Shipping, Ports and Maritime Services

Collaboration will be the driver for change

New efforts to encourage greater cooperation among stakeholders in the local shipping industry, significant new opportunities in the cruise ship business, and continuing improvements at the nation's ports are some of the key developments impacting the local shipping industry in 2008/2009 and beyond.

The most immediate development, however, is a welcome drop in shipping costs. "The slowdown in the global economy has been driving shipping rates down" because of more competition for reducing business, according to the Shipping Association of Trinidad and Tobago (SATT). However, it also cautioned that once demand increases, "expect prices to go back up to normal levels". On a more positive note, however, it said it did not expect bunker charges, which have been coming down, to return to former high levels.