70% of maritime leaders believe oil prices are undergoing a structural change

SINGAPORE (Dec 8): The volatility in prices are representative of a structural rather than a cyclical change according to 70% of maritime leaders in Asia, according to data released by Sea Asia 2017.

The survey revealed that minority of maritime leaders believes that oil prices (25%) and the maritime industry (26%) will rebound to pre-2014 levels in the next six months.

Citing tonnage oversupply (83%), innovation (44%) and talent shortages (30%) as critical issues currently faced by the maritime industry, 77% of maritime leaders were still confident in the industry’s long-term prospects.

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