The session and its lively panel debate was a highlight of the first day's proceedings, following on from the morning's session on container market trades.
The panel comprised a senior line-up of industry leaders including Kenneth Koo, group chairman and CEO of Tai Chong Cheang (TCC) Steamship, Andreas Sohmen-Pao, CEO, BW Group, Douglas Tong Hsu, Chairman and CEO, Far Eastern Group, Mikael Skov, CEO, Tankers Inc Holdings A/S and Per Wistoft, CEO of Brightoil Shipping. It was chaired by Matt Frei, the renowned Independent Television News (ITN) journalist.
The panel agreed that oversupply of tankers and dry bulk vessels, as opposed to a lack of demand for them, was perhaps the major issue for the sector.
Andreas Sohmen-Pao and Kenneth Koo agreed that low interest rates and the banks' willingness to lend had contributed to the continuing oversupply situation.
The panel noted the industry had little influence on the demand side but the supply side could be controlled via owners refraining from building new ships, slow steaming, and greater market discipline on freight rates.
Later in the afternoon, a new feature of Sea Asia, very well-received by delegates, was the Sea Asia Global Forum in which the state of the industry from the owners' perspective was examined in detail.
The panel comprised Masamichi Morooka, chairman, International Chamber of Shipping and President & CEO, NYK-Hinode Line Ltd, Jorge L Quijano, Administrator, Autoridad del Canal de Panama and Mohammed Al Muallem, senior vice president and management director – UAE Region, DP World.
Sea Asia, which articulates the voice of the Asian maritime communities, has captured the imagination of the global shipping community. Located at Singapore's Marina Bay Sands Conference and Exhibition Centre, it has become an iconic, must-attend event for senior shipping professionals.
Sea Asia 2013 was officially opened this morning by Singapore's Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam.
As day one drew to a close this evening, Sea Asia organisers reported that over 700 delegates had registered for the conference, a figure well ahead of conference attendance on the last show in 2011.
More than 14,000 people are expected to attend the Sea Asia conference and exhibition across its three days. The event occupies almost 17,000 sq m of gross space at Marina Bay Sands Expo & Convention Centre.
It has more than 7,000 sqm of net used space in an exhibition booked by 385 maritime and shipping businesses from 36 countries. There are nine country pavilions from China, Holland, Japan, Korea, Norway, Panama, Qatar, Singapore and the UK.
Co-organisers Seatrade said Day One of Sea Asia had exceeded expectations both in terms of the number of participants and the feedback received from exhibitors and visitors.
Sea Asia, co-organised by Seatrade and the Singapore Maritime Foundation (SMF), has established itself as the leading international maritime show for Asia since its launch in 2007.