Opinion Piece

You guessed it, we were on the subject of the downturn, not my selected subject but his. The source of this view it transpired was actually an individual who had entered the hallowed confines of the cab and who worked for an investment bank. The phrase “physician heal thy self” springs to mind but nevertheless, as they do, the cabbie made his point well. So too did the gentleman who recently wrote to Lloyd’s List decrying the fact that the media generally is full of doom and gloom, to the extent that down and not up almost becomes a self-fulfilling prophecy.

I am not too sure what slant the articles packaged in this issue of PS will take but I tend to agree with the assumption that the media, including the shipping press, tends to bang the negative drum too loud. There is no escaping the fact that times are immensely challenging but I am reminded of the words of Tom Falknor, formerly of ICTSI and now sadly deceased, “the other side of a problem is an opportunity”.

OK, some of you are thinking, “well I wish I could see it” and undoubtedly today this maxim doesn’t work for everyone but on the other hand it will work for many of you, and downstream adjustments will be made that everyone should profit from.

One example in the former respect is the ability to secure assets at bargain basement prices – terminals, vessels and so on. In the latter respect, in the short term there are massive adjustments underway with regard to the dampening down of overheated supplier prices, implementation of better regulation and longer term major structural changes expected, such as establishing a global exchange rate system that limits speculation and prevents currency distortions. It is not all doom and gloom – and even if this is knocking at your door it is important to maintain PMA – positive mental attitude.