He said the global economy is unlikely to see a double dip and added that a single digit growth is more likely. "About 30 percent of the experts say there will be a double dip and 70 percent say there's a single dip. I believe there is a single dip and that happened in 2008-2009 so that is already behind us," he said.

Meanwhile, individuals, organizations and companies from across the region's shipping industry were honored in the annual Seatrade Middle East & Indian Subcontinent Awards (SMEISA) which is known as the “Oscars” of the maritime world at a ceremony that was held at Atlantis Hotel.

"These awards celebrate and award excellence and innovation in the maritime sector across the region over the previous 12 months and are much anticipated throughout the industry," said Chris Hayman, chairman of Seatrade, the award organizers.

The evening also featured three special awards that were presented to individuals who have made exceptional contributions to the industry in the region and have dominated the headlines. The Personality of the Year Award was presented to Sheikh Daij bin Salman Al-Khalifa, with Mohamed Ali Abdelrahim, marine adviser to the chairman and director of the maritime sector, Department of Transport (DoT), picking up The Seatrade Outstanding Achievement Award.

Thaniah, who is also joint vice chairman of DP World, was honored with The Seatrade Lifetime Achievement Award for his commitment to the improvement of port systems and global commercial supply chains throughout his career.

The three-day Seatrade Middle East Maritime event, which was inaugurated on Tuesday by Sultan Ahmed Bin Sulayem, chairman of Dubai World, will run through Thursday at DWTC.