13.3 C
Hamburg
Monday, June 2, 2025
Home Industry Opinions Danaos denounces protectionism threat to shipping

Danaos denounces protectionism threat to shipping

One of the major threats to shipping was identified by John Coustas, the president and CEO
of ship owner Danaos Corporation, who said that deglobalisation is the major threat to
shipping today.

Speaking at Posidonia’s Capital Link conference in Athens, Coustas said that globalised trade is better for the world’s population because it reduces costs and he added that container shipping was a disruptive force.

“The biggest danger to shipping is deglobalisation, protectionism is a major challenge.
Deglobalisation and protectionism of people and industry, globalisation brings the world
closer and, in this respect, integrates markets in a much better way and means the world
works as one.”

According to Coustas, the West, by which he means mainly Europe and the US, offers some
optimism because they do not have the workforce to substitute Chinese production.

“Immigration is the only way for the West to maintain its workforce,” said Coustas.

Sitting on the same panel as Coustas, Hing Chao, executive chairman of Wah Kwong
Maritime Transport Holdings, pointed out that the world is no longer bi-Polar, meaning, that
two major controlling powers had dominated world politics and economics in the past.
Instead, we live in a “multi-polar world,” which is complex and very challenging and has
delivered many so-called black-swan events.

Harry N. Vafias, founder of Stealth Gas, said that wars had proved to be positive for shipping although he emphasised, he did not like war.

This decade had started off badly said another panel member Nikos Tsakos who pointed to
COVID-19, Ukraine and the Gaza conflict as disruptive events.

Although Chao pointed out that after a series of black swan events, they cease to be black
swan occurrences.

Meanwhile, Coustas also took aim at the green transition, claiming: “No-one is thinking
about who pays the bill.”

He also said there has been no significant premium from shippers who are the ones that are supposed to be driving the transition.


Mary Ann Evans,

Correspondent at Large





Latest Posts

The Indian Ocean Rivalry

The Indian Ocean has emerged as a strategic theater of competition between two Asian giants: India and China. India’s recent developments indicate a rapid expansion...

Statkraft advances plans for green hydrogen scheme at Hunterston

Europe’s largest generator of renewable energy has proposed the development of a green hydrogen facility at Hunterston, the former coal terminal in Ayrshire. Clydeport –...

Port of Bilbao wraps up busiest month for cruise traffic

May has marked a record month for cruise activity at the Port of Bilbao’s terminal in Getxo, with 18 cruise ship calls bringing over...

Tripoli port shutdown sparks maritime crisis in Libya

Libya’s shipping sector is teetering on the edge of collapse as fresh waves of political violence erupt in Tripoli, crippling key port operations and...

Klaipėda port embarks on green hydrogen initiative

Klaipėda Port launched its green hydrogen initiative, positioning itself as the first in Lithuania and the broader Baltic region to produce and supply green...
error: Content is protected !!