Facing Up To The East – One Year Down The Line: Addressing the Global Impact of the Asian Crisis On Ship Owners, Managers and Financiers

Presented by Mr. Rajaish Bajpaee, President and Group Managing Director, The Eurasia Group of Companies, Hong Kong, to a Marine Money/IIR ship finance conference in London on September 30th.

Chairman McCleery, delegates and fellow speakers, good morning.

The dramatic downturn in the Asian economy has created a great deal of concern within both the Asian and international shipping communities. The international trade in goods and services has reduced as Asian countries are facing rapidly increasing costs for imports as a result of the dramatic fall in the value of their currencies. This has led to a reduction in demand for tonnage with subsequent pressure on freight rates.

In my remarks this morning I will be examining from a macro perspective the global impact of the on going Asian economic problems in relation to the shipping community, and in particular, how this crisis has affected regional ship owners, managers and financiers. To best cover this broad topic I have divided my presentation in to several specific areas.

This is only an excerpt of Facing Up To The East – One Year Down The Line: Addressing the Global Impact of the Asian Crisis On Ship Owners, Managers and Financiers

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