Shipping Companies Adapting to a New Way of Business

As countries around the world start to slowly lessen lock down measures, the challenges in shipping remain. Conducting dry dock services of one’s vessels, carrying out vessels’ mandatory compliance audits & vettings, and inspecting vessels prior to purchase, are some of the services that are crucial to operating successfully, but that are challenging for ship owners & managers to execute during these times of Covid-19 restrictions. Superintendents and service engineers are hesitant, afraid to travel and expose themselves to the virus; often times refusing to attend their company’s vessels that require immediate attention.

The hassle of traveling is increased with mandatory quarantining when traveling between countries that for obvious reasons delay business and is mentally taxing on the travelers. In the rare scenario that a company finds a qualified and willing employee to travel, the company usually encounters expensive and inefficient flights.

Due to such inconveniences companies are failing or postponing these essential services, costing them exponentially in the long run. Resourceful companies have found success using third-party global marine consultancy firms. Companies in the past had been weary of outsourcing services to these third-party firms but are now recognizing the advantages of consultancy firms that have a worldwide network.

Raghav Lavania, business director of consultancy firm Sinotech Marine says that “we have experienced an 85% increase year to date in demands for our services.” Sinotech Marine is a team of 300+ trained surveyors in over 75 countries that work with ship owners and managers so that companies can continue operating at optimal efficiencies. During trying times, the shipping market, an already competitive market, becomes even more cutthroat.

The companies that resist going to third party firms will likely fall behind their competitors, possibly to points of no return as the global economy downturn is also applying additional pressure. The coronavirus epidemic is an unprecedented global event that has made the manners of our life change and is transforming the way businesses operate. It is during these times that innovations in business procedures will occur for higher efficiencies. Businesses are faced with the ultimatum of adapting and innovating or suffering the consequences.
Source: By Marina Theodorompeakou, Business Development Executive, Sinotech Marine