2009 proved to be the most challenging year in the history of many carriers. The global recession devastated the bottom line of every vessel operator and sent us all deeply into red ink. Looking to 2010, we will face another year wrought with challenge.
The multibillion-dollar question for the industry is whether the carriers, in cooperation with the shipping community, will be able to return rates to profitable levels. After suffering a year-over-year decrease in rates of approximately 30 percent from Asia to the West Coast in 2009, we believe carriers have no choice but to aggressively pursue revenue restoration as a matter of survival. Failure to do so will irreparably change the landscape of our industry.
Speculation that demand for imported oil will increase as the U.S. economy improves has again boosted fuel costs. Our cost for bunker fuel increased more than 80 percent in the 12 months ending Sept. 30, 2009. Fuel is, and will continue to be, a major cost component for carriers in 2010.
Based on the advice of our customers and viewpoints shared by many diverse sources, we anticipate 2010 will bring trade growth. However, we do not foresee a return to the meteoric trade growth of recent years. We expect imports to increase at a rate commensurate with the current conservative spending and saving habits of consumers. Until U.S. unemployment figures enter a prolonged trend of decline, we forecast slow, modest improvement.
As we enter the New Year, one positive development is the strength of U.S. exports. Driven by recent declines in the value of the dollar versus most other currencies and economic stimulus spending around the world, U.S. products are in high demand.