The year 2014 started with plenty of optimism, a hope for better and improved global economic conditions, led by advanced economies such as US and improved sentiments in Japan on the back of economic reforms. However, the optimism was short lived. While the US continued to show strength in its economy, the rest of the developed economies faltered. Even China, once the powerhouse behind the global economic growth machinery, began to struggle with economic pains. As we entered the second half of the year, global economy dynamics took another turn when oil prices plunged drastically from June, sending shock waves throughout the world. Yee Yang Chien President/Chief Executive Officer The global shipping industry underwent one of its most painful down-cycle in decades, a recession that coincided with the outbreak of the global financial crisis in 2008. However, the Board of Directors and the management of MISC have been resolute in ensuring that the Group survives the tough times. We remain committed in our cause to bring back stability and strength to our financial position. MISC BERHAD - Annual Report 2014 p 54 PRESIDENT/ CEO’S REPORT
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