New year, new challenges

LAST year was difficult for the shipping industry, but it was generally better than the year before, as evidenced by the steady stream of new-build orders.

Indeed, Gerardo Borromeo, president of the ship managers' body InterManager, has come out to say that the industry has shown great resilience in battling the recent economic downturn. He cautioned against reading too much into the jump in tanker orders, saying: "We live in interesting and challenging times."

In his New Year message to InterManager members, he said the industry had weathered the toughest part of the economic crisis dating back to 2008 by slow steaming, battening down on operating budgets and keeping an eye on future trends in global economic cycles. "It has not been easy, but the industry has shown great resilience throughout," he said.