Torm has welcomed a reduction in government intervention in global shipping signaled by the bankruptcy of Hanjin Shipping.
Speaking in Oslo today, chief executive Jacob Meldgaard said he was surprised by the way South Korea had handled itself in the funding offered to distressed shipyards and liner companies.
"If you had asked me 12 months ago I would have expected the South Korean government to do as they normally do and save even those that are not worth saving by creating credit from government for banks, " Meldgaard told the Pareto Oil and Offshore conference.
"They have signaled very clearly here with Hanjin that they are not going to act in the same way and will be more rational about it.
"I think it is a very, very positive thing for independent players like ourselves that the government influence on our industry, not only in products tankers but shipping in general, is diminishing somewhat compared to five or ten years ago. "
Meldgaard did not rule out the availability of state funds for struggling companies in the future. However, he believes it is clear that intervention will be less then seen previously.
"That is very positive," he said.
