I believe we’ll see a return to better business practices in 2011. The events leading up to 2009 and the subsequent economic collapse should trigger much-needed reflection on how the ocean shipping industry operates.
It would be easy to say the focus will be on emerging markets in Africa, the Middle East or on the Indian subcontinent, and we’ll clearly see a concerted effort to balance the assets and resources required in maintaining market stability and sustain profitable growth.
But where I see the most important change is in the people. This is a much more difficult area to develop, and will require a business culture that allows individuals to use creativity, embrace decision-making and to gain a much better understanding of how to identify value. It will require investment in people capable of managing new and existing relationships.
As an industry, we have become very good at processes and operational procedures, but the clear winner in 2011 and beyond will be those companies that recognize the price of doing business must come with a commitment to commercial excellence.
Defining what this actually translates into will require sharing and understanding the strengths and weaknesses of every stakeholder. There must be transparency up-front on the expectations of working together. Such a commitment will be vital in establishing the fundamentals of how to begin a relationship.
From there, we can build partnerships that will last much longer than a yearly service contract or a spike in demand.