Companies operating in the container shipping sector are working hard to improve the way they use big data, realising it will play a key role in the future of the business.
That’s what Peter Sand, Chief Shipping Analyst at BIMCO , told MarineTraffic in the lead up to the Global Liner Shipping conference in Hamburg next week.
“All players in the market are currently improving their skills on using big data for bettering their businesses, but it is not easy – reading the data – nor implementing what big data is telling you. No doubt though big data is an integral part of the future container shipping business,” said Sand.
As one of the leading speakers at the event, Sand will be making a presentation focusing on the global economic outlook and industry forecasts.
He says right now, the area most relevant to the container ship market is Europe. “Imports into Europe matter the most. Why? Because all the new super-large container ships are bound for this trade. If we do not see strong growth on that trade, then the harming cascading will go on to add even more pressure on all the secondary trades.”
Sand says the Eurozone is doing well now. “Most recently we have seen optimism in the construction sector too. This is vital to container shipping demand. That optimism already seems visible as a demand supporter. More to come if the situation continues to evolve positively.”
Over the past decade we have seen container vessels more than double in size, which Sand believes has resulted in low utilisation rates and fundamental pressure on the market as supply growth has outstripped demand growth. “Remember, large ships can only enjoy the economies of scale when the ships are full. But as costs are the name of the game, only individual supply side management by all individual owners can improve the market.”
Asked if we can expect to see more alliances between the bigger liners in 2017, how important will this be for their survival, and what impact will it have on the smaller companies, Sand said last year proved that closer cooperation is in the cards. “We had a lot in 2016, now implementation is in focus, before the next round begins.”
The Global Liner Shipping conference which will be held in Hamburg on the 15th to the 17th of May 2017, will bring together industry leaders who will cover the areas of market analysis, commercial insight and future strategies for the container ship sector. It is organised by KNect365 which is Informa’s Knowledge and Networking division, a leader in knowledge sharing and business connections.
|Peter Sand joined BIMCO in 2009 and holds the position of Chief Shipping Analyst. In this position he is responsible for analysing the commercial markets for dry bulkers, tankers and container ships. Taking the offset in global economics as the analytical starting point for all seaborne trade, he assists management and members with insight into many different aspects of the shipping industry. Peter’s regular reports and focused analytical articles on the shipping market are widely read and have often been referenced in mainstream media.|