The Rise of the Asia Pacific Region – Impact on Shipping

This speech was delivered by Joseph Kwok of American Eagle Tankers at the Connecticut Maritime Association’s March conference, Shipping ’96.

It is my pleasure to be here today to discuss the impact of the rise of the Asia Pacific region in shipping. Let me begin this session with a little introduction on Asia Pacific growth and the impact of this growth on maritime transport. Following this, I shall also be providing some examples to show what has been, and can be done to address the concerns arising from this region’s rapid growth.

Since the 1960s, the world has witnessed the growth of the Asia Pacific region at a rate so rapid that it outpaces that of the rest of the world. This was mainly contributed by the growth of South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia and Indonesia, which reached their peak in the later half of the 1980s, and which have since maintained average growth rates of between 6-8%. In recent years, other Asia Pacific countries such as China, the Philippines, India and Vietnam have also shown signs of remarkable expansion in their global economies.

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