A survey was conducted by ‘Ocean Insights’ and ‘Shipping and Freight Resource.' It consisted of more than 300 shipping professionals and freight professionals around the world to see how COVID-19 was impacting their attitudes about current and future logistics.
Who were the 300?
Carriers
Logistics Providers
Consultants
Shippers
Freight Forwarders
‘Other’: professionals in the industry across all levels. Top management, middle management and operations.
These were the results:
In terms of the impact COVID-19 has had on supply chain and freight operations:
Only 1% of respondents maintain that their operations have not been impacted by COVID-19.
59% say their operations have been significantly affected by the pandemic.
Operations were affected by:
Volume declines – 71%
Transit delays – 61%
Delays from port to customer – 49%
Capacity shortages – 39%
In regard to communications with their shipping and supply chain partners, 51% indicated that they are receiving real-time, ongoing communications with their supply chain counterparties.
On the question of their preparedness for the supply chain disruptions caused by COVID-19:
42% say they were not prepared at all or that they were completely unprepared (35% and 7% respectively)
54% say they were somewhat prepared
In regard to the adaptability of their own operations:
37% experienced a partial supply chain shutdown with significant freight delays
35% had a few glitches and experienced freight shipment delays of a few days
14% say their supply chain operations were able to adapt with no problem
8% said they had to endure a complete shutdown of their supply chain operations
In regard to the adaptability of their partners’ operations:
9% say their partners were fully unprepared
31% say their partners were not prepared
56% say their partners were somewhat prepared
On the question of recovery from the supply chain disruptions caused by COVID-19:
29% do not plan to change their strategy
30% say they may change their strategy
42% say they will change their strategy
In regard to the investments they plan to make as part of their recovery efforts:
67% say they will invest in technology
33% will invest in their employees
26% will acquire new assets
13% will engage in mergers and acquisitions of other businesses
12% will do something else not specified above
On whether they expect to recover from the supply chain disruptions caused by COVID-19:
19% expect a fast recovery
37% expect a moderate recovery
44% expect a slow recovery
2% do not expect to recover
Summary… If anything stood out more to me, it was the fact that so many were open to new software tools and products to decrease the day to day hustle that freight professionals endure.
The situation still isn’t any better. We have not recovered. That’s where we stand today. Truth be told, no one knows when we will fully recover and if only the strong and biggest will survive…
Rob Breese, Founder