A gradual recovery is hoped for in the marine industry following one of its worst earning years in 2016, which saw marine insurers weather large losses and depressed rates. While there are still sizable pressures in offshore energy, due to the drop in oil prices, container and dry bulk lines of business are showing signs of recovery, said Stephen Gordon, managing director of Clarkson Research Services. Gordon highlighted the growth in trade, particularly in Asia, as the main growth drivers for the marine industry. While geo-political issues and increasing protectionist ideologies raise alarm bells, stable growth in China and the country’s ‘One Belt, One Road’ policy will have a positive impact on the shipping industry. China’s ‘One Belt, One Road’ policy is thought to boost exports of machinery and high-tech manufactured goods which would support the heavy lift vessel sectors, while infrastructure investments will boost demand for raw materials. It was also noted that as technology and the smart shipping agenda ranks highly for shippers, insurers will have to pay increasing attention to cyber exposures in the marine sector.
