“The initiative to involve the international maritime community was a welcome move. It provided an opportunity to the Kingdom as well as international players to exchange ideas and come closer for mutual benefit,” said Peter M. Swift, managing director of Intertanko, a global organization of tanker owners engaged in the shipment of oil.

Swift, one of the delegates at the forum who had come from London, said that since Saudi Arabia is a leading oil supplier and an important member of the international maritime community, any development here has a global impact. He added that the forum was an opportunity for the Saudi maritime industry to project itself on the global level.

“Both sides are looking at each other and trying to understand each other’s viewpoint,” he added.

Many of the delegates, including Swift, were of the opinion that the level of participation in the forum was satisfactory as the recession-hit maritime industry has just started to recover. If all goes well, next year’s event will attract even more people outside the Kingdom.

Opening the day’s discussion at the first session on “Oil and gas shipping offshore marine,” Humoud A. Al-Ajlan, chief executive officer of the National Shipping Company of Saudi Arabia (NSCSA), said that the shock of the global financial crisis was fading but tanker freight markets were still watching developments with a degree of nervousness.

“As a result of tonnage supply exceeding demand, we expect rates in most sectors to soften from 2010,” he said, adding that operating returns would be further eroded if bunker oil prices continue to increase.

He forecast that the 2010-2014 period was likely to be dominated by "Net Fleet Growth" and the negative influence of growing tonnage supply across most tanker sectors.

Hani A. Al-Bakri, vice president of Bakri International Energy Co., suggested improving maritime expertise and advocating the establishment of a maritime academy in Saudi Arabia. He also highlighted the difficulties of obtaining finance for the shipping industry.

Muthanna Issa Al-Kurtas, founder of Alnitak Consulting, made a strong case for privatization, saying the only way to operate ports in an efficient manner is through the private sector.

“Some people think we have recently privatized Saudi ports, as if it is something new. In fact, our ports’ operations have always been entrusted to the private sector, even centuries before the establishment of the Saudi Sea Ports Authority,” he said.