The half-full glass

In this issue, the PS strategist tells us all we need is a ‘sprinkling of confidence’ on page 17 to chivvy the market along, while the PS economist bucks the popular crowd to expect the tentative shoots of recovery next year (page 31). There’s no precedent for a recession until 2011, he boldly claims.

Certainly, there are those among us who see no end to this downturn. And, yes, if debts and debtors aren’t managed well then those same companies will probably not be around to see us emerge from this recession/depression, as we inevitably will.

But those doubters should take a leaf out of the global operator’s books. Having put a tighter rein on spending, DP World is still keen to get its London Gateway development work moving. But, and here’s the key, at a pace and spend more in tune with today’s economy. This operator understands the importance of being ready when that uptick comes, be it 2010, 2011 or beyond. A little tweak on dredging demands here, a nip in the construction phases there could be enough to keep the Gateway project ticking over.

In the Middle East, Gulftainer has also declared its commitment to expansion projects, emphasising the medium- to long-term need that still remains.

While, States-side, the three magic Ps are starting to be bandied around again: public-private partnerships. Who would have thought that reports of box volumes down as much as 39% on the west coast would sit cheek by jowl with news of a proposed – and being seriously considered – $8.9bn 60-year Virginia concession, and a sealed $700m deal for Ports America to get a foothold in Oakland?

With five terminals, investment of up to $150m in phase 1 and the pledge of “significant additional capital”, Highstar Capital – Ports America controller – still believes in ports.

It’s easy to be dragged down with the negative press and yes, the market is not the gift it was for port operators a couple of years ago. But that doesn’t mean it is all doom and gloom. Take stock, take advantage of distressed sales, take the initiative, and above all take heart – it will get better.