Nor-Shipping was upon us this week with the great and good of the shipping industry turning out in force. There were also big hitters from the world stage, including noted economist Joseph Stiglitz and former US presidential hopeful turned climate champion, John Kerry. Needless to say, TradeWinds’ journalists were also out in force.

Stiglitz, a former World Bank chief economist and senior vice president, identified the factors set to influence the global economy in the coming years — and slash demand for shipping along with it. He told an audience at the Ocean Leadership Conference at Nor-Shipping that the coming changes to the global economy, spurred by climate change, will lead to less shipping.

Meanwhile, Kerry, likened the climate change fight to the D-day invasion. The US special climate envoy told industry leaders that they are in a unique position to fight an existential threat to humanity.

Attendees of the TradeWinds shipowners’ forum at Nor-Shipping were told to ‘enjoy the ride’ as shipping was about to get (even more) bumpy, global head of research at shipbroker Simpson Spence Young Roar Adland said. Lower Chinese economic growth, decarbonisation, changing weather patterns and the risk of division in global trading blocs are all among the factors that will make shipping markets all the more volatile in the future, Adland told the conference.

Meanwhile, John Fredriksen’s olfactory acumen was highlighted by Lars Barstad. The Frontline chief executive told the TradeWinds forum that the billionaire tycoon sees a certain dynamic starting to come into play: “he kind of smells it”. Whether that scent is pleasant or foul, we know not.

Also revealed at the conference were the results of a ground-breaking survey of shipowners, which found that while decarbonisation ambitions are high, progress in delivering even well-established fuel and emissions-saving technology and operations remains low in nearly half the fleet. Findings were presented on the TradeWinds Ocean Stage by Global Centre for Maritime Decarbonisation chief executive Lynn Loo, and Boston Consulting principal Seng Chiy Goh and managing director Michael Tan.

This week’s Streetwise finance newsletter visited the International Seaways’ annual shareholders meeting, where the potential for open conflict yielded to the status quo — for now. International Seaways chief executive Lois Zabrocky, who had been targeted by shareholder John Fredriksen’s camp for defeat in seeking re-election to the board, ultimately came off victorious.

And finally, the sombre news that yet another titan of Japanese shipping has passed away. Veteran Yayoi Fujii, the founder of shipping giant Nisshin Shipping died aged 91, his son announced. Known as Y Fujii, the entrepreneur started Nisshin Shipping in 1967 after quitting his job in dry bulk parcelling. He was one of the first Japanese owners to order ships in China and eventually built the company’s fleet to more than 100 vessels. His passing comes just a couple of weeks after Masashi Taga, the founder of Osaka-based Santoku Senpaku, died at the age of 80.

Read more