JEDDAH: The Middle East should prepare to capitalize on the world shipping industry's increasing focus on the East according to discussions at the Seatrade Middle East Maritime (SMEM) conference last Wednesday. The ‘Market Projections' session which opened the Money & Ships section of the conference was chaired by Fred Doll, managing director or Doll Shipping Consultancy, with high-level industry experts accompanying him on the panel, including Nick Collins, COO of Clarksons, Dubai. Collins said: “World economic growth is estimated at around 4 percent by 2011/2012, with the Middle East even higher at around 5 percent, driven by the emerging economies, China, India, Brazil as well as the Middle East region. From 2003 to 2009 there was an increase of from 56 percent to 69 percent of ships looking to the East and this growth is expected to continue. “The region is absorbing fleet expansion from 2008 and the current order book is seeing ordering on a heroic scale, with not much cancellation but renegotiation of delivery dates. Demand is mainly driven by China; in 2009 China imported 84 million tons more than in 2008 in raw commodities, such as iron ore and coal.”
