As we move into 2011, the economy remains the key issue. The maritime industry has proven time and again to be an excellent barometer of the world economic climate. Although we see signs of progress, such as increasing sales of new cars, progress is occurring at a cautious pace. We expect the recovery to continue moving forward this year. Although it’s a good sign to see containers, automobiles, roll-on, roll-off, and other commodities rebounding, we must be creative and reinvent our companies to meet the cultural and operating changes that occur in international trade.
Another important trend to watch this year is the planning and construction of improved infrastructure needed for the 2014 completion of the expanded Panama Canal. East Coast ports able to accommodate the larger vessels that will transit the canal could lure cargo away from West Coast ports. The newly expanded Panama Canal will be another milestone in the history of container shipping. Shippers already understand the sizeable cost savings they can gain when they can send their cargo directly to an East Coast port near a large population center instead of discharging it on the West Coast and then railing it cross-country.
For a port to remain a major job generator and economic engine, it must not only sustain, but also grow. When completed, the finished Panama Canal project will allow for such growth, enabling family-supporting jobs and business to benefit.