Manila: The president of InterManager, the association for shipmanagers, has warned of the “spectre of uncertainity” facing shipping in his New Year’s address. Gerardo Borromeo, who is ceo of Manila-based Philippine Transmarine Carriers, said:
“We live in interesting and challenging times. As we have seen, even when we think we see the light of day, there remains a spectre of uncertainty.
“The recent run up in VLCC rates seemed like the beginning of an upturn. However, a similar surge in newbuilding orders for tankers is something that we should keep an eye on because of its potential impact on the cyclical nature of our business.” [24/12/13]
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