Though there is little doubt that the global maritime industry is facing a slowdown with excess capacity and weak demand, the question should not just be on how long it will last.
“Whether it is a temporary slowdown or a prolonged slowdown, the more important question for us is how can we, together as the maritime industry, continue to do well for ourselves and for our country in the longer term when the industry recovers?” asked NTUC Secretary-General (SG) Chan Chun Sing.
He brought this up when addressing the crowd at the Singapore Maritime Officers’ Union (SMOU) 65th Anniversary Lunar New Year Luncheon and Hong Bao Presentation on 11 February 2016.
As for indicators suggesting that the slowdown is global, he said: “While we cannot do much to overturn the global cycle by ourselves, there are many things we must do to position ourselves for the longer term and seize the opportunities when the industry recovers.”
SG Chan pointed out: “It will be very dangerous for us to assume that this current slowdown is but a cyclical phase. In fact, there are many reasons to suggest that beyond the cyclical reasons, there are structural issues that we have to anticipate going forward.”
Doing Even Better
Pointing to world economic, production and manufacturing patterns, he said: “The pattern of trade and energy supplies have all changed. All this means that it will have tremendous impact on the global shipping industry.”
He added that whether this is a plus or a minus for the Singapore shipping community and seafarers depends on what is done during the current slowdown.
“If we are able to deal with those structural elements, if we are able to prepare for it well, then when the next upturn comes I am confident that our shipping community will not just only survive but do even better,” he said.
SG Chan also thanked SMOU for its generosity in setting up the S$1.1 million SMOU Care Fund to help needy seafarers and their families. In addition, SMOU General Secretary Mary Liew announced that the union will contribute S$1,000 per vessel to each shipping company that has a Collective Bargaining Agreement (CBA) with SMOU.
She said: “This works out to a disbursement of S$1.5 million for SMOU to help our CBA companies through this difficult time, and at the same time to better the welfare on board the vessels."
Source: NTUC This Week
