This time of the year is always a good opportunity to consider lessons learned and set new year’s resolutions for a new start. Our special column Industry Voices : ‘Goodbye 2020, hello 2021’ aims to provide an overview of this challenging year and set new targets for 2021 to move forward.
In this context, we have asked Mr. Peter Sand, BIMCO’s Chief Shipping Market Analyst, to make an assessment of 2020 from his perspective and share his message for the new year across the global community. Among others, Mr. Sand notes that 2021 is likely to be another year of scarce ordering of newbuildings. The industry must carefully protect cash flows, stay close to key costumers and most importantly get crew change done.
The industry must carefully protect cash flows, stay close to key costumers and most importantly get crew change done.
SAFETY4SEA: Focusing on your area of expertise, what were the most important industry development(s) within 2020?
Peter Sand: What happened in Container shipping, during Q2 especially, with the industry acting promptly to evaporating demand. And later in the year, the efforts made to satisfy the sudden lift in demand. That was extraordinary.
S4S: Focusing on your area of expertise, what do you think that will be the biggest challenge(s) for the industry in 2021?
P.S: Two things: short-term, the gradual demand recovery that will be a challenged throughout the year. Long-term: the path towards a decarbonised industry and world.
S4S: What would be the 2021 resolutions for your company/organisation?
P.S.: To be the chosen partner trusted to provide leadership to the global shipping industry.
S4S: What is your overall forecast for shipping industry in 2021 and what would you like to share and/or wish and/or ask other industry stakeholders?
P.S.: 2021 is likely to be another year of scarce ordering of newbuildings. China will confirm its even larger dominance in the dry bulk market. As global economics will not be back at pre-pandemic level earlier than 2022, so will the demand for shipping stay subdued. The industry must carefully protect cash flows, stay close to key costumers and most importantly get crew change done. The latter being long overdue.
The views presented hereabove are only those of the author and do not necessarily those of SAFETY4SEA and are for information sharing and discussion purposes only.