EDITOR'S NOTE
On the Cover
O
ff the charts. 2007, rolling in to 2008, was literally off the charts. I know this, because in preparing the statistical information presented in the pages of this, our Annual Yearbook Edition, we had to go into the Excel files and reset several of the scales, as the `07/'08 figures literally were scrolling off the charts! The maritime industry continues its historic march forward, powered by record oil and gas consumption and prices; torrid growth in the emerging economies of China, Vietnam and India; and generally a euphoric feeling for all things maritime. Pundits are quick to note that the historical nature of this market means that a dip -- or perhaps a canyon -- is imminent, but for now most everyone is enjoying the ride while boats, rigs and ships of every variety, shape and size are taking shape and finding employment worldwide. While fulfilling today's demand, it's wise to keep on eye on tomorrow. Here are a few things to consider: � U.S. Economy: A pending recession; record energy prices; a weak dollar; and a looming financial sector meltdown will continue to as definitive trends for the balance of `08. Yet despite all of the above, when I checked this morning the sun still rose. Monitor the numbers by which you build your business, but don't become too obsessed as they move from one extreme to the other. This market is fraught with business, financial and political challenges. The key question: When has it not? � Offshore Oil & Gas: While oil prices hit a fresh record seemingly daily, it appears that the $100+ barrel is here to stay, with several noted energy analysts predicting the $200 barrel. As always, energy prices will have a dramatic impact on your business, whether you're benefiting from the boom in exploration or suffering from the increased cost of doing business. Ride the offshore exploration boom while it's hot, but diversify your market exposure, as the maritime world is littered with corporate corpse's that bet too much for too long on one particular sector. On the company side, "being green" is not a passing fad, rather a new cost of doing business. � Politics: Dramatic change could be in store with this year's presidential election, and I've heard from several sources of a spike in government RFP's in anticipation of tighter purse strings after the November election.
MARITIME REPORTER
AND
ENGINEERING NEWS
www.marinelink.com
ISSN-0025-3448 USPS-016-750
No. 6
Vol. 70
118 East 25th Street, New York, NY 10010 tel: (212) 477-6700; fax: (212) 254-6271
Founder:
John J. O'Malley 1905 - 1980 Charles P. O'Malley 1928 - 2000
Maritime Reporter/Engineering News is published monthly by Maritime Activity Reports, Inc. Mailed at Periodicals Postage Rates at Waterbury, CT 06701 and additional mailing offices.
On the Cover: Pictured on this month's cover is an artist rendition of Dubai Maritime City. Read about this emerging maritime hub starting on page 46.
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Table of Contents SNAME 115 Celebration Editor's Note News Vessels Legal Beat People & Company News Recent Ship Sales New Products Buyer's Directory Classified Ad Index
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Coming in July 2008 ...
The Shipbuilding Edition, plus
Training & Education � Clean Marine Fuels � Diesel Engine Technical Dir ector y � Canada
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Maritime Reporter & Engineering News