Although signs of economic improvement are rising, 2010 will be a major challenge. On the one hand, ports must ensure they are ready for the full recovery. On the other, project investments and deadlines must be realistically adjusted to the change in markets, the needs of port users and the financial state of the industry. The recovery will be gradual; we will likely have to wait two to three years before returning to 2008 traffic levels.
Throughout 2009, the marine shipping industry sought to protect itself from the effects of the crisis by streamlining shipping routes, developing new services and adapting to customer requirements. The business models that prevailed before the 2008-09 crisis have evolved as the balance between time and cost factors changed. The cost factor has assumed greater weight in shippers’ decision-making. This explains the growth in alternate routes.
This trend continued throughout 2009, increasing the volume of goods from Asian and Central American countries at North American east coast ports. It will be interesting to see if this trend persists in 2010.
A third factor is becoming critical in the choice of port users: the fluidity of the supply chain. The efficiency of marine transportation on its own is no longer enough. Customers are looking for efficiency along the whole supply chain, including inland transport to the final destination. There will be more competition between ports on these grounds.
Finally, crisis or no crisis, the shipping industry and ports have taken a firm stand on sustainable development, a position that will continue to frame business development in the long term.