As you read this you may still be focusing on how glad you are that 2020 is finally over. Unfortunately, the lasting effects on families, businesses, economies, and global trade will be with us for years to come.
The Institute of International Container Lessors (IICL) is the leading trade association of the marine container leasing and chassis provider industry. Our member companies lease marine cargo containers to ship operators and others on a broad international basis or as intermodal chassis providers, accommodating the needs of motor carriers, ship operators, and cargo owners.
As the global pandemic progressed last year, sudden shifts in trade volumes caused by COVID-19-related lockdowns resulted in very low cargo levels, accompanied by ocean carriers canceling voyages (blank sailings). And then there were enormous surges in the late summer and fall, intensified by the incredible size of container vessels bunching up in ports. Our members were stretched to the limit attempting to provide containers and chassis when and where needed. The container manufacturers also felt the pinch, and it drove up the cost of new-built containers and pushed back availability by several months.
Critical to moving goods around the world, we realized, is improving information sharing. In 2021, the IICL and its members will expedite communication and supply chain visibility efforts to more effectively manage future huge cargo volume fluctuations. A standing committee, established last year, will concentrate on blockchain technology, as well as other electronic information sharing platforms, across multiple aspects of the leasing industry and its interface with lessees, vendors, BCOs, regulators, other trade associations, and many other supply chain participants.
This commitment to explore and develop best practices will help our members and in turn facilitate enhanced global trade visibility and communication.