No one will dispute that few years have been as challenging for the shipping industry as 2009 – and the shock waves of the global downturn combined with the huge influx of mega vessels to the world fleet are still likely to be felt throughout 2010.
The best, indeed the only, response to the challenges is to focus on fundamentals – improve efficiency, reduce costs, hold onto cash and do what can be done to help customers do the same.
We have seen alliances between carriers never seen before and even the best run shipping companies compelled to seek support from their governments or access capital markets at a time not necessarily of their choosing.
For terminal operators, it has been equally tough, and all of us have had to make some difficult decisions and prioritize commitments. In all the gloom, there is good news and it is twofold. First, there are opportunities presented by the downturn and with a long term investment horizon and careful assessment and mitigation of risk, the savvy operator – and their customers – can benefit.
Second, efficiencies generated as a result of greater discipline and less pressure will continue when the recovery is in full swing, benefiting both operators and their customers. The coming year will see those efficiencies baked in.