MID WEST Ports Authority recently began the implementation of its Beyond COVID-19 Recovery Plan.
The plan outlines “the strategy and necessary actions” that will transition MWPA’s pre-COVID-19 business model to a new way of operating in a post-pandemic landscape.
“The port sector has been directly exposed to the impacts of COVID-19 and the fragility of the global supply chains,” MWPA said in a statement.
“It is difficult to predict what a post-COVID-19 maritime sector might look like with economists believing the full impacts on ports is yet to come.
“The effects of the pandemic may result in MWPA suffering significant reduction in revenue in 2020 and beyond.”
According to MWPA, several financial scenarios have been modelled to consider the potential depth and duration of this unprecedented circumstance.
“MWPA will be looking to find efficiencies across the business to develop a more cost effective, efficient structure and address our current risk exposures,” it was stated.
“When we emerge from this crisis, we need to be in a position to operate under a ‘new normal’. MWPAs pre-COVID business model cannot be expected to function effectively in a post-COVID port landscape.
“Our Recovery Plan must position the port to be sustainable and capture future opportunities, it must foster change and become more nimble whilst remaining aligned and true.”
Under the recovery plan, MWPA is to:
- Emerge from the COVID-19 crisis as a strong, viable port authority
- Identify and act upon efficiencies and continuous improvement strategies
- Remain a pivotal provider as a gateway to trade and tourism
- Structurally change the cost base to be more financially sustainable, and better positioned to absorb market disruptions.
Develop, leverage and maintain stronger political connections to ensure long-term financial support.