Changes in the global economic and security environment will pose challenges to shipping for many years, but great opportunities exist should international co-operation gain traction again, according to a shipping expert.

Sturla Henriksen, managing director of Norwegian Shipowners' Association (NSA), said the global economy remains weak, as reflected by the current record low interest rates. "The Chinese economy is undergoing a fundamental, transitional challenge from an export-led to a consumer-based economy," he told the NSA annual conference in Oslo April 13.

The global security picture has changed as it is more complex and dynamic now than most observers could have predicted only a few years ago. "Realpolitik is back in vogue and geostrategic thinking dominates again," Henriksen said, adding that the post-Second World War settlement has been challenged. More, not less, global co-operation is needed to iron out the problems that have arisen.

Henriksen also highlighted the importance of completing free trade agreements, which have lost traction in recent times. He explained that their successful completion would stimulate economic growth and global trade, both of which are vital for shipping's outlook. "A growing world will need more shipping services," he said.