Everyone would agree that it has been a tough last couple of years for the world economy, global trade and the shipping industry. The markets have been particularly volatile and this has been reflected across the board, from commodity prices to freight rates, vessel values and bunker prices. Nevertheless, global trade in 2010 recovered to the same levels as in 2008 and as indicated by the results of our benchmarking analysis, the overall performance of shipping companies improved somewhat in 2010 compared to 2009.
As in prior years, in preparing this third Global Benchmarking Analysis we have analysed the performance of 150 shipping companies across the various subsectors through some basic Key Performance Indicators (KPIs) derived from their 2010 annual reports and monitored how these have evolved over the last 5 years. We have also tried to give some insight on the recent challenges and drivers of the industry on the basis of some of the qualitative information and disclosures in those annual reports. We trust that this analysis adds value to shipping companies and other participants in the shipping industry who wish to understand the impact of recent developments on the industry and facilitate their decision making.
Socrates Leptos-Bourgi, Global Shipping & Ports Industry Leader