Susan Oatway

Susan Oatway

Shpping Research Analyst & Chartering Instructor

Susan Oatway joined the Journal of Commerce by S&P Global Inc in January 2023 as a Senior Research Analyst for breakbulk and project cargo shipping. Her focus is on the multipurpose, breakbulk, project cargo, and related shipping markets, including roll-on, roll-off and refrigerated shipping. She became Co-Chair of the Journal of Commerce Breakbulk & Project Cargo Conference in April 2024.

Susan began her career with P&O Bulk Shipping in 1989 and progressed through a variety of senior planning and commercial roles before joining Drewry Shipping Consultants’ dry bulk shipping team in 1997. In addition to serving as Drewry’s principal breakbulk and multipurpose analyst since 2004, she co-authored Drewry’s regular reefer shipping report and also worked as a maritime consultant, providing analysis for shipping companies, financial institutions, and other institutional clients during her career in the maritime industry.

Susan holds a BSc in Combined Sciences, is a Fellow of the Institute of Chartered Shipbrokers (FICS) and a freeman of the Worshipful Company of Shipwrights. In her spare time, she teaches dry cargo chartering for the ICS as part of the online academy and has been involved with education for the Institute for some 20 years. She is also a Beaver Scout Leader.

What is your current role and your expertise in the shipping industry?

I am the Senior Research Analyst, Breakbulk and Project Cargo Shipping for The Journal of Commerce by S&P Global. I have 30+ years in dry bulk shipping, the last 20 in breakbulk and project cargo – covering the market for vessels carrying breakbulk and project cargo. I am also co-Chair of the JOC Breakbulk & Project Cargo conference that takes place annually in April in New Orleans. In my spare time I teach Dry Cargo Chartering for the Institute of Chartered Shipbrokers.

Can you describe your role as a shipping analyst and consultant? What are your primary responsibilities and focus areas?

I contribute to various reports for the Journal of Commerce, analysing the breakbulk & project cargo market. I am also responsible for the new Breakbulk Index (due to launch April 2025). As co-Chair of the conference I work with colleagues to develop the agenda and prepare speakers. I will also be speaking and moderating sessions myself.

What initially drew you to the shipping industry, and how did you get your start in this dynamic field?

Well, to be honest, it was pure luck – I interviewed for an analyst job with P&O Bulk Carriers when I had just finished my degree, because I needed a job whilst I decided what to do with my life. I have loved it ever since. Right place, right time.

What inspired your journey into the maritime industry, and what key experiences or decisions led you to where you stand today?

I was very well supported at P&O but decided to move to Drewry Shipping Consultants for various reasons, not least that I needed a change and more to do. But I realised that I was hooked on maritime so didn’t want to leave the sector. I learnt there to never say no to an opportunity, which led to me speaking at conferences in many places.

How do you approach developing analyses, research reports, and data insights for the breakbulk and project cargo sector?

I read – a lot! It is important to keep uptodate with what is going on and all the various factors that affect the industry.  Luckily I now work for S&P Global  – a huge company with data insights across the globe. I also work with the team who keep the fleet data uptodate. Over the years, I have developed a much better understanding about these ships, so I can be sure we are looking at the correct fleet. The analysis is initially fairly basic economics: supply of vessels versus demand for cargo = market direction. However, this particular sector is not that straight forward due to the huge variety of cargo and vessels, so there are a myriad of other factors to consider.

You’ve spoken extensively at conferences on topics like vessel supply and demand, shipbuilding outlook, and dry bulk logistics. Which of these areas do you find most critical in today’s market, and why? What do you see as the most pressing challenges today in the markets you focused as an analyst and consultant? How are these sectors evolving?

For my particular sector, vessel supply is the most critical issue at the moment. The fleet is aging, and the sector does not have the outside investment interest that other sectors have. Coupled with that it was in recession for a good 10 years prior to 2020/21 – so the financial gains made by the carriers in that market are not equivalent to the ones made by say, the container sector. There are new ships coming through, but if the project cargo demand outlook is consistent then there could be capacity shortages – in some sectors – in the future. However the main challenge, as an analyst, is the current turmoil in the world today. Uncertainty is rife in this sector, and this is unlikely to change much before 2H25.

How do you anticipate the development of a breakbulk index will impact the industry, and what factors do you consider when building such an index?

Cargo owners, when talking to the Journal of Commerce, have suggested they need an index that allows them to understand how they fit into the wider global market. Finding an index for the breakbulk and project market sector that can cope with the fragmentation of commodity, mode of carriage and numerous trade lanes has been like the search for the Holy Grail. The rate based indices that exist in this sector are either very specific (Toepfer MPV Index) or very general (Drewry’s MPV Index). Many shippers find it hard to connect these indexed rates with the prices they are paying. Some will use a series of Indices, including the Baltic Handysize index and then weight them according to their business. But there appear to be no clear answers for this sector.

