Slivers of light shine through shipping gloom

IN RECENT weeks, both the collapse of Hanjin Shipping and the ratification of the International Maritime Organization's (IMO) Ballast Water Management Convention (BWMC) have added to the many headaches troubling shipowners right now.

The havoc caused by the Hanjin failure is the most immediate concern, and in the Singapore context is a particular worry as Hanjin is both a major container carrier and a big customer for the bunkering industry.

However, Richard Greiner, shipping and transport partner at accountants Moore Stephens, has been able to see an upside. He says: "Perversely, the collapse of Hanjin Shipping Co . . . may have a positive effect on overtonnaging, although nobody would have been looking for such an extreme solution. Hanjin's collapse has sent shock waves through the industry which will continue to reverberate for many months to come. It may also give pause for thought to those who see the future of container shipping as ever bigger and more diverse alliances."