The two most important challenges facing the maritime industry this year are adjusting to the stagnant economy and adapting to the changes resulting from the failures of competitors. The methods of conducting business that proved so successful for the industry over the past 15 years -- bigger is better; sacrifice profit for market share; ignore risk -- will not prevail in the near term. Caution will be the watchword, but it must be tempered with entrepreneurship. Building customer loyalty will be vital. Customers will be seeking value and stability. A low price from a company on the verge of bankruptcy is no bargain.
The industry will be changed greatly by the recent, and upcoming, failures of a number of maritime stalwarts. Some failures will merely reduce excess capacity. Others, though, will be in important niche markets that a competitor or upstart can profitably fill. Recognizing the difference between the reduction of excess capacity and the creation of a business vacuum will be key to future profitability and viability.
Like the past year, 2010 will not be for the faint of heart. Challenges, opportunities and threats will arise rapidly, but they will be vastly different than those experienced in 2009. The recession has bottomed out, but the new environment will bear little resemblance to that of the previous 15 years. Agility will be required to negotiate through unfamiliar shoals and along uncharted courses.