This year's IMarEST Annual Dinner was a spirited affair with a sobering keynote message. Guests rightly toasted their successes of the last year on the back of gravity defying freight rates. However, a note of caution was sounded by lead speaker and one of the industry's foremost economists, Professor Martin Stopford of Clarksons. Those present, he argued, should not be lulled into a false sense of security: 'Short shipping cycles, fascinating though they may be, are just the revolutions of the propeller driving the maritime industry through much longer cycles that really determine its destiny.'
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