Norton Lilly International

https://www.nortonlilly.com
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H. Winchester Thurber IV

We have certainly seen our fair share of changes in 2009, largely tied to the economic downturn. Most of these changes were related to cost-control measures at all levels of the supply chain. We suspect this trend will continue in 2010 as companies continue to look at more efficient ways to operate, both internally and externally.

The main change in the maritime industry in our view will be “Lessons Learned.” Our industry boomed in the years leading up to 2009, and with industry growth comes the desire to expand. With container ship charter rates at record highs around 2007, the majority of carriers pursued larger ships, either through acquisition or long-term charter.

We all know the dire situation everyone landed in last year — from shipowners to carriers, right down to consumers. The positive message in all of this is “Lessons Learned.” From now on, and certainly in 2010, we believe everyone in the supply chain will react in a different way when looking at capital investments.