Downturn far from over: Sohmen

Hong Kong: One of the world’s most respected shipowners has told SinoShip News shipping’s downturn is far from over. Dr Helmut Sohmen, chairman of BW Group, said overcapacity remains a huge issue and while traditional banking outlets have dried up, the largesse of Chinese financiers was a real concern. “We are far from out of this,” Sohmen said of shipping’s downturn.

China’s move to set up a giant VLCC pool also concerned Sohmen. “The creation of the Chinese tanker pool has worried me for some time,” he said.

Sohmen also admonished his fellow shipowners for rushing to order so-called ‘eco-ships’ in the downturn, questioning the validity of all the fuel saving claims of the new generation of ships, while bemoaning the additional capacity increase.  [31/10/12]

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