Webinar round-up
Posted on | January 15, 2010 | No Comments
Despite a couple of minor technical glitches, the CapitalLink webinar produced a lively debate on Tuesday.
One question asked about how bankers and other stakeholders could engage with senior sea staff, and discussed what one caller referred to as “the invisible aspects of shipping.”
Another caller commented that shipping seemed to have three separate aspects: the commercial side, and the management and operational sides. The question was asked: “how do we educate ourselves if we have never been to sea (unlike panellist James Power who was a seafarer, and became a lawyer)?”
But the main quandary for the three participants, and myself, was that having heard that 30% to 40% of the global orderbook would be cancelled, by December 2009, we find that only 6% of total construction contracts have actually been terminated.
For containerships, the rate for hiring a 4,000 teu panamax box ship has fallen to little more than $6,000 a day, compared with $47,000 four years ago. The rise in Chinese bulk imports, particularly iron ore, and of its manufactured exports, was, we agreed, almost the only bright spot in this gloomy picture.
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