As we embark on the new year, we need to take a closer look at what is happening in the industry as a whole and reassess our strategies to meet old and new challenges, as well as create opportunities under new market conditions.
The outlook is an interesting one as we see ports gearing up for capacity expansion and shipping lines struggling with overcapacity. Analysts also show a global volume growth of more than 7 percent, but global liner capacity is set to grow 8.4 percent.
Although these challenges need collaborative innovative solutions on the part of maritime industry stakeholders, especially under current global economic uncertainties, we also need to address a rapidly growing threat: maritime piracy.
Attacks previously limited to Somali coastal waters, now expanded eastward, across the Indian Ocean. Attacks off Somalia, the Red Sea, the Gulf of Aden, the Arabian Sea and the Indian Ocean are becoming more frequent, widespread and violent.
Piracy threatens lives, international businesses and the prosperity of the global community. Indeed, piracy stands to be one the 21st century’s greatest challenges.
We in the United Arab Emirates have taken the initiative to bring together scores of officials and private sector representatives from around the world for two days last year to address the looming threats of piracy and the root causes of it.
The conclusion was the first steps to tackle the problem would be through addressing the economic woes of piracy-infested countries.
The first concrete action on this front was a commitment to develop the Port Communities Initiative, which seeks to address critical human and infrastructure needs in and around African ports.
We urge the global community to take action and join hands in offsetting the threats piracy poses to our industry and livelihood. If collaboration was ever needed, it’s definitely now. The stakes are too high.