Game changer, disruption, new reality; no matter the name, the maritime world we have known is changing rapidly. The global economic platform, shaky for the past nine years, is only beginning to stabilize, with some casualties along the way — most notably Hanjin. The survivors are examining strategies that include reducing capacity through scrapping, on the one hand, offset by the delivery of mega-ships, on the other. Layups are yet another well-used road.
At the same time, the regulatory framework is becoming even more demanding — which is being required by society writ large. October’s meeting of the IMO’s Marine Environment Protection Committee was historic in its scope and achievement. While one could wish for a better economic climate in which to make this leap, the bald truth is that industry must take these, and other steps, to convince the public that the marine industry is doing its part to protect the environment. The public has found its voice, and is using it. We need to communicate to help all understand the value proposition of our industry — the balance between commerce and conservation.
We know that we are part of the world’s first global industry, but the rest of the world has caught up — and they are not sure they like it. We are the engine of global trade, but in a nationalistic atmosphere, the direction of global trade is in question. Trading patterns are changing, and our industry needs to be nimble to survive and thrive. Perhaps having two shipping personalities, Wilbur Ross and Elaine Chao, as part of the US administration’s inner circle will help.