On behalf of the JSA, it is my great honour and pleasure to extend our deepest thanks to Mr. David Sterrett, Chairman of the 14th ASF, and his team at the Australian Shipowners Association for their efficient and considerate organisation of this year's Forum.

Since its inauguration in 1992, the ASF has been markedly contributing to develop greater trust and understanding among Asian shipowners through a frank and lively exchange of views on common issues concerning not only Asian shipping but also world shipping.

Coupled with the fact that business with Asia accounts for a significant proportion of global trade and that Asian shipowners now control a considerable share of the world fleet, the ASF has been widely recognised as one of the most influential forums in the shipping industry, and its task and role has assumed ever-increasing importance.

The world shipping market has been experiencing an unprecedented boom in recent years due to the economic growth in Asia. Under these circumstances, the eyes of the world are centred on the remarkable development of Asia, and Asian shipping is expected to take a leading role in achieving sustainable growth of the world economy. An active exchange of views at this meeting should greatly contribute to our goal of future prosperity.

I sincerely look forward to working and discussing with all the delegates attending the 14th ASF in Queensland, where we expect successful results for us all.