What were SSL’s main successes in 2024?
• Terminal operating license – Stevedoring Services Limited (SSL) successfully secured a six-year extension to the Terminal Operators License with the local Municipality that owns the land. This will ensure SSL remains at the Hamilton Port until 2032. This extension also provides a level of comfort to the parent company (Polaris Holding Company Ltd) that any longer-term investments in equipment should yield the returns.
• Union negotiations – SSL successfully completed negotiations with the trade union on a new Collective Bargaining Agreement through to March 2027.
• Equipment purchase – SSL took delivery of the first of two new reach stackers, with the second machine due to arrive at the Hamilton port by mid-December.
• Certification of equipment – all machines (cranes and reach stackers) have been inspected and internationally certified for the next year. This success should be attributed to SSL’s robust preventative maintenance programme.
• Employee of the month – in consultation with the trade union through the monthly Joint Consultative Council meetings, SSL implemented an Employee of the Month programme in January. This programme has proven very successful with the monthly winner having their picture posted on the large monitor in the staff hall. This new initiative has supported an already high employee morale, with the 2024 Employee Survey showing a 96% approval rating.
What were the main disappointments in delivering plans for 2024?
• Static economic growth – with continued talk of multiple hotel developments coming on line, SSL has yet to realise the increase in container volumes expected since January. This in turn impacts our revenues, which impacts the company’s confidence with reinvesting. This resulted in the decision to purchase two new reach stackers vs the three planned.
What were the most valuable lessons learned in 2024?
• More conservative outlook – despite optimism for additional hotel developments in the country, SSL will be more conservative with its financial projections for 2025. Notwithstanding the ground breaking to renovate one of the largest hotel properties on the island this week, we will maintain our guarded outlook.
2025 – THE YEAR AHEAD
What are the foremost objectives for 2025?
• Increase profitability
• Continue business process review with the goal of reducing expenditure and increasing efficiency
• Maintain positive corporate culture
• Continued investment in staff training
List the most significant initiatives/projects you have planned for 2025.
• Electrification of Crane – the goal is to upgrade the port infrastructure to accommodate the conversion to one our port cranes which should reduce the wear and tear on the engine and realise tremendous savings in the purchase of fuel annually.
• Resurfacing of Port – SSL will work in conjunction with the Municipality to resurface the eight-acre port with a bricking solution. This should reduce the wear and tear on the reach stacker tyres as well as the associated costs of asphalting the port on an annual basis.
What do you consider the ‘main concerns’ that will (or could) affect organisational performance/results in 2025?
• USA Elections – with the new government assuming control in January, the impact on SSL’s business operations is unknown.
• ILA Industrial Action – should negotiations between the ILA and USMX fail to bring about some form of agreement, the potential for a short- or long-term strike in January could be a reality which will have a major impact on SSL’s operations. With only one voyage missed as a result of the three-day strike last month, this negatively impacted SSL’s 2024 financial projections.
• Local Elections – with the local elections set to take place in 2025, there is uncertainty about any new policies that could have an impact on SSL’s operation.