A study developed by the BPI Network, in partnership with Navis, has revealed that trade tensions, cyber security and uncertainty surrounding fuel costs are causing concern for leading executives in the global maritime industry.
The Navis Business Bellwether report said that while the industry is cautiously optimistic about the global business environment for world trade, the rise in trade protectionism and new tariffs topped the list of industry concerns.
One third of all survey respondents said they were “extremely concerned” about trade tensions, said Navis. Cyber security was also high on the list, with 29 percent indicating extreme concern.
Other risks included rising fuel costs, a lack of process efficiency, continued industry consolidation and labour disruption.
However, 82 percent of respondents anticipate either improved profitability over the next 12 months or continued stabilisation and reduced losses.
According to the report, growth is expected to come from all regions, with particular robust activity in Asia as well as the Middle East and Africa.
“A return to industry growth and improvements in the supply and demand of shipping have resulted in increased optimism among maritime industry executives and professionals,” said Dave Murray, head of thought leadership for the BPI Network.
“At the same time, the industry appears to be very focused on raising operational performance and profitability through improvements in process quality and efficiency, as well as increased investments in technology.”