EMEA News
2020 on the Agenda as Industry Leaders Meet in Istanbul
Turkey Prime Minister Mr Binali Yildirim and IMO Secretary General Mr Kitack Lim were among the industry leaders in attendance at a Summit in Istanbul this past weekend, with IMO2020 among the topics of discussion.
Mr Tamer Kiran of Kiran Holding, Mr Haci Sabanci of Densa, Turkey, Mr Lucien Arkas of Arkas Line, and Mr Mubariz Kurbanov of Palmali Group were among the major shipowners discussing compliance choices for the new IMO2020 rule, which will see the global sulfur cap fall to 0.50% from January 1, 2020.
While they were undecided over how best to comply, scrubbers were seen as an unlikely option. All agreed the new rules would cause a major change for world shipping.
Kiran also voiced concern over newbuild orders having hit 4 million dwt in January, and the resulting potential for oversupply.
Finance was another area of concern, with Kurbanov suggesting shipowners should cover at least 35% of their investments, and we should not return to the 80% financing levels seen in the past.
Mr Mehmet Kutman of Global Yatirim Holding Anonim Sirketi believed interest rates could also weigh on markets, which in Turkey could rise as high as 8%.
Finally, Mr Yuksel Yildirim, CEO of Yildirim Group, announced an aggressive growth plan he hopes will move the company into the top ten port operators by 2020.
