The Union of Greek Shipowners has published its Annual Report 2011-12 with a foreword by its president Theodore E. Veniamis.

The report, inter alia, underlines:

– In 2011, the world shipping market failed to register a recovery from the low levels of previous years with uncertainty reigning high and making further predictions very hard.

– Overtonnaging is persistently the key problem with unprecedented overcapacity having adverse repercussions on freight rates in 2012 as well.

– Overcapacity and poor charter rates have caused asset values to slump and made re-financing even more difficult.

– The piracy situation off the coast of Somalia, in the Gulf of Aden, the Western Indian Ocean and the Arabian Sea has seriously worsened and become alarming over the years with seemingly little chance of solution because of the lack of strong political will by the international community.

You may read or download the report here