Enhancing capabilities and keeping spirits up despite choppy waters

FEW in the industry would argue that the maritime and offshore sector is experiencing one of its most challenging periods yet.

From historic lows and now after a period of relatively stable oil prices, recent factors have precipitated sky-high production levels, introducing volatility into the market. Additionally, the market segment has to contend with an oversupply of ships, increasing geopolitical uncertainty and slow global economic growth rates.

Latest projections by the World Trade Organization (WTO) see global trade growing by 2.4 per cent in 2017. However, the WTO has warned that rising interest rates, tighter fiscal policies and the introduction of protectionist measures could curtail trade growth over the next two years.