Maritime CEO 2023 at the Monaco Yacht Club
For the second year in a row, our CEO, John Michael Radziwill was a panellist and CTM was a sponsor at Splash 24/7’s Maritime CEO event, which took place at the iconic Monaco Yacht Club and was attended by over 125 maritime executives.
Our CEO & Chairman John Michael Radziwill, took part in the Dry Bulk Market Outlook panel alongside: Cesare d’Amico, CEO of d’Amico Società di Navigazione, Milena Pappas, Commercial Director of Star Bulk & Head of Oceanbulk Maritime and Edward Buttery, CEO of Taylor Maritime Investments and Grindrod Shipping.
The panel was asked if China’s post-COVID recovery was over-hyped. John Michael Radziwill had this to say on the matter: “Dry cargo volumes-wise we probably underestimated China’s recovery/strength this year. What was really the unknown factor was congestion coming off and the effect it had on the market.”
On China’s dry cargo imports, he said: “Regarding Chinese dry cargo import volumes this year, they will likely be the strongest year on record, reaching close to 2.2 billion tonnes, 10% more than 2021 (the previous record year).” He also mentioned that the Russian war on Ukraine has negatively affected trade volumes from the region.
On the World Bank’s recent forecasts, he was optimistic, having this to say on their predictions; “Despite the World Bank expecting a slowdown in economies from rising interest rates and recession risks related to these, growth outlook in East Asia and the Pacific is still expected at 4% to 5%, still significantly higher than the 1.5% growth expected for advanced economies.”
If you have read Mr Radziwill’s opinions about newbuildings and new ships in the past, his answer to a question about the current low orders at shipyards shouldn’t come as a surprise. “I would not order a new vessel today as it entails a large financial outlay at the highest interest rates we have seen in over 20 years, coupled with major propulsion uncertainty.”
The event was attended by CTM’s Executive management and Commercial management teams. They all reported that the event was a massive success, and we look forward to Splash 24/7’s next major event Geneva Dry, in May 2024.
Below are some more photos from the event and the panel kindly provided to us by Splash 24/7.