Asia – a key market for shipping

The fourth “The Way Ahead – Where are you now?” transport survey interviewed 1,000 respondents from around the world from the shipping, aviation and rail sectors. It revealed that around 39% of global shipping respondents ranked the Asia Pacific the area of the most geographical importance for the shipping market.

Philip Roche, Co-Head of Shipping, Norton Rose, said: “In line with the development of China and India as economic powers, Asia has been the most buoyant shipping market for a number of years. Singapore has successfully positioned itself as an increasingly important legal and financial centre for shipping and this trend will doubtless continue.”

The survey also revealed that shipping is the transport sector to have suffered the most in the wake of the global financial crisis, which is perhaps unsurprising. Over two-fifths (42%) highlight increased financial constraint as the most significant change to their business between 2010 and 2012 and 34% reported a reduction in turnover during this period.

According to respondents, costs have also risen more in the shipping sector than for aviation or rail, with almost half (48%) reporting that fixed costs increased between 2010 and 2012.

The survey also suggests that the cost of fuel is of greatest concern to the shipping sector. Over two-thirds (69%) regard more efficient fuel consumption as the most important development focus for the shipping sector into the future.