Building resilience in the face of adversity

The first quarter of 2019 is already in our wake and the regional shipping industry continues to grapple with the many challenges in the global market. Trade disputes, uncertainty over exchange rates, the direction of United States foreign policy, Brexit and a host of other issues have combined to impede our momentum, but I firmly believe that, just as before, we will evolve and emerge stronger.

Despite the current climate, it is important for us to engage in strategies that contribute to the continued viability of our businesses. While considering the necessary steps to weather the prevailing industry storms, the word ‘resilience’ has been resonating strongly with me – and for good reason. Resilience, through our ability to quickly recover from setbacks or adverse situations, has emerged as an essential quality for successful companies in all industries. As we are well aware in shipping, complex and unforeseen changes are par for the course. But what we need to ask ourselves now is whether we have invested sufficiently in organizational agility and resilience to give ourselves the best chance of surviving – and even thriving – in the volatile business environment.

Adapting to market shifts

If we are found wanting in this area, it is imperative that we move quickly to transform our operational framework to reflect the necessary dynamism and flexibility that will allow us to adapt to shifts in the market. In embarking on a comprehensive program of resilience planning, we must equip ourselves with the right tools, resources and knowledge to prepare for and respond efficiently and effectively to disruptions.

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