The year 2013 will go down in maritime annals as one of extraordinary contradictions, with optimism finally dislodging the melancholic recent past. This is not to imply that the maritime sector is on tranquil waters or that we are on another upswing toward record profitability similar to a decade ago. On the contrary, the recovery is still very tenuous; in fact, the highly visible container shipping market worsened last year. However, the aura of a change in the overall market trend and confidence became very noticeable toward the last quarter of 2013. And, after a gap of several decades, there are even harbingers of a domestic maritime renaissance, driven by unprecedented developments in the energy sector.
U.S. Merchant Marine and World Maritime Review
By Shashi Kumar