The shipping industry was at its peak, when the recession struck in 2008. As the industry was gradually recovering from it; it was hit by another blow in the form of COVID-19 pandemic that brought it to a halt for some time. Slowly and steadily, things are getting back to normal, but the future seems to be gloomy.

To have a better understanding about the market conditions and its future, The Company of Master Mariners of India (CMMI) held a webinar on Future of Shipping and Insights into Container boom on 29th October.

Capt Kaustubh Pradhan, Deputy Master, CMMI welcomed the participants and then invited the panelists Capt JS Gill, Managing Director, X-Press Feeders-India – the largest independent common carrier in the world and Capt Ram Iyer, President, Maritime Association of Nationwide Shipping Agencies (MANSA) India for an in depth deliberations on this topic.

Capt BK Jha, Master CMMI said that there has been lot of hurdles, and everyone is working towards overcoming it. Capt Suresh Bharadwaj, Resident Director & Principal, MASSA Maritime Academy, introduced the panelists and stated, “The container rates have been surging like never before and the industry is experiencing many unforeseen events due to pandemic.”

“Container shipping has gone through various cycles. The shipping line really suffered during the start of the pandemic, but when the market started picking up, it was like one way traffic that resulted in cargoes being abandoned; every service running out of schedule,” Capt Gill articulated.

On ship shore exchange, Capt Iyer opined that we still have miles to go. He said that he is using this platform to highlight that there is a need of authorities to ensure an attitudinal change, facilitate and assist in total compliance of ship shore exchange for all legitimate trade and need for everyone to sit together and take honest view of things and act according to it.

Accordingly, the developed nations had already been working on their digitalization, so the pandemic did not affect them much, they utilized this time to enhance and secure their cybersecurity system. Whereas India despite the lack of unified digitalization managed ports and EXIM operations succeeded in typical Indian way. “Thanks to an excellent proactive action by top management for adapting quickly,” added Capt Iyer.

The rising container rates shows the seriousness of the congestion worldwide, the countries needs to come together and have proper policies in place to find a solution before the situation worsens.

Participants were grateful to the panelists for sharing their immense knowledge on the subject.

Capt Gyanendra Singh expressed his gratitude to the panelists and participants for making the event a success.

Marex Media