Asia Pacific drives global economy and fuels P&I growth

The economy of the Asia Pacific region offers business expansion potential lacking elsewhere. Yet the economic environment creates challenges as well as opportunities for the P&I sector. Steven Randall, general manager of the Shipowners’ Club Singapore branch, considers the dilemma

By Rasaad Jamie

Most economists agree Asia will be the primary engine of global growth in this decade, with the Asian consumer market in particular driving it. This trend has a direct impact on infrastructure needs, energy requirements, demand for raw materials, tourism and of course, consumer goods. Increased shipping activity in support of this is a direct result. As well as benefitting international trade from Europe, North America and other regions, supported by large vessels, there is significant development in the smaller vessel sector within Asia itself.