The financial crisis enveloping global markets will inevitably hit ship agents. "The key risks to agents relate to cash flow as invoice settlements may be deliberately slowed and, of course, defaults," Lars Heisselberg, vice president, Shipping Services of GAC told Fairplay. However, there are also opportunities as the downturn is likely to see more vessels idle in traditional lay-up locations. The crisis will test agencies' ability to innovate as they seek to retain business. One way could be to reduce operation or procurement costs for principals. Heisselberg cites GAC's recent weather routeing solutions as an example. Introduced in conjunction with the Swedish Meteorological Hydrological Institute, the programme is said to help principals navigate with the most efficient route under any weather conditions. The solution reduces bunker costs for principals, GAC claims.
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