I believe most individuals are surprised with how fast the global economies have declined, and it is not just a correction in markets. 2009 is going to be a tough year for all businesses, and hard decisions will have to be made about what course of action to take in this time of uncertainty. Those of us who have spent 2008 diversifying our business models did so because we believed that the global economy was fragile. Unfortunately, it has proved to be not just fragile, but extremely volatile and weak.
Most of us have heard about or read articles regarding “short-sea incentives” due to traffic congestion along coastal corridors and the general deterioration of the U.S. highway system. Even though now seems like the time to start moving more cargo off the roads to water routes wherever feasible, the inland river systems are in need of infrastructure repair. However, being positioned to provide barging in the coming years to meet the demand for these types of projects is just one way to diversify our business. Demand has been so strong these past years that customer service has been sacrificed for many reasons. Now more than ever, the companies that have stayed committed to customer service will prosper.
Opportunity exists in domestic infrastructure projects because of previously funded long-term commitments made prior to the recession. We also have a new government administration promoting economic stimulation, so there will be infrastructure projects that will come forward that will require transportation from all of the conventional modes. While business is going to be tough this year, the country is not going to come to a standstill.
Hopefully, infrastructure will be one area where the Obama administration will look to stimulate the economy, as these types of jobs put real wages on “Main Street.”