The JOC Breakbulk and Project Cargo Index will be done in the style of the Purchasing Managers Index (PMI) that S&P Global produces. It will measure the expansion and contraction of the market based on responses from shippers and project logistics providers to a series of questions. The questions will track direction of change for a range of indicators key to a given sector and will never be rate related.

As a former International Chairman of the Institute, what do you consider your most significant achievements during your tenure? How did your roles and approaches in the Institute of Chartered Shipbrokers have advanced shipping education?

I was International Chairman from November 2019 to November 2021, so during the first wave of Covid and also the resignation of the previous Director. To be honest just keeping the ship floating during those events was an achievement. I spoke to every Branch Chair to ensure they were included in some of the bigger decisions.  And we held a number of video meetings to make sure we were inclusive in decisions. In that time we also managed to take the London Shipping School online  – admittedly from necessity – but we now have a much better reach across the globe. I teach Dry Cargo Chartering and I went from 8 students in the London office to 20 students from Miami to Mumbai. Last year I had students in Odessa and Saudi Arabia – going online has seen a big improvement in our offering. But it is the staff at head office who facilitate these changes. The Chairman’s job is to encourage and promote, to ensure the Institute, its staff and members are progressing at the very highest standards.

What motivated you to stay at Drewry’s for 20 years and at ICS for 28 years? What aspects of the roles or organizations kept you committed and prevented you from exploring other opportunities during that time? Is it loyalty, a preference for stability, or something else that influenced your decision to stay?

When I had my son (in 2004) I went part-time with Drewry – and freelance. They were always very supportive and that deserves loyalty. The stability they offered allowed me to work whilst also caring for Alex. More recently he has gone to University and I needed a change to keep me occupied, the Journal of Commerce came along with an offer at exactly the right time.

The ICS is a membership institute. I am very proud of my post-nominals (F.I.C.S) – they took some time to acquire. I love being able to give back and the next generation of maritime professionals.

What being female, mean to you personally and professionally? How did it shape your leadership approach?

Being female meant – at the beginning – a difference for where I was sent to work (outside the UK) – but given that was Paris rather than Mumbai, I wasn’t complaining. At the beginning it also meant I was paid less, but that was an incentive to do other things. I was often the only woman on a panel or a desk, but I do not believe in positive discrimination anymore than I believe in negative discrimination. It is beholden of those of us that are now in positions to make sure we choose the right people – and to encourage women to believe they are those people, not shoehorn them into positions for the wrong reasons. That does not help anyone. So my “leadership” style is all about collaboration and equality. I firmly believe in teamwork (some would say delegation!) and I want all my team to succeed.

What skills and experiences have been most valuable to your roles?

Well, I have a maths degree (albeit from a long time ago!) so that helps. But I also took the professional exams for the Institute of Chartered shipbrokers – that gave me an insight and understanding of a lot of areas. I also had eight years working for P&O before consulting – I think real life understanding is very important for any analysis of any sector. Whatever the model spits out is rarely the final answer.

What educational background or specialized training would you recommend for someone aspiring to excel in this sector?

Obviously I am going to say the ICS exams – they are a great way of getting some understanding of various maritime sectors.

How do you maintain a healthy balance between your professional and personal life?

I’m not sure I do all the time – but I also volunteer (I am a Beaver Scout Leader). Everyone needs something to switch off from work and volunteering is hugely rewarding.

Throughout your career, what are the most valuable lessons you’ve learned?

Every day is a school day! I know it’s corny but having the ability to continue to learn makes this industry constantly fascinating. If you think you know it all, you fail. Also I learnt how to stand up for myself, my opinion matters as much as someone else. As long as you keep yourself honest and diligent, you do not have to be popular with everyone to succeed. That said having a good network of people has saved me on lots of occasions. Everyone needs support.

What drives your passion for the shipping, and how do you stay motivated in such demanding roles?

I am a #shippinggeek, I think if you find something you love and you are lucky enough to be paid to do that job, then that is the only motivation you need. I have had difficult times over the last 10 years but the people I have around me in the industry have supported me through those times. It is all about the support you have.

What one piece of advice would you offer to young professionals who aspire to work in the field?

Never stop learning – see question above! Also the maritime sector thrives on trust – you need to be honest and trustworthy to succeed – as well as hardworking and flexible. You need to grow your network.  If you can find yourself a mentor, that the best start. (I can’t do just one!)

Looking back, what advice would you give to your younger self?

Don’t be afraid to fail – I have failed (an early degree course, Legal Principles for the ICS) – new paths spring from that failure as long as you don’t give up.