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Michael J. Kraefting

We expect to see a gradual change in the cargo composition within the multipurpose market so that more project cargo will return to the market in conjunction with a stronger economy, although this is likely to happen only during the last half of 2011.

At the same time, we expect a greater number of new multipurpose vessels to reach the market, with the majority of the super heavylift vessels with lifting capacities up to 1,000 metric tons. This will create a considerable challenge to that segment in the multipurpose market.

With the number of multipurpose vessels coming to the market, we also see a challenge in the owners’ ability to secure qualified maritime officers and crew to adequately meet the demand for market expertise. Those owners who have their own crew management will definitely have an advantage.

We expect to see a change in the world strategy toward piracy. No doubt we will see international laws that will deal with the prevention and prosecution of piracy and its impact on commercial shipping interests. The number of attacks are increasing just as the duration of the individual hijackings is growing, adding to growing concerns for vessel crews, their families and shipowners.

The ship owners face a continuous demand for greater resources, stronger measurements and due diligence for operating their vessels in restricted waters, to maintain the safety of the crew and the ship. This is a considerable cost element not only for the owners but also for the cargo-owning interests.