Maritime
Trade war threatens outlook
for global shipping, warns
new report
Credits : unctad.org
R
eview of Maritime Transport reports 4% expansion in
seaborne trade volume in 2017, projects