Certainly the seeds of our misfortune - and many of the year's headline events - can be traced back to irresponsible decisions that lead to overcapacity, reports Lloyd's List.
But in reviewing the actions of our industry kingpins over the past 12 months, it seems they are affected by events happening to them, rather than the moves they make.
Right now, it feels like the industry is collectively playing defensive moves in reaction to forces outside of its control.
Consolidation is certainly happening, albeit reluctantly in many cases. Cost cutting continues, scrapping is soaring and prudence permeates every part of the industry. The macro picture is riddled with risk and shipping is playing for flexibility in the absence of any clear direction forward.
For the first time in decades, growth in world trade is falling below global economic growth. Economic prospects in key emerging markets remain uncertain and it is not obvious where a powerful new engine of growth is to be found. Protectionism and isolationist sentiments are eroding the very basis for global collaboration on which our industry relies.
Add to that the threat of digital disruption from platform-based business models, seismic shifts in supply chain logistics technology, a pipeline of regulatory requirements that will only grow in complexity and cost, and limited sources of finance. It is understandable that this is an industry looking to hedge its bets.
But in reviewing the actions of our industry kingpins over the past 12 months, it seems they are affected by events happening to them, rather than the moves they make.
Right now, it feels like the industry is collectively playing defensive moves in reaction to forces outside of its control.
Consolidation is certainly happening, albeit reluctantly in many cases. Cost cutting continues, scrapping is soaring and prudence permeates every part of the industry. The macro picture is riddled with risk and shipping is playing for flexibility in the absence of any clear direction forward.
For the first time in decades, growth in world trade is falling below global economic growth. Economic prospects in key emerging markets remain uncertain and it is not obvious where a powerful new engine of growth is to be found. Protectionism and isolationist sentiments are eroding the very basis for global collaboration on which our industry relies.
Add to that the threat of digital disruption from platform-based business models, seismic shifts in supply chain logistics technology, a pipeline of regulatory requirements that will only grow in complexity and cost, and limited sources of finance. It is understandable that this is an industry looking to hedge its bets.