Oleander on time
After skirting Hurricane Arthur last week and with continued summer weather the Oleander will be arriving on time this Sunday. A new Bermuda cadet by the name of Justin Tucker has joined the ship.
So how’s the economy?
In July 2013, Nathan Kowalski, the regular Royal Gazette columnist and CFO of Anchor Investment Management published an article with his assessment related to the state of Bermuda economy.
Please see: http://www.royalgazette.com/article/20130715/COLUMN05/707159991
We agree that Bermuda’s shipping imports are one of the best barometers of Bermuda’s economic health and we are often asked “So today what is the current state of Bermuda’s economy?”. Based upon BCL, and other current data and our daily observations the following is our assessment. Bermuda’s economy (as measured by BCL and other cargo import data) began to bottom at the end of last year 2013. The overall business opportunity mood has also clearly changed. Statistically, while imports are still soft, BCL’s volumes continue to slowly recover. Since January, BCL has experienced an uptick in project quotes and is seeing more investments in new business ventures. Food imports however remain soft, as the substantial decline in Bermuda’s population has lowered consumption. With the near completion of the new Hospital and the Waterloo House project, the construction industry is now waiting for several known projects to kick in. Hopefully, with the recent Americas Cup news and a continued influx of new international companies, the slow recovery to date can be accelerated. Meanwhile Bermuda’s importers have reduced their inventories to improve cash flows and BCL has repositioned itself to respond by taking steps to consistently deliver the first, fastest, most reliable and most responsive weekly shipping service. The customer service objective is to enable BCL’s customers to have the confidence to offer their customers “just in time” product selection without the cost of carrying large inventories.
The NGL team appreciates your business and the opportunity to support all of our customers as the economy recovers.
The NGML team