Plain sailing for regional maritime despite US slowdown

The credit crunch and the slowing US economy are expected to start impacting global trade but the effects on the Middle East maritime industry will be minimal, say leading industry observers.

"Continuing momentum from trade giants such as China will more than outweigh the US slowdown and the strong market returns being experienced by the industry in the Middle East are expected to continue," said Christopher Hayman, Managing Director of Seatrade, organisers of Seatrade Middle East Maritime 2008 - the region's premier maritime forum.

The exhibition and conference is held every two years and has evolved into one of the world's fastest-growing maritime events and now ranks among the industry's Top 10 largest. The 2008 event will run from 14-16 December at Dubai International Convention and Exhibition Centre under the patronage of HH Sheikh Mohammad bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.

In 2006 the event was the biggest yet notching up record attendance of 6,000 trade participants from 63 countries - 45% from outside the region. In 2008, the organisers expect participation to increase by 30%.

Middle East optimism in the maritime industry is based on continued demand for oil and gas worldwide and the vital role the region plays as a hub and a link between Europe and the Far East.

Shipping companies based or operating on Middle East routes achieved an average growth of between 25% to 30% in both dry bulk and very large crude carriers markets last year, according to industry experts who see the trend continuing.

"There are clear indications of a brighter market for 2008, we do not foresee a reversal of the 2007 fortunes," Sharafuddin Sharaf, president of UAE Ship Owners' Association, said recently. "The entire shipping industry is witnessing an unprecedented boom," he added.

"The Middle East has never been more focused on its one-stop maritime trade hub ambition or more alive with an abundance of business opportunities," said Hayman.

Among those attending this year's Seatrade Middle East Maritime will be ship owners and operators, ship managers, fleet operations managers, marine superintendents, purchasing officers, technical officers, naval architects, charterers, legal service providers, port authorities and operators, harbour masters and consultants.