The next decade of New York's booming maritime scene

Oh and I forgot the reinvigorated local chapter of the Propeller Club also hosted a breakfast during this busy period where Afromarine’s Audun Mikalsen led a discussion about business in West Africa.

This overflow of activity actually affirms some important points contained in NYMAR’s early mission statement, reinvigorating the maritime service sector and providing key networking opportunities. The organisation was originally founded by lawyers, as explained by Burke & Parsons’ Keith Heard, who provided a historical overview.

Clay Maitland, from International Registries, who took over the chair of NYMAR from AMA Capital’s Peter Shaerf last year when the organisation expanded its Board, offered a vision for the future of New York’s maritime services sector, looking out to 2023, ie over the next 10 years.

The focus of his forecasts was that infrastructure around New York would play a leading role as US energy exports expand; he noted one example where US produced oil bound for Canada passes through the port (see pic showing Tsakos owned tanker Afrodite loading Bakken crude oil at Albany, NY). Part of the region’s growth could include at least new two tunnels- one for rail and one for passenger, the former in support of regional container flows that grow by 40% over 10 years.

All of this growth, of course, requires human capital. Maitland’s predictions suggested future NYMAR recruiting would target younger maritime professionals, possibly educated at The Harbor School, a high school, or at Kings Point and Fort Schuyler, the two maritime academies in the region offering both college level and post-graduate education. The maritime arbitrators, who would be celebrating their 50^th Anniversary the following evening, will also benefit; Maitland suggested that New York would become a centre for maritime arbitrations, surpassing London in the process.

These days, New York’s maritime service sector is booming, all on its own without ties of any type to governmental entities. Indeed in Heard’s historical overview, he lamented NYMAR’s difficulties in getting the attention of local politicians. One can infer from Maitland’s predictions that the maritime services professionals and politicians move closer together, but with the Mayoral election less than one month behind us, such a view was not offered as an explicit prediction.

Then again, maybe the strength of New York is its commercial compass. Consider the comment by one leading ship finance lawyer at the reception, who confided that 2013, which will be dubbed “The Year of Private Equity” will be even busier at his firm than the 2005- 2006 period, which saw a plethora of IPOs. Maitland also looked at finance, predicting that, by 2023: “New York, and in particular the NASDAQ, will become even more important as a world-class financial centre for shipping, than it is today”.

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