Geopolitics and climate have emerged as the two wildcards impacting the world’s busiest trade chokepoints, i.e. the Suez and Panama Canals. Daily shipments through the Suez Canal in the Red Sea have dropped by 50% since January 2024, while Panama Canal transit restrictions have led to a 32% decline since October 2023. In this paper, the following questions are addressed: […]
In 2023, the port and maritime industry’s total economic contribution to the United States included an estimated 2.5 million workers earning $214 billion in wages and benefits and generating $311 billion of GDP in the United States. The total economic contribution, or economic footprint, of the port and maritime industry consists of the industry’s operations and capital expenditures in the […]
The global marine insurance premium base for 2023 reached USD 38.9 billion representing an uplift of 5.9% from the previous year. Development was seen across all lines of business with the offshore energy sector enjoying a 4.6% increase, cargo insurance 6.2% increase and ocean hull 7.6% increase. Global premiums reflect a combination of insurable volumes and prices per unit. The […]
UNCTAD forecasts maritime trade volume to expand by 2 per cent in 2024 and containerized trade volume by 3.5 per cent. In the period 2025–2029, UNCTAD projects that total seaborne trade will grow on average by 2.4 per cent and containerized trade by 2.7 per cent. This growth is driven by increased demand for major bulks such as bauxite, coal, […]
Despite geopolitical and environmental challenges, population growth in Asia and North America is driving future demand, with Reefer volumes expected to grow at a 2.2% CAGR through 2028. Asia leads global Reefer imports, accounting for 35% of the market, with Oceania as the fastest-growing region. Reefer containerization dominates, with 89% of reefer cargo moved in containers by 2024.
Global merchandise trade turned upwards in the first half of 2024 with a 2.3% year-on-year increase, which should be followed by further moderate expansion in the rest of the year and in 2025. The rebound comes on the heels of a slump in 2023 driven by high inflation and rising interest rates. WTO economists now anticipate that the volume of […]
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