Economic recovery presents opportunities for shipping industry

23 Feb 2022

The regional and global economic recovery has created a slew of new opportunities for the maritime industry, as shipping provides a passageway to strengthen trade relationships and accelerate regional integration.

Malaysia Shipowners’ Association chairman Mohamed Safwan Othman said Malaysian shipowners should capitalise on the new connections and opportunities, especially with the new linkages and greater economic integration.

Meanwhile, he noted that the past few years had been rather stormy for the maritime and shipping industry.

“We have been facing numerous challenges, including the global recession, prolonged downturn in the shipping sector, overcapacity, low oil prices and other external factors which led to the undesirable situation we are in today.

“The impact of the COVID-19 pandemic on the shipping and related maritime businesses is threatening the longterm economic development and social welfare, and many shipping companies are facing financial difficulties and in a very unhealthy state of affairs,” he said in his speech during the ‘Green Technology with Japan Ship Machinery and Equipment Association’ session today.

The session was conducted in conjunction with the three-day Malaysia Maritime Week 2022 (MMW 2022).

Themed ‘New Technologies For Greener Shipping’, MMW 2022 showcases maritime innovation, research and development as well as new technologies that could aid in the transition to sustainable shipping and maritime practices.

Source: Bernama