This time last year, I wrote that members of the maritime industry would be required to perform feats of tremendous mental calisthenics to face the challenges brought about by the economic meltdown, which was then only relatively recent.
Over the past year, the U.S. and global economies entered the worst recession since the 1930s. Our industry has been hit from any number of fronts: Imports and exports are down; carriers, terminal operators, and stevedoring companies have experienced significant business losses; and businesses providing support services have suffered equally.
The position in which we find ourselves is pretty darn miserable. Although it appears we have hit bottom, we await anxiously for the beginning of a sustainable economic recovery.
To prepare for the global recovery, maritime businesses can take several steps to be positioned to capitalize on increased shipping activity:
Do whatever you can to hold on to your talent. It is important to take care of those people who have worked hard to build your business in good and not-so-good times.
Take steps to secure, as much as is possible, the cash flow and credit resources to finance needed infrastructure projects. With pending changes to finance legislation, creditors are seeking creative ways to beef up their own revenue.
Remind your federal representatives that international trade is central to U.S. economic survival. In September alone, the value of exports and imports of goods and services totaled an impressive $300.4 billion. This is not a time to be protectionist; it is a time to be a global entrepreneur. And now is the time for our industry to be as vocal as possible to ensure federal policy-makers know what’s important for our success.