Page 6: of Maritime Reporter Magazine (October 1997)

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Maybe it's a recent trip to our 50th state talking, but today's business environment strongly resembles surfing, or more accurately, surf-ing on the north shore of Oahu during the winter.

Maritime business waters are, by nature, tumultuous. Companies not ready, willing or able to participate in the global market are perhaps finding the waters more perilous than ever. The likelihood of wiping out is heightened, and there is always a threat of getting swallowed by a bigger fish.

While all companies must navigate roughly the same waters, companies which are planning for well beyond 2000 are global players, determined to shore up weaknesses and extend prod- uct and service reaches. Despite the ominous threat of a nasty spill, these companies are focused on find- ing and riding the next big wave. There's always a chance of riding the wave too long, or cutting out before the best part is over, but these diverse, accomplished businesses are more amply suited to recover and hit the next swell in stride.

Today's big wave is, of course, the offshore market. The impact of a resurging oil business has reached across the spectrum of the maritime world, boosting business and revenues of oil majors, vessel operators and equipment suppliers alike. In spite of claims to the contrary, no one can predict when this wave will crash, the only certainty is that some day it will. For now, however, all indicators point to a strong ride for at least a few more years. Technology is truly a major driver of this effort, and the offshore industry's recent success and near term prospects are due in large part to the fact that so many new frontiers are being explored simultaneously. This year's WorkBoat Show in New Orleans should prove to be quite busy.

Good news — particularly when it involves making money — spreads fast, and competition in all sectors should increase tenfold over the next few years, as anyone and everyone tries to cash in on the offshore wave. This month's coverage of the workboat and offshore markets starts on page 24.

What's the next big wave? The fast ferry market is (and, for a while, has been) poised for significant growth. While it will not be as far reaching as an oil boom, an upswing in fast ferry development and building could provide a number of companies with significant business. As reported in MR/EN's August edition, H.R. 1630 is a bill designed to deliver $35 million, over a five year period, for a program similar to that of Title XI. U.S. Secretary of Transportation Rodney Slater recently announced that MarAd had issued a federal guarantee to help finance the construction of two high speed ferries for service in Florida, between Miami and Key West. A story on the contract is found in the Marine Finance section on page 10.

Gregory R. Trauthwein, editorial director

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