growth during the pandemic,” Hamilton reflects. “They did see growth because of the congestion that was being experienced. The freight rates were astronomical.” Container freight rates surged over 300% year-on-year in 2021, fundamentally reshaping industry economics. Post-pandemic dynamics present different challenges.“The freight rates have reduced, but the volumes have increased, and Jamaica has become more of a transshipment hub today than we were pre-pandemic,” Hamilton explains.“It’s been constant growth, and that has helped us because the carriers that we represent use Jamaica as a transshipment hub.” With 90% of Kingston’s port traffic serving transshipment needs, this positioning proves strategic as global container volumes maintained 7% growth through mid-2024. Infrastructure investments demonstrate confidence in future growth. “We’re currently in the process of upgrading our internal software platform that we use for customer interface and interface with the terminals and the ports,” Hamilton reveals.“We use a local platform called Advantum Agent. We should be launching the new and improved platform by the end of the second quarter into the third quarter.” Digital transformation remains critical as the industry adopts blockchain and AI technologies to enhance efficiency. STRATEGIC VISION AMID GLOBAL UNCERTAINTIES Current market conditions create both opportunities and concerns for Jamaica’s shipping sector. “Congestion is one issue, but I don’t want congestion to be portrayed as a negative because it’s a region that’s suffering from it,” Hamilton clarifies. “It does affect us because vessels then end up bypassing.” Regional ports face similar pressures as global disruptions at Suez and Panama canals force costly rerouting, with Cape of Good Hope arrivals surging 89% in 2024. 23 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 06 JAMAICA FREIGHT & SHIPPING COMPANY LIMITED
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