The global maritime transport industry includes the transport of goods and passengers through waterways. Maritime transport is one of the important channels to operate the global economy seamlessly. As per the United Nations, more than 90% of the global trade is carried by the sea route every year. Oil tankers, bulk carriers, general cargo ships, container ships, gas carriers, chemical tankers, offshore vessels, and others are used to transport goods globally. Some of the major factors that were augmenting the maritime transport industry before the COVID-19 pandemic include increasing globalization and global trade activities, rising e-commerce market among others. Moreover, rising disposable income of the people, continuous new launch of cruise ships were some of the major factors for increasing the maritime passenger transport industry.
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In 2019, the US-China trade war affected the maritime industry up to a significant level. Moreover, due to increasing pollution from maritime transport in the sea, in April 2018 the International Maritime Organization adopted the strategy to reduce the carbon footprint from ships by 50% by 2050 as compared to 2008. To curb the pollution from ships, new emission standards came into effect from January 2020 under which sulfur in the fuel is limited to 0.5%. It increased the slight operating cost of maritime transportation.
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However, the industry experienced a major set-back due to the COVID-19 pandemic. China is one of the major exporters globally. As the coronavirus spread in China in January 2020, most of the manufacturing activities were halted in the country result slowdown in the maritime industry in China.
By March 2020, China started recovering from the pandemic and restarted its manufacturing sectors. However, the pandemic spread to most parts of the globe and in order to prevent the spread of the virus, lockdowns were introduced in various countries', results steep downfall in demand. Moreover, in order to transport medical supplies in a short period, the government has adopted airways transport over maritime. In the near future, there is a possibility that the global economy will go into a recession that will affect the maritime transport industry negatively.
Global Maritime Transport Industry Segmentation
• United States
• Rest of Europe
• Rest of Asia-Pacific
Rest of the World
• A.P. Møller – Mærsk A/S
• Carnival Corp. & plc
• China Ocean Shipping Co. (COSCO)
• CMA CGM S.A.
• Evergreen Marine Corp.
• Genting Hong Kong Ltd.
• Hapag-Lloyd AG
• Hyundai Merchant Marine Co. Ltd.
• Mediterranean Shipping Company S.A.
• Norwegian Cruise Line Holdings Ltd.
• Ocean Network Express Holdings Ltd.
• Orient Overseas Container Line Ltd.
• Yang Ming Marine Transport Corp.
• Wan Hai Lines Ltd.
• Royal Caribbean Cruises Ltd.
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