If we had made these comments three or four months earlier, it would no doubt have had a more positive and confident undertone than what most of participants face today.
In early 2008, the industry in general was still celebrating. The container market was feeling a pinch with the enormous new ship construction program coming out of the yards combined with stagnant or decreasing volume. However, on the dry cargo market side especially bulk record charter levels were still the talk of the day, and despite record bunker prices, trade was booming.
With the economic crash, the bulk market fell with unprecedented speed to almost record lows. Being in the ro-ro and project markets with specialized tonnage, one of the main challenges for the coming year will be to steer clear of the dramatic fluctuations seen in other sectors. The project and ro-ro sectors, however, have not yet been affected to any large degree, and market indications are still positive.
But the pressure on space availability might ease, which would create opportunities for cargo and/or port services that were eliminated during the past couple of years because of a lack of capacity. Close monitoring of the developments and a qualified team of employees commercially and operationally are important to ensure that the course can be altered quickly and efficiently in cooperation with shipper-forwarder demand. Forecasting, to say the least, is difficult, and the challenge for 2009 will be to remain alert and flexible with the ability to adjust if and when required.