On the afternoon of Sept. 20th, World Shipping (China) Summit 2012 held its concluding ceremony. Mr. Gavin P. Carter, Executive Vice President of UBM Global Trade, chaired the ceremony and summarized the summit.
Firstly , Mr. Carter speaks high of the summit and its accomplishments. He notes that, in the face of the new situatioin ever since the financial crisis, a different mechanism and leadership is needed to overcome the current turmoils. Holding the summit for years in a row, COSCO has played a crucial role in building the platform on which stakeholders share their views and fostering the industrial growth.
Secondly, Mr. Carter comments on the views of the delegates. He indicates that all parties concerned agree that, owing to the current blight, the shipping industry will not rally in the near future--amid soaring bunker price and political unrest, there is no single magic solution. But almost 90% of all cargoes are moved over the sea. That the industry is transforming, albeit at times with a little hesitancy as Asia becomes even more centre stage. Shipping community should be firmly confident, optimism about the longevity of the economy and shipping.
Scrutinizing the challenges and calling for closer cooperations, the delegates raise a plenty of constructive ideas, such as how to exploit derivatives, strengthen shipping and shipping-related collaborations and mutual understandings and foster a sound growth of the shipping industry with joint efforts.
In his comments, Mr. Carter feels particularly taken by Captain Wei Jiafu, Chairman of the Board of COSCO Group who proposes the idea of 4Cs -- Confidence, Commitment, Communication and Cooperation in the Summit. And he sugests the 5th one -- Discipline. Discipline to work towards rate restoration. Discipline towards managing capacity and Discipline to resist the urge of taking a deal which on the face of it looks too good. All industry players must remind that profit making is a far better solution than a market share grab. There is the most obvious need for careful management of the supply and demand balance and that this will be key for many years ahead. Mr. Carter believes that with rational and adaptive operations, the shipping industry will certainly last and thrive, coming out safer, healthier and greener.
More than 700 delegates from over 30 countries attended the summit and more than 50 speakers joined the conference. So far the summit successfully concluded in Xiamen.