This commentary appeared in the print edition of the Jan. 6, 2020, Journal of Commerce Annual Review and Outlook.
If 2019 is an indicator of what 2020 will be, get ready for an unpredictable ride.
We started the past year with a very bearish outlook on the US economy. Major stock market indices tanked at the end of 2018, and the US Federal Reserve Bank was not sure if they should be increasing or decreasing interest rates. Tariff unpredictability had a major impact on not only the US economy but also the global trade outlook. Brexit was still being debated within the European Union and in the United Kingdom internally. Also, the maritime sector was facing IMO 2020 fuel regulations and not a lot of certainty on compliance by the shipping community.
As we are looking into 2020, the good news is that we got through 2019 without disaster. But many of the aforementioned factors have still not played out.
Brexit, IMO 2020, and tariffs are still developing, but in North Carolina, we remain bullish on global trade and the opportunities. We continue to invest for the long term, and we continue to believe there are real opportunities to provide value to our customers in meeting their supply chain needs. Not only are we investing in physical infrastructure to keep ahead of growth, we are investing heavily in our IT capabilities.
As global supply chains continue to develop and become more complex, N.C. Ports is focusing on providing technological solutions to our customers. Retailers with advanced supply chain requirements are asking much more from their port partners in providing terminal service efficiencies, as well as in providing real-time information for improved visibility.
Not only do we want to be an integral part of that process, we also want to offer expanded products through technology. We are prioritizing a good portion of our capital funding into our technology offerings to include logistics services traditionally not offered by ports. Growing and increasing terminal throughput efficiently and without congestion is paramount to N.C. Ports, but we also will differentiate through a robust IT infrastructure.
Let’s all look forward to 2020!