The maritime industry is still feeling the effects of a changing economy — or lack thereof — and the economy again will play a key role in our industry moves forward.
It appears the steel and housing markets will remain slow, limiting the shipment of raw materials and finished products at least for the first half of the year. These are two key elements of the economy that have direct immediate effect on the maritime industry, and we need these markets to improve to spur maritime activity.
On the brighter side, we believe coal and scrap exports will be stronger than normal, and a strong grain year in the Midwest should translate to better-than-average grain and feed exports.
Another aspect of our industry that should play a role in the upcoming year will be the amount of new equipment coming on line. We’re already seeing the effects of some of this new equipment — oversupply and new pressure on rates — and new vessels, both in the blue and brown water sides of our industry, are scheduled for delivery this year.
Additional areas to watch will include fuel prices, the dollar’s value and any new legislation or regulatory rules coming out of Washington. All of these areas can have a great effect on the economy, which in turn affects the maritime industry.