2009 will be a challenging year for everyone involved in international trade. Two issues are impacting the maritime industry: the U.S. economic slump, which affects the entire industry, and the election of Barack Obama, which will change the South Florida scenario.
The downturn in our economy affects the rest of the world and challenges our ports to develop projects that prove their efficiency to attract new business. Carriers and ports are feeling the impact already. Carriers will find themselves fighting over a reduced volume of import and export containers, thereby reducing ocean freight rates.
Ports will not be exempt from this drop in container volumes. The shrinking market will force ports to reduce their tariffs to keep the carriers calling at their ports. At the same time, the ports will have huge expenditures in developing their infrastructure to handle ever-larger vessels.
We believe that President-elect Obama will take steps to end the Cuban embargo in the coming year. This will have an enormous impact not only on container carriers but also on passenger cruise lines at all South Florida ports. To handle this growth, ports must develop projects that facilitate trade between the two countries.
Cruise lines are always looking to offer new itineraries, and Cuba, as the “Pearl of the Antilles,” offers the excitement of exploring a destination that has not been available to American tourists for the last 50 years.