The pandemic and subsequent events have led to greater awareness and understanding of global transport chains and that companies in this sector play a significant role in securing safety of supply for both the population and the industry. This also had an impact on the understanding and definition of what critical infrastructure means and that companies in the multipurpose/heavy-lift sectors are clearly part of it.
Also, many have developed more flexibility when it comes to working from home offices and keeping the business up and running without major disruptions through lockdowns, etc., which has led to an increasing digitalization of work processes. With an increasing skills shortage, the recruitment of experienced staff is becoming challenging, which will eventually lead to even more flexibility in terms of work time and work locations.
One thing that has not changed is that the multipurpose/heavy-lift fleet is aging, although there is no significant new construction activity. This will contribute to a shortage of tonnage over time. An overcapacity scenario is not likely to happen in this shipping sector anytime soon with construction activity on such a low level. In this sector, companies are mostly privately owned and must consider risks of new ship orders even more thoroughly. This means that more and more vessels are nearing their phase-out, with regulations such as EEXI and CII contributing as they are likely to cause earlier decommissioning of some vessels. Retrofitting older and smaller vessels is often not commercially viable.