James Hughes-Hallet, chairman of the Swire group's China Navigation Co, has been appointed chairman of the Hong Kong Shipowners Association at the company's 40th annual general meeting.
Mr Hughes-Hallet said he would continue the work of outgoing chairman George Chao Sze-kwong and sell the story of marine skills and services to attract more shipowners to Hong Kong.
Mr Chao said the association had written to the Government, after speaking to several legislators, to urge that the association should have more representation in the new Legislative Council.
The association, whose ordinary membership list contains many of the world's largest shipowning and management companies, will be given only as much voting power as one local ferry company.
Mr Chao said that in the past the association had no intention of taking part in politics. Now shipowners believed they had to have a voice in Legco.
'If we don't speak out, nobody will speak out for us,' he said. 'It is too late for us to get more representation for the present Legco, but we hope to be more successful in the next elections.' Regarding the formation of an Asian insurance market, Mr Chao said Asian shipowners controlled about 40 per cent of the world's fleet and they would now like to have the market controlled by Asians. An important announcement would be made on this issue in May, he said.
In his market review, Mr Chao said owners' returns in the tanker time-charter market were US$55,000 per day for modern very large crude carriers (VLCCs), while well-maintained vessels more than 20 years old could still fetch up to $45,000 a day.