An incredible year has come to an end, a year that brought soaring freight rates and, at the same time, the start of an unprecedented global recession. 2008 was the key for a successful year to come.
Carriers that during 2008 only focused on growing exports and corresponding increased revenue and did not prepare for the economic downturn coupled with the overcapacity that was on the horizon will have a difficult time weathering a global recession.
2009 will be a year of truth for container ship operators. There is no question it will be a difficult one for cargo ship operators, as well as for many of the global shippers we serve. No one is immune from the effects of a recession. All carriers have started a rapid program of cost reduction, some even by implementing layoffs, and we will likely see other drastic steps taken as steamship lines try to negotiate rough seas ahead.
But difficult times are also times of great opportunities for those who have prepared properly. Carriers that have taken the steps necessary during 2008 to position the right ships in the right trades, to redefine their customer base for 2009, and to meticulously train and energize their internal organization to best meet new and changing customer requirements will have the upper hand. Those only beginning this process now may be too late.
We enter the New Year with high spirits, great confidence and strong anticipation.