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The maritime industry to ready itself for a new way of operating

A report by Deloitte “Global Port Trends 2030” summed up what to expect moving forward

Deloitte pointed out that ports will turn to maximising currently available space to boost operational productivity and sustainability. This will also involve close collaboration with other ports via technology.

Technology is just a prelude
Apart from its own forecasts that ports will make do with existing space to maximise efficiency, Deloitte’s report also cited global shipping consultant Drewry, who projected port investments would slow down in the post-pandemic economy. That translated to the decline of expansion pace by at least 40 per cent in the next five years. Another implication from this new operating model will be a more focused approach in adopting smart technologies to facilitate smoother processes. Deloitte simultaneously cautioned that technology migration would not be peaches and cream. Instead, the industry has to be more vigilant towards malicious cyber activities, which inevitably evolves with technology upgrading.

With recent episodes of security breaches, it underscored the importance of not taking technology for granted. Overlooking potential breaches can subject the supply chain to disastrous consequences. That will naturally put more pressure on port operators to be watchful in the interests of their stakeholders, including investors.

The hot button topic about securing capital would also impact ports’ navigating challenges involving technology. Interlinked with environmental, social and governance (ESG), investors would be looking for more assurance that their trust / capital is not misplaced in the increasing volatile geopolitical conditions, such as tariffs and sanctions.

Willis Towers Watson, one of the world’s leading insurance brokers for the maritime sector, developed a risk forum for ports and terminal operators to be launched in 2022. The forum serves as a members’ network designed to identify risks, and the most effective responses in the market. It is a collaboration with the Centre for Risk Studies at the University of Cambridge’s Judge Business School, a long-term Willis Research Network partner, to develop a continuously updated index of risks to the ports and terminals sector.

The forum provides an events-based networking group through which knowledge and expertise can be shared to create a stronger and more resilient industry. Our vast global experience as advisors, brokers and solution providers to industry has taught us that the harnessing of collective wisdom is an expedited path to finding effective solutions.

 

Marine Online News Team
Please email us at marketing@marineonline.com to contact the author for this article.

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