The future of this important maritime institution looks more secure
Just about everyone in the maritime world agrees that the World Maritime University has been a thoroughly positive development.
It was inaugurated in 1983, primarily to provide the practical assistance for the developing world to bring its maritime administrations up to the necessary level to enable them to implement all the regulatory activity being produced by its parent body, the International Maritime Organization.
It has, over the years, educated graduates from 157 countries and has established a reputation for advanced education, training and research for a whole range of marine specialities. More important its alumni, now around 3,000 spread around the world, are exactly the people international maritime industry needs to uphold high standards in a universal fashion.
Financing the WMU, despite its growing reputation, has been something of a struggle. It is too young an institution to have built up the funds necessary to provide it with the financial stability that is necessary to help it to ride out the occasional economic storms. And while the member states of the parent body agree as to the university’s usefulness, only a small minority of member states contribute to its upkeep. Ideally, all IMO members would, perhaps, pay a small part of their membership fees for the upkeep of this excellent institution, but invariably large numbers of distinguished delegates tend to look the other way when such a suggestion is made! So a small number of donors help to keep this ship afloat.
So it was good to hear that a meeting of the WMU’s Board of Governors meeting earlier this month have been able to welcome an improvement in the university’s budgetary position over the last year. The world financial crisis, which was unleashed at the end of 2008, had caused serious problems at the university, with the withdrawal of sponsorship funds. However, last year saw new governance arrangements – and a new Charter – come into effect, and a number of measures designed to improve the budgetary situation. There is a new Executive Board, Chaired by BIMCO Secretary-General Mr Torben Skaanild, designed to provide more responsive oversight.
For 2010 and 2011, there has been direct financial support provided by the IMO, while academic programmes have been restructured, there have been significant cost-saving and income-generating activities by the university itself, while both governments and industry have provided additional donations. More member states which benefit from the university have sponsored places for their nationals, and that has helped, too.
The Board of Governors have now approved new plans to take the university forward – a Strategic Vision Plan to take the University through to 2015, a Development Plan which will see it relocate in Central Malmoe, and a Business Plan which includes better financial modelling tools.
The future of this important maritime institution looks more secure, although it is not out of the woods yet, as really only the securing of sustainable, long-term funding, will provide the firm financial position the university deserves. But it is an encouraging start!
Source: BIMCO,Watchkeeper
