There’s little doubt that 2009 will require each of us to perform feats of tremendous mental calisthenics to face the challenges brought about by the events of the last year. The economic roller-coaster ride we’re all on, the sweeping changes expected out of Washington and the imminent arrival of new federal programs will compel us to find innovative solutions to foster growth in our industry.
Needless to say, there will be no federal bailout for the U.S. maritime industry. The failure in the financial and housing sectors has already made its mark, and we’re beginning to see the domino effect in the automobile industry and in retail sales. We will need a creative set of economic and trade policies to stem the downward trend.
Compounding the challenge is the fact that the Transportation Worker Identification Credential program will dramatically alter the way U.S. ports do business. At a time when we need to move cargo more quickly and efficiently and do everything we can to promote economic activity, the change in business processes TWIC will demand will limit our abilities to facilitate ocean commerce. Ultimately, we will get through the initial hurdles TWIC will bring about, but the upcoming year will certainly be a bumpy one.
Although there is much to be concerned about given the current economic climate, there is also much reason for optimism. Our challenge is to identify and implement strategies to minimize the potential economic risks and capitalize on our many strengths.