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Live From Sea Asia 2017

Asia continues to power growth in shpping

Asia continues to power growth in shpping
Asia is continuing to drive growth in the shipping industry and green shoots of recovery are being seen in sectors such as dry bulk and containers.

“Despite economic uncertainties and challenges in the maritime industries Asia will continue to drive global shipping for some time to come. Supported by a growing middle class and rising incomes Asia remains the fastest growing region in the world,” Khaw Boon Wan, Coordinating Minister for Infrastructure and Minister of Transport, said at the official opening of Sea Asia 2017.

The growth of the middle class and the resulting boost in demand was also highlighted by Singapore Maritime Foundation charirman Andreas Sohmen-Pao.

“For all the valid concerns about global economic growth and unprecedented number of people are advancing into the middle class from 1.8bn in 2009 to over 3bn in 2015. This improvement for hundreds of millions of people bodes well for continued shipping demand,” he said in his opening speech.

Sohmen-Pao also saw signs of improvements in shipping markets following a lengthy downturn.

“And let us remember cyclical businesses usually go up after going down, already we have seen green shoots of recovery in the dry bulk and container sectors after a prolonged period of weakness,” he said.

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