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Ushering in the Year of the Goat

Ushering in the Year of the Goat
Over 500 shipping executives gathered at Singapore's Raffles City Convention Centre on Tuesday to celebrate the start of the Year of the Goat.

Guests of honour at the event were Singapore Transport Minister Lui Tuck Yew and Senior Minister of State, Josephine Teo.

Although an evening to network und usher in the New Year, Lui also spent some time talking about the outlook for the industry. “Looking ahead to the rest of this year, there is neither a clear upward trajectory nor a straight course for the maritime sector. Whatever optimism that we can look to, is not going to be a result of increased rates.

luiRather, it is likely to come from lower costs and we can continue to persevere in this direction. While some have benefitted from the lower bunker cost, others in the offshore and dry bulk sector are having a difficult time.

Indeed in jest the Minister Lui noted the Baltic Dry Index was currently in basement two.

Similar observations were made by SSA president Patrick Phoon, who said: “We are pleased to note that Shipping is showing some signs of conservative recovery. Some of us may have benefitted from the lower bunker prices, but this has also presented our offshore services sector with a new set of challenges.”

Looking ahead for the year for SSA he added, “2015 will indeed be a year of celebrations! Besides commemorating Singapore’s 50th year of independence, SSA also turns 30 this year.”