KENNETH KOO of Tai Chong Cheang Steamship Co (HK) Ltd, has been elected the new chairman of Hong Kong, Shipowners Association at the group's 53rd annual general meeting, as the industry continues to face hard times.
"We hear stories about loan covenants being renegotiated, about direct or indirect state assistance for struggling companies and shipbuilders, but it would appear that banks are largely content to leave ships in defaulting owners' hands to operate, at least for the time being," said outgoing chairman Peter Cremers, of Anglo-Eastern Ship Management Ltd.
"There is still great uncertainty of where we actually are. The container market is rumbling along at rates very close to operating cost, if not just below. My report last year predicted that when the fog lifts, all will become clear, but there is still sufficient fog around to make our position uncertain," said Mr Cremers.
Said Mr. Koo: "I know I am speaking on behalf of all members when extending my sincere congratulations to Mr Peter Cremers on his highly successful and energetic two years of distinguished service as chairman."
Mr Koo also said that despite a hectic work schedule and other commitments, Mr Cremers had enthusiastically promoted the association and Hong Kong's maritime sector within Hong Kong, on the mainland and internationally.
Alan Tung, of Island Navigation Corporation International Ltd, was elected deputy chairman while Sham Chellaram, of KC Maritime Ltd, and Wang Futian, of Cosco (Hong Kong) Group Ltd, were elected ordinary member vice chairmen and Alastair MacAulay, of JSM, was re-elected as associate member vice chairman.
Association financial accounts for 2008/09 were also approved, as was the preliminary budget for the financial year 2010/11, which indicated the association would continue to run a small surplus.
Mr Koo also thanked Richard Kendall, Kingsley Koo, David Cheng and Peter Cheng, who retired from the committee, for their dedication to the association.
Also elected were honorary treasurer Rose WM Lee, of HSBC; Rajaish Bajpaee and Bernhard Schulte, of Shipmanagement (Hong Kong) Limited Partnership; Harry Banga, of Noble Group Ltd; Sabrina Chao and Wah Kwong, of Shipping Holdings Ltd; Rob Grool, of Wallem Group Ltd.
Jack Hsu, of Oak Maritime (HK) Inc Ltd; Huang Shao-jie, of Hong Kong Ming Wah Shipping Co Ltd; John Lau, of Parakou Shipping Ltd; Edward Lee, of Steamship Mutual Management (Hong Kong) Ltd; JB Rae-Smith, of The China Navigation Company Ltd,
Martin Rowe, of Clarkson Asia Ltd; John Rowley, Lloyd's Register Asia; Tian Zhongshan of Sinotrans Shipping Ltd; Wang Chunlin, of the Pacific Basin Shipping (HK) Ltd and Raymond Wong, of Richards Hogg Lindley.
Source : HKSG, 28.11.09
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