- LAST CHANCE: Baltic Risk Forum At Posidonia
The final bookings are being taken for the Baltic Exchange’s Risk Forum at Posidonia. To register, click here.
Focusing on the issue of risk in the freight and shipping markets, the challenges and opportunities that these can present and what is available to help members manage their exposure, the programme will include:
- An A, B, C (and D & E) of how the Baltic helps members manage risk – Mark Jackson, CEO, Baltic Exchange
- A Perfect Match? Physical Indexation and the FFA Market – Duncan Dunn, Director, SSY Futures
- BDRY ETF: Democratizing Investing in Shipping – John Kartsonas, Managing Partner, Breakwave Advisors
- What are the Commercial Implications of the 2020 Sulphur Cap? – Mark Jackson, CEO,
Baltic Exchange, *new speaker confirmed* Theofanis Anastasiadis Projects Manager Starbulk, Brian Nixon, Managing Director, Lavinia Bulk Ltd. and Angelica Kemene, Head of Market Analysis & Intelligence, Optima Shipbrokers
The event takes place at the Yacht Club of Greece, 4 June (Forum 1100-1400, followed by lunch).
- Freight & Commodities Forum: Singapore
On 25 April, the Baltic Exchange will be hosting its annual Freight and Commodities Forum during the Singapore Maritime Week 2018. The focus will be on the dry market and bulk commodity outlook, as well as announcing updates on Baltic member services and initiatives.
New speakers confirmed include Dr Martin Stopford, President of Clarksons Research and Ian Roper, General Manager of Shanghai Metals Market (SMM), Singapore. The Forum will also feature presentations and open discussions on new Baltic initiatives, market benchmarks and the impact of 2020 Sulphur Cap on the freight market.
- Book now: Chairman’s Cocktail Party
Tickets are now available for the Baltic Exchange Chairman’s Cocktail Party on 9 May.
This spectacular event, attended last year by over 600 people, is the highlight of the Baltic’s social calendar and will once again take place at London’s Christ Church, Spitalfields.
Members are invited to buy tickets for their guests via this link.
- FINAL CALL: Greek Wine Tasting in London
A final call for those interested in attending the Greek wine tasting, hosted by the Baltic Exchange in London on 23 May.
“Gone are the days of average Retsina and heavy, oxidised wines” asserts David Hughes, host for the evening, who argues that a “new generation of young, visionary wine growers have breathed life back into old wineries with plantings of noble French varieties as well as resurrecting and perfecting stunning examples of the country’s great indigenous wines.”
The evening will feature six wines and some accompanying Greek meze.
Tickets are priced £10 for members, £15 for non-members.
- Supporting a diverse sector
The shipping industry suffers from a lack of gender diversity: women make up just 2% the world’s shipping workforce, with less than 1% of those women serving in executive roles. On top of this, within the shore-based maritime field, there is a gender pay gap of more than 45%, with female staff bonuses more than 60% less on average, according to data from the Maritime HR Association.
On the back of this data, late March saw women across a diverse range of shipping roles come together in a webinar to discuss the theme of equal shipping for men and women, as well as the most pressing issues for women in the maritime industry. The online event was organised by Lloyd’s Maritime Academy and moderated by Dr Katerina Konsta, chief executive of shipping services firm SeaWorks Training & Consulting. The panel discussed the themes of whether maritime companies are doing enough to attract women, sexual assault at sea, whether areas in the maritime realm exist that are better for women and the future for women in the sector.
Financial pros to diversity
Panel member Birgit Liodden, Women’s International Shipping & Trading Association (WISTA) Norway board member and former director of Nor-Shipping, talked about the financial benefits that having a more diverse organisation can bring.
“I don’t really think that the industry as a whole realises the enormous potentials, financially, companies can gain from ensuring diversity in their groups and companies,” she said. “If you only think about diversity and equal opportunities for women as an ethical thing, you will never get there. Once you start understanding that this actually has financial and operational impact, then I think we are getting somewhere a lot quicker.”
How can these experiences ever foster an environment where a woman feels confident to report any unfair treatment, if she constantly feels her career’s under threat?
Caitlin Vaughan, project manager at the International Seafarers’ Welfare & Assistance Network, agreed. “I think there’s quite a lot of evidence out there that the more diverse an organisation is, the more profitable they are, the more positive an experience that all employees have working there, because you have just such a rich variety of different backgrounds and different opinions and different experiences to bring.”
A Spinnaker Global study, which used a sample of 231 companies between 2007 and 2009, indicated that earnings before interest and taxes for mixed company boards is some 56% up on those with no women at board-level. Additionally, studies from both the Peterson Institute for International Economics and professional service firm KPMG suggest that profitability is impacted by having less women on company boards. Mixed boards reported 6%–19% higher profits. Ms Liodden later added that she believed companies would start viewing diversity “as a competitive edge”.
The webinar also discussed sexual assault and harassment against women working in the maritime industry. Ms Vaughan felt that the attitude surrounding women who work at sea made it hard for women to feel that they could report these forms of abuse.
“Women are far less likely to report harassment or assault and I think, even if they don’t want to report it, they’re less likely to seek the support that they need and to be able to continue with a happy career if it does happen,” she said. “We know that women can find it challenging to even find employment at sea simply because of their sex and we often hear anecdotally that many women working at sea feel they’re constantly under scrutiny and that their ability to work to the same standard as men is called into question. So how can these experiences ever foster an environment where a woman feels confident to report any unfair treatment, if she constantly feels her career’s under threat?”
Ms Vaughan added that a woman who has been harassed or assaulted could benefit from or may want to seek immediate support from someone of her own gender, but this might not be possible if she is the only woman aboard a vessel. When it’s extremely rare to find women working in senior roles at sea, this is an issue. The project manager also said that her company’s seafarers’ helpline, SeafarerHelp, had really witnessed a trend in the cases reported to it: aside from the women affected nearly always holding a junior role, they were also normally not aware of their company processes, or their organisation’s process had really not worked for them at all.
Dr Cecilia Österman, senior lecturer in maritime science at Linnaeus University in Sweden, said that she felt the recent Me Too movement — which developed through the use of the hashtag #MeToo on social media to help show the prevalence of sexual assault and harassment (especially at work) — had focused too much on the idea of reporting incidents rather than the idea of tackling the problem at an organisational level.
“We’re actually pushing the responsibility to the individual woman to report, and it’s not fair because it’s not an individual issue, it’s an organisational issue,” she said. “We have to start recognising sexual harassment, bullying as a safety issue, not an individual issue only … We don’t sit and wait for someone to report if the fire pump is broken … We investigate, we take actions, we learn, and this is exactly how we have to work with sexual harassment as well.”
Inspiring new talent
The webinar drew substantially on the concept of female role models for women working in maritime.
“My knowledge of the maritime world was so limited before I entered it that I wouldn’t have known of any role models before I got here,” Ms Vaughan said. “I feel that hopefully that’s changing though and I think organisations like WISTA … create opportunities to meet a lot of very inspirational women. I think naturally, when you’re in an industry like this where there are so few women, there are a lot of women that are very willing to support and encourage younger women in the industry.”
Ms Liodden added that, especially within the last five years, a lot of new female role models had emerged in the industry across different segments.
“I think that companies are starting to see, at a bigger degree than before, that they have to find new ways of attracting and retaining new talents,” she commented.
The industry has improved in comparison with previous years when it comes to working to be a place where women are wholeheartedly welcomed and supported, no matter the issues they might face. However, with some problems still widespread, efforts clearly have to be redoubled if the industry wants to ensure that it truly meets the needs of a diverse workforce.
- Maritime London lunch
The Baltic Exchange hosted a lunch focusing on the London maritime community this week.
In a speech given by Baltic Exchange Chairman, Duncan Dunn, he focused on the historical support that the Baltic has given the wider shipping community in the UK through the association Maritime London, noting:
“We believe that there is still work to do about the UK Statuary Residence Test, the number of days counting, which are half those on the continent. There is also the uncertainty that Brexit brings, having a voice at government enables us to address the concerns about regulation, taxation and visa issues. All of which contribute to a workplace that can attract overseas talent.”
- Member update
Dynatec Madagascar SA ( Mr M Shimofuji) has applied for Corporate Membership.
The following individuals have applied for Membership of an existing member company:
Individual Company Mr R Byrne Clarksons Platou Futures Limited Mr S W P Bots Braemar ACM Shipbroking Ltd Mr A C Hill Braemar ACM Shipbroking Ltd Mr H Fitschen Glencore International AG Mr K Hasegawa Diamond Star Shipping Pte Ltd Mr P Gulati Hopp Worldwide Private Limited Mr M Petreoccio True North Chartering LLC Ms J Lam Cosmos Shipbroking (HK) Ltd
Any comments should be passed to Karen Karanicholas by 18 April 2018.
- Golf Spring Meeting
The Baltic Golfing Society will be holding its Spring Meeting at Thorndon Park Golf Course on 23 April, tee off at 13:30. This will be followed by a dinner. The £86 fee covers 18 holes, bacon roll & coffee and dinner (excluding alcohol).
Payable on the day by card or cheques payable to ”John Madden”
Please contact: John Madden at email@example.com to register your attendance.
Thorndon Park Golf Course: Ingrave, Brentwood, Essex, CM13 3RH – short distance from the M25
Arrival time: 12:00 for coffee & bacon roll (vegetarian option excludes the bacon)
Tee off: from 13:30
Dinner: from 18:30
- David Elliott
Members will learn with regret that David W H Elliott passed away peacefully on 4 April 2018 in Gillingham, Dorset.
Mr Elliott was first elected a Member of the Baltic Exchange in 1956, representing Clarksons through to 1985. He joined O P Secretan in 1986, and was elected a Retired Member in 1999.
He was a dearly loved father to Rebecca, Natasha and Hannnah. Father-in-law to Philip and devoted Grandfather to Jack, Poppy and Evie.
His funeral service will be held on 25 April at 3.15pm, at Salisbury Crematorium, 1 Barrington Road, Salisbury SP1 3JB.
All are welcome. Donations, if desired, in David’s name to the RNLI or Shaftesbury Hospital, Gillingham, Dorset.
- Congratulations to Alan and Jean Bishop
Earlier this month former Baltic member Alan Bishop and wife Jean celebrated their diamond wedding anniversary.
Now living in Christchurch, New Zealand, Alan and Jean were sent congratulatory messages from New Zealand Prime Minister, Jacinda Ardern, and a very special card from HRH The Queen.
Congratulations to Alan and Jean from all at the Baltic Exchange.