In a cautiously optimistic statement the company said that regulatory challenges and escalating operating costs are among the issues maintaining the fragility of market prospects, but things have improved during the course of 2013.
"Shipping is in a different space to that which it occupied a year ago." said shipping partner Richard Greiner, "Confidence rose to a three-year high over the course of 2013. Good things are predicted for freight rates in 2014, more companies are starting to consider new investment, and economic and political issues with the potential to hurt shipping are deemed less severe than twelve months previously.
"Over the next twelve months, we can expect to see more shipping money raised in the public and private equity markets. Supply and demand levels should come closer into alignment. Consequently, freight rates are likely to rise and, with them," he added.
The positive outlook was tempered with a warning that increasing operating costs and regulation on crew welfare, fuel and ballast water management are all factors that affect the market's recovery.
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