positioned to capitalize on the growth of shipping and logistics in the region and has the capacity to offer comprehensive services that cover cargo handling and vessel support while continuously adapting to an industry focused on digital transformation and operational efficiency. FROM PANDEMIC GROWTH TO MODERN CHALLENGES The COVID-19 pandemic produced unexpected results for Jamaica’s shipping sector.“What was surprising is that most companies in the shipping industry saw significant growth during the pandemic,” Hamilton reflects.“They saw 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. “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. INDUSTRY SUCCESS DRIVEN BY A COMMITTED TEAM With the demands of the logistics sector and use 876 978 5887 | abj@assurancebrokersja.com | 1a Braemar Avenue | Kingston 10, Jamaica Navigating you through the complexity of marine liabilities to the safe harbour of secure insurance protection. 19 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 06 JAMAICA FREIGHT & SHIPPING COMPANY LIMITED
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