Industry leaders like Mahimananda Mishra, managing director and chief executive officer of OSL Group, talk about recovery from the pandemic
New Delhi, Mar 26 (FN Bureau) Enduring an uneven ride in 2020, the pandemic-hit shipping and stevedoring sector has witnessed a sharp rebound over the last few months. The Covid-19 pandemic had a major impact on the global trade industry than any other crises of the recent past. It sent shockwaves through the global shipping sector, setting the base for a transformed industry and associated supply chains. However, the crisis made the industry players adjust to the uncertainties and wrenching shifts in the market – including a major recession, changes in global freight patterns, among others.
As a revival of the industry, the United Nations Conference on Trade and Development (UNCTAD) expects a return to growth this year. In a report titled ‘Review of Maritime Transport 2020’, it estimated a 4.1% drop in the Global maritime trade due to the disruption caused by the pandemic. Based on the statistics of last year, the report showed that the new phases of the pandemic may further disrupt the business activities, growth prospects and economies, leading to a major decline. According to the current statistics, even at the peak of the crisis when the decline in cargo volumes resulted in an increased challenge for the industry, the freight rates weren’t affected much despite the decrease in demand.
“The global shipping industry will be at the forefront of efforts towards a sustainable recovery, as a vital enabler of the smooth functioning of international supply chains,” UNCTAD Secretary-General Mukhisa Kituyi said. “The industry must be a key stakeholder helping adapt ‘just-in-time efficiency’ logistics to ‘just-in-case’ preparedness,” he added. Industry leaders like Mahimananda Mishra, the managing director and chief executive officer of Orissa Stevedores Limited (OSL Group), believe that it is quite commendable to see the stevedoring and freight forwarding industry recovering from the pandemic. Under the aegis of Mahimananda Mishra, OSL Group recently created a new record in handling cargo at the Vizag (Visakhapatnam) port. As an effective response to the pandemic, majority of the players in the shipping sector revamped their operations, business protocols and safety measures. Advancement in technology has also been crucial in ensuring the continued evolution of the global shipping industry. The momentum of the measures to mitigate the impact of the Covid-19 pandemic has resulted in the quick and effective recovery of the industry from the pandemic.