In 2011, we expect to see a slow rebound in freight volumes through the port system, although certain flows and systemic changes are irreversible. I don’t believe steel volume will return to the level of the past because of industry consolidation in that sector, but construction materials such as lumber should come back slowly.
The energy industry also must find its way, particularly as it affects the movement of biomass and renewable energy sources. Containers and bulk cargoes will rebound, with milder fluctuations in the U.S. than in Canada. Canada’s rich natural resources are in demand and, if exploited intelligently, may add prosperity to Canada’s export trade and help its economic recovery. This also is leading to mining developments in Canada’s Arctic region.
In this new context, customer expectations are increasing, calling for more specialization and a need for capital investment. We must be prudent in our investment choices to balance the risk versus the value of our service package. We must think long term yet survive the short term. By doing so, we will ensure long-term value creation for our customers, employees and shareholders.