BPA Busan International Port Conference to Share Insights in an Era of Great Change... Held on the 24th-25th

'Pioneer of Quantitative Analysis in the Container Shipping Market' Lars Jensen Invited

Focus on Analysis and Response Strategies for the Global Shipping Market Amid Uncertainty

The 12th Busan International Port Conference (BIPC), hosted by Busan Port Authority (BPA, President Kang Junseok), will be held at the Busan Port International Passenger Terminal (BPEX) from the 24th to the 25th.

This year's BIPC will feature presentations and discussions by experts on topics such as container shipping in a time of upheaval, ports in the AI era, global port cooperation, and port decarbonization and digitalization.

Lars Jensen, CEO of Vespucci Maritime and a world-renowned expert in container shipping market analysis, will be the first keynote speaker, providing insightful analysis and forecasts on the global shipping market.

Lars Jensen's analytical skills shone especially during his 12 years at Maersk, where he served as chief analyst for six years, and later as co-founder of Sea-Intelligence.

Lars Jensen earned his Ph.D. in theoretical physics from the University of Copenhagen in 1998 and a business degree from Copenhagen Business School in 2003.

For the past 12 years, he has been called a 'pioneer of quantitative analysis in the container shipping market,' helping shipping lines, ports, and shippers make successful data-driven decisions by predicting changes in the shipping industry.

CEO Lars Jansen to Speak at Busan International Port Conference.

The global shipping market is currently undergoing greater changes and facing more uncertainty than ever before. Various factors such as geopolitical risks from the Red Sea crisis and the war in Ukraine, as well as potential changes in trade policy resulting from the US presidential election, continue to impact the shipping market.

Traditionally, July to September is the peak season for the global shipping market due to increased cargo volume, but this year, the Red Sea crisis has forced carriers to choose the Cape of Good Hope route, intensifying the shortage of vessels.

Additionally, a significant volume of cargo is being handled at nearby transshipment ports, causing port congestion, and shippers, concerned about supply chain disruptions, have been shipping cargo early, leading to a surge in demand from the first half of the year.

As a result, the Shanghai Containerized Freight Index (SCFI) has doubled, and the strong freight rates continue. However, it is premature to assume that this shipping boom will last. The aggressive vessel orders by carriers are emerging as a new risk factor.

Currently, 6,206 container ships are in operation worldwide, with a total capacity of 29.7 million TEU, up 10.6% from the previous year. Moreover, about 22% of the global fleet has been additionally ordered, raising concerns about a potential oversupply of capacity in the future.

On the demand side, global retail inventories have not recovered to pre-pandemic levels, leaving room for further demand growth, and demand from the US remains steady.

However, there are forecasts that if demand soon shifts downward, it will be difficult to absorb the sharply increased capacity, making it hard to predict how long the shipping market boom will continue.

Recognizing the value of Lars Jensen's insights and perspective in such uncertain times, Busan Port Authority has invited him as the first keynote speaker for this year's conference.

Following the BIPC opening ceremony, he will give a presentation on 'Container Shipping's New Challenges and Opportunities in an Era of Upheaval.' He will analyze various factors such as geopolitical risks, decarbonization, and alliance restructuring, objectively diagnose market volatility based on statistics and data, and present practical strategies for effective response.

A BPA official stated, "BIPC is an annual gathering where experts in global shipping, ports, and logistics come together to prepare for the future and share knowledge," adding, "We hope this event will help participants make rational and efficient decisions through the knowledge and insights of experts."

BIPC 2024 Poster.