project logistics supply
chain have been taking positive initiatives, including significant vessel scrapping and very few newbuilding orders. Consolidation is the word on everyone’s lips through alliances, mergers or acquisitions. Current business thinking is seeing the merits of running ‘lean and mean’ and finding opportunities in new markets such as renewable energy. All very Darwinian. After all, isn’t it those that are most adaptable to change, not necessarily the
strongest, that are most likely to survive? As we get into 2017, there are some signs of global economic improvement. There is steady growth of
the US economy. Infrastructure investment in China continues. An agreement has been reached by OPEC to reduce the volume of oil on the market. All of these could have a positive effect on the project logistics sector, although we are yet to see the long-term impact, good or bad, of the uncertainties caused by Brexit and the election of US President Donald Trump. In our outlook that starts on page 20, Philip Adkins, chief executive of ZPMC-Red Box Energy
Services, says: “2017 will be the year of accountability. Any recovery is still two years away. Blood and red ink will flow through the market washing away the weak.” Strong words that resonate with Dylan’s lyrics and Darwin’s theory. Clearly change is on the agenda for
2017. Those with the ability to adapt to change, both personally and at the corporate level, will be those who emerge from the downturn in the strongest position. Here’s to a successful year ahead.
Ian Matheson Editor, HLPFI
he famous lyrics, above, from the Nobel Prize winner Bob Dylan are an apt comment on the state of the project logistics marketplace as we enter a new year. 2016 saw some big names fall by the wayside, either through bankruptcy, merger or takeover, including shipowners and operators, forwarders, banks (which sold off their ship finance portfolios) and
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January/February 2017
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