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Goodwood Ship Management eyes larger tanker portfolio in 2016

Goodwood Ship Management eyes larger tanker portfolio in 2016
Singapore-based tanker shipmanager Goodwood Ship Management is expecting to manage around 45 vessels by the end of 2016, expanding from its current portfolio of 34 vessels, according to managing director Ashok Sabnis.

Sabnis said that at the current stage, the company is beyond critical mass to sustain its operations, and is now focusing on delivering economies of scale and a more personalised service to its customers.

But by the end of this year, the company would be ready to manage about 45 vessels.

“We believe the demand-supply equation in shipping is still a concern and there are probably too many tankers being ordered, but as of now the tanker sector is positive, freight rates are strong and tanker operators are having reasonably good times. This is all good for tanker managers,” he said.

He recalled that 2015 has been one of improvement for the tanker sector which is in contrast to the rest of the shipping industry.

And looking ahead to 2016, it will be a “year of caution”, as falling oil price could have a negative knock-on effect in the markets and in the world economy, even if low oil price does not directly have an impact on the tanker management sector.

Sabnis also noted Singapore’s continuing vibrant ship management market, probably making the island-state “the most important centre for tanker management”.

“Rising cost is an issue but the strengthening US dollar (against the Singapore dollar) in 2015 means that the cost issue has eased a little. Singapore is one of the world’s leading international maritime centres with a great maritime infrastructure including banks, law firms, surveyors, insurance companies. So this will remain our home for the foreseeable future,” he explained.

However, Sabnis hopes that the Singapore government will continue to exercise a liberal and open outlook towards the hiring of foreign talent. “This is an issue in Singapore which concerns many in our sector so we hope and believe that sense will prevail.”