Proman Shipping and the industry as a whole have had to make significant adjustments to weather the unprecedented impact of the pandemic.

Within Proman Shipping and our family of companies globally, we were fortunate to have robust crisis-management planning in place, which helped steer our response.

About the New Normal series

After a year like no other, TradeWinds asked 40 shipping industry stakeholders what they see for 2021 after a year beset by the coronavirus, and how the pandemic will shape shipping's future.

Read the full report here.

The primary challenge has been reduced global trade in the second and third quarters of the year. The notable drop in demand for vessels and freight rates has prompted the industry to review expenses and seek new ways to cut costs.

We also had to navigate the challenges of crew changes and border restrictions, which meant extended periods on board for some crew. Safety is always paramount, but maintaining high morale and camaraderie became a really important focus. We needed to ensure that our staff were well supported and cared for throughout this unpredictable period.

However, we have also seen how adaptable the shipping industry can be. Many essential procedures have been adapted so they could be undertaken remotely without boarding vessels, such as inspections and documentation; this trend towards digitalisation should accelerate in 2021. The curb on business travel has also demonstrated that effective decision-making can be done remotely.

The pandemic has also taught us some important lessons about the volatility of the fossil-fuel market. Bunker prices have been impacted by changing market conditions, with some companies recognising losses connected to their bunker hedging strategies in preparation for VLFSO [very low-sulphur fuel oil]. This reinforces the need for our industry to transition away from fossil fuels, towards fuels where market conditions are more stable.

For Proman Shipping, we believe methanol has huge potential as a clean-burning “bridge” fuel now, as well as strengthening the pathway towards bio-methanol as a sustainable zero-carbon fuel in the future. This is why, despite the pandemic and global economic challenges, we took the decision with our partner, Stena Bulk, to invest in a third methanol dual-fuel 50,000-dwt vessel.

We are making the Stena Prosperous available as part of Stena Bulk's pool of traded vessels for two to three years from 2022, making it the first methanol dual-fuel ship available for trade to non-methanol producers. We want to encourage other owners to experience firsthand the benefits of using methanol-powered vessels. We are also exploring further infrastructure to allow for seamless methanol bunkering globally.

Like the 2008 financial crisis, the Covid-19 pandemic has shown that volatility can always be around the corner. As we look ahead to next year, and focus on weathering these challenges, we need to continue pushing for innovative and creative ways of building resilience, improving efficiency and cutting costs, in an ever-changing global environment.