The global crisis in 2009 had a profound impact on the industry. Carriers faced unprecedented challenges and had to cope with the worst downturn in memory in our industry. And yet it seems that the urgent steps taken across the industry began to bear fruit in 2010, and I believe will continue to yield results in the coming year.
However, the market trends are not yet clear, and economic stability is far from certain. I believe all carriers are still in the process of optimizing activities and adapting to market changes. As a result, we will see many modifications in lines’ structures and modes of operation during 2011-2012.
In spite of the considerable uncertainties in the market, I’m convinced all players emerged from the crisis with important insights. And I believe all carriers will show the utmost care and responsibility with regard to managing the supply side — handling their orderbook, layups, slow-steaming and other measures. This will lead, in my view, to stability in freight rates, with a strong tendency toward rate increases in the longer run.