Parker talks about the shifting landscape of ship finance; the industry’s response to climate change and the impact of an integrated logistics system in world commerce during what Parker notes as “the most exciting time for the industry”.
“What is quite interesting is that not a lot has changed until recently in shipping,” explains Parker, adding that experience suggests that it is “always events from outside the industry that have the most dramatic positive or negative consequence upon the industry” such as digitalisation and the decarbonisation agenda.
“What we are now experiencing is a series of positive events… we had to deal with the fallout of the financial crisis across most sectors of shipping but the recovery phase now is a very strong one, allied to bigger global issues of which the industry will benefit from."
Drawing on over 35 year’s of experience, Parker also goes on to discuss not only how integrated logistics will turn shipping into a “more balanced”, less speculative sector and but also the forces that have driven a clear change in industry structure, specifically corporatisation and consolidation where the cost of capital is now a competitive aspect.
“If you’re at the top of the industry your cost of capital is so much cheaper than if you are a small owner…it wasn’t ten or fifteen years ago,” explains Parker, adding that this is likely to “drive consolidation to attract the necessary capital with the investments needed for zero emission vessels.”
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