How global shipping industry can get better, by D-8

Mousavi highlighted the need in Abuja at the opening session of the 3rd D-8 Expert Working Group Meeting on Shipping, adding that there were challenges facing the shipping industry.
Developing Eight Countries Organisation for Economic Cooperation (D-8) is a group of countries seeking to improve their positions in the global economy.
The countries are Malaysia, Nigeria, Pakistan, Turkey, Bangladish, Egypt, Indonesia and Iran.
Mousavi said the challenges facing the shipping industry included oil prices, target price sensitivity and the impact of China’s steel industry on the global dry bulk shipping sector.
“Nowadays the ship building industry worldwide is facing some challenges like significant excess capacity, particularly due to the large improvements in productivity of the ship yards.
“The challenges also include over investments in the industry.
“The improving market outlook as empirically indicated by Gross Domestic Product (GDP) and seaborne trade statistics demonstrates modest growth potential and aiding future prospects for sea transport”, he said.
He commended Nigeria’s interest in transportation, especially on the sea.
He urged the meeting’s working group on shipping to encourage exchange of experiences, best practice and public private partnership in the promotion and development of maritime sector.
“We might need to re-strategise implementation processes and articulate specific projects and set timeline for execution, bearing in mind the strength and potential of member countries,’’ he said.
The D-8 Commissioner, Ambassador Martin Uhomoibhi,   said that the platform presented a unique opportunity for collaboration in shipping and other maritime activities between the member countries using the multilateral approach.
“As individual countries, we have great potential in this sector which, if properly harnessed, offer even higher prospects,’’ said Uhomoibhi who is the Permanent Sectary, Ministry of Foreign Affairs.
The two-day meeting has as its theme: “Harnessing Shipping Potential for Economic Empowerment of the D-8 Member Countries”. (NAN)