RAPIDLY expanding markets suffer – by definition – from skills shortages. Salaries are driven up until skills supply catches up with demand. Simple economics that!
The LNG market has been expanding rapidly for quite a while now and much is being made of LNG as the fuel of the future. So far, the industry has a blemish-free accident record. But, the sector continues to expand. Australia is set to become a major exporter of LNG and a recent report by consultancy Harrier has urged a longer term approach to hiring skilled personnel.
Captain Ed Carr, MD of MOL LNG (Europe) said at a recent London Shipping Law Centre event that pressure needs to be maintained on new players in the LNG market to conform with industry standards, and as long as industry does not accept sub-standard operations, people will have to conform.
Apart from a recent wobble, LNG rates and long term charters plus very high levels of concern over safety should / might mean that the sector does a better job of taking a long term view than other bits of shipping have done.
Are you in LNG? What’s your view? Are standards as good as we hope? Are salaries still under pressure?