For the past several years, the changes we have seen in the maritime industry have been somewhat obvious. This is not to say they were foreseen, but they were not subtle. Changes have included the continuous growth in the use of the container as a means of transporting more diverse cargoes, the ever-expanding size of the vessels, and the continued consolidation of service providers.
The changes on our doorsteps today are also somewhat obvious, and again, I am not so sure they were foreseen. The first of these changes falls in the category of an indirect change. The recent mid-term elections have turned the tables somewhat in Washington, and this is bound to have an effect on the domestic maritime business, if not the international as well. With new faces throughout, it will be interesting to see how the issues involving the waterfront are handled. Currently, there are several pieces of inland waterways legislation that come to mind, along with the management of the Corps of Engineers. Further, there is a perception that the new faces in Washington will present a more business friendly environment that could also have a trickle-down effect on water-bound transportation.
A second and more direct change to our industry is the current fuel market. While it is trendy to talk of clean and renewable fuel sources, as I stated last year, petroleum will remain a primary source of fuel. As both crude oil and natural gas production grows, so does the need for maritime services. It has been projected that the U.S. will become an overall fuel exporter by the year 2025. With the ever-changing and ever-growing fuel industry, there is also a greater and more diverse need for maritime services within the fuel industry. It is important that we as an industry stay closely tied to the evolving fuel markets.
Angus R. Cooper II, Chairman and CEO, Cooper/T. Smith