As Chairman of the Federation of ASEAN Shipowners' Associations (FASA), it gives me great pleasure to congratulate the Australian Shipowners Association for successfully hosting the 14th Asian Shipowners Forum in Australia from 9-11 May 2005.

The last two years have been good for the shipping industry at large. All sectors of the industry have performed remarkably well despite the looming threat of maritime terrorism. Asian shipping has largely benefited from an improved global economy and continued expansion of world trade. This has been characterized not only by sustained growth in the Asian outbound trades, but also by additional increases in freight rates.

Against a backdrop of rapid economic development in China and India, Asian shipping will continue to grow and take a leading role globally. A gathering of prominent CEOs of many Asian shipowners at this Forum is, and will continue to be, a formidable force. We can deliberate and consolidate our views on issues concerning international shipping and speak out with one voice - a great achievement.

Let us all work together towards a sustainable growth for the Asian shipping industry. I wish all members and delegates a successful and fruitful Forum.