The global supply chains are in a state of transformation. Carriers are ordering larger vessels for scale. Partnerships and alliances are being formed. Asia-Suez services will soon dominate the capacity to the Atlantic Coast. Changing environmental standards are forcing lines to review their current route maps and operational practices. All of this comes as new national and international trade deals are negotiated with the potential to grow trade. This creates challenges and opportunities.
For Canada and the European Union, a great deal of work is being done at the government level to ratify the Comprehensive Economic and Trade Agreement. At the same time, business leaders on both sides of the North Atlantic are doing the necessary research and investment into infrastructure to ensure they are ready to move forward quickly when the agreement takes effect and trade barriers start to diminish. An increase in trade upward of 20 percent is expected once the agreement is fully implemented.
In Atlantic Canada, there is tremendous growth potential in project cargo because of $122 billion in mega-projects planned for the area, including the National Shipbuilding Procurement Strategy, inter-provincial energy projects, offshore oil and gas development and mineral extraction.
As global shipping evolves, efficiency will play an increasingly important role. This goes far beyond dwell times. To stay ahead of the coming changes, ports need to invest in modern infrastructure that can accommodate increasingly larger vessels, and ensure there is capacity that will minimize congestion and allow for growth.
Karen Oldfield, President and CEO, Halifax Port Authority