GLOBAL SEAFARERS CRISIS LOOMS

A new study on the future global supply and demand of seafarers projects that by 2020, the maritime industry will need to recruit an additional 32,153 officers and 46,881 ratings above 2010 figures to meet the growing needs of the global maritime transport industry.

Although ship owners are still having difficulty raising funds to fund newbuildings, present order book has raised concerns whether the supply of qualified seafarers will grow sufficiently quickly to sustain the fleet that will enter into service in coming years.

A report released by the United Nations Conference on Trade and Development (UNCTAD) estimates that manning about 10,000 ships on order requires 400,000 newly trained crew.

In 2007 and 2008 carriers reported an acute shortage of officers, and the shortage is expected to escalate in coming years