OREANDA-NEWS. November 10, 2011. The World Shipping (China) Summit 2011 ("Summit") with the theme of "Balance & Breakthrough" is grandly held at the Boao Forum For Asia Hotel in Hainan province. Capt. Wei Jiafu, Chairman of the Board and Secretary of Party Committee of COSCO Group attends the Strategy Dialogue, reported the press-centre of COSCO.

During the dialogue, he elaborates the theme of "Balance & Breakthrough". He points out that the shipping market is undergoing a process from unbalance to balance, and every shipping company needs to change to survive and develop itself.

He points out that there are five types of unbalances in the shipping market. The first is the unbalance between oversupply of ships and shipping requirements. The second is the unbalance between high-cost and low-income of shipping companies. The third is the unbalance in the shipbuilding sector overwhelmed by players from different positions in the supply chain. The fourth is the unbalance caused by interest conflicts among different stakeholders. The fifth is the unbalance in the profit allocation in the industrial chain.

Capt. Wei Jiafu appeals to the attendees that shipping companies should change themselves to cope with the unbalance. He pointes out that shipping companies should pursue a rational growth. Facing the market downturn, shipping companies should optimize their strategy and structure. They must make joint efforts to preserve the sustainable development of the shipping industry.

Mr. Ma Hongtao, a famous anchor of CCTV assumes Chairman of the Strategy Dialogue. The panelists of the dialogue are Mr. Hou Yunchun, Vice President of Development Research Center of the State Council (DRC), Dr. Tao Dong, managing director and chief regional economist for non-Japan Asia of Credit Suisse, Mr. H.N.J. Smits, president and CEO of Port of Rotterdam, Mr. Mark Long, Global Head of Transport, Shipping, Services and Offshore, HSBC. The panelists all extend their views on global economy and shipping market and give excellent advise to the shipping industry.

The Summit, held for 8 staight years, has become an international gathering with largest scale and highest level in the world maritime community. This year the Summit attracts more than 800 delegates from global shipping industry and shipping-related industries and will last 2 days.