As the world says good riddance to the year 2020, we reflect on lessons learned from an unprecedented year wrought by the effects of COVID-19, turning to 2021 with cautious optimism that the global economy and shipping industry can more wholly rebound and prosper over the next twelve months.
While many containerized commodities and select bulk and breakbulk commodities have recovered from the initial COVID-19 economic downturn, critical industry segments such as the energy sector remain depressed (as of mid--November 2020). From 2020’s January high, crude oil prices are still down 37 percent. As goes the demand for oil and gas, so goes a large segment of the world’s economy. If recently announced coronavirus vaccines are dispensed soon, there is high hope for the global economy that our “new normal” will more closely resemble our “pre-COVID-19 normal” in the coming months.
The pandemic reminded us of the importance of diversification as a hedge against economic downturns. We’ve witnessed firsthand how the digital transformation occurring in our industry can provide for safer and more efficient operations. Even in a world equipped with readily available video conferencing and virtual communication tools, we still recognize the pivotal role that in-person relationships continue to play in our businesses and industry.
Finally, COVID-19 served as an important reminder that our economy stands on the shoulders of the millions of men and women who operate our terminals, vessels, trains, aircraft, and trucks. While many office-based personnel have been able to work from home, it was the bravery of our critical infrastructure, front-line workers, and the unrelenting sacrifice of their families, that kept our economy moving in 2020 and that will continue to do so in 2021 and beyond.