Rise in global seaborne trade in order to meet the consumer demand would drive the cargo shipping market during the forecast period 2021
Cargo
shipping market is projected to reach 12.52 billion tons at
CAGR of 3.5% from 2016 to 2021. The cargo shipping market is estimated to gain
momentum from 2018 onwards after years of sluggish growth. Global economic
growth, rise in the global commodity demand that results in increased seaborne
trade that ultimately act as key drivers of the growth of global cargo shipping
trade. The study segments the cargo shipping trends on the basis of cargo type,
industry type, and major trade routes. The base year considered for the study
is 2015, and the forecast has been provided for the period between 2016 to
2021.
The following are key objectives of the study
- To analyse the global marine cargo industry, by region, in terms of geo-politics
- To define and analyse the global marine cargo markets by cargo type - liquid cargo, dry bulk, general cargo, container cargo
- To define and analyse the global marine cargo by trade routes - Suez Canal, Panama Canal, Straits of Malacca & Singapore and Strait of Hormuz with trade lanes
- To define, describe and analyse current and future trends in global cargo shipping industry
- To define and describe the global industrial, agricultural, petrochemical cargo shipping market by value.
- To define and describe the regulatory framework and challenges in the global cargo shipping industry
- To geo-politically analyze the global cargo shipping industry by region
Major Developments in Cargo Shipping Market
- In May 2016, Maersk Line launched its new AC1 service, connecting the West Coast of Latin America with Asia. This new service will optimize its Asia to Central America network which will add a third loop to the AC network. The new service is expected to provide Maersk Line’s customers with reduced transit times and greater port coverage on certain corridors while maintaining the network’s stability
- In April 2016, COSCO Container Lines, CMA CGM, Evergreen Line and Orient Overseas Container Line signed a Memorandum of Understanding to form a new alliance. The new alliance offers competitive products and comprehensive service networks across the globe
- In December 2015, MSC has entered in a new vessel sharing agreement with Hapag-Lloyd, Hamburg Süd, CMA CGM, China Shipping and Hyundai. This new agreement ensures that MSC customers will get wider port coverage and faster transit times. The number of weekly sailings available to customers will increase from one per week to three. Additionally, there would be a notable improvement in transit times.
Target Audience of Cargo Shipping Market
- Shipping
Companies
- Shipbuilding
Companies
- Customers
- Downstream
stakeholders
- Government
regulatory authorities
- Investment
firms.
- Equity
research firms.
- Private
equity firms.
Asia-Pacific is projected to lead the cargo shipping market during the period of 2016 to 2021. The growth of the cargo market is primarily triggered by the increasing population, infrastructural development and manufacturing activities. Furthermore, rising trend of globalization and demographic changes are also few other key drivers for Asia-Pacific. The Shanghai Port (China), Shenzhen Port (China), Hong Kong, S.A.R.(China), and Ningbo-Zhoushan, China), Singapore Port & Keihin Port (Japan) are some port terminals that handles millions of TEU annually that subsequently drive the growth of in Asia Pacific market.
Cargo shipping industry is facing environmental challenges as well as challenges emerging from changing dynamics of geopolitics. These challenges are restraining the growth of industry. Along with these challenges, high cost of buying new bigger container ships and competition to fill them in saturated market has started consolidation in the shipping industry. The industry players are fighting for market share which is giving rise to pricing at their marginal cost. Shipping industry can overcome these restrains by increasing productivity in operations, and improvement in network and fleet.
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Reference :
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