Paul Jennings, CEO of the North of England P&I Club and current chairman of the International Group of P&I Clubs is the latest top name to star in our Maritime CEO Leader Series powered by Ocean Technologies Group.
No club will be immune from the financial fallout brought about by the coronavirus, the North boss conceded in the video interview, but Jennings was adamant that the reserves he and his peers in the International Group had built up in recent years ought to be able to withstand the worst effects brought about by the pandemic. He admonished critics who had been saying for some time that too many clubs had been holding excessive reserves.
On likely changes coming to his sector – and the world of business in general – once the virus recedes, Jennings reckoned there would be less travel and that the path of globalisation might take a new route.
“Do we need to do the amount of travel we did previously?” Jennings mused, adding: “I think it will focus us all on whether we need to jump on that plane for that particular meeting or can we conduct some form of video medium?”
The insurance veteran said that there would likely be more profound debate about where globalisation goes in the coming months.
“What the pandemic around the world has taught everybody is that the just in time world we live in is great when everything works but when you stop the supply chain, my goodness, that does create a problem for everybody,” Jennings said.
The Maritime CEO Leader Series airs on this site and via social media every Tuesday and Thursday. Stay tuned for some famous names in dry bulk and liner shipping next week before we take to the high seas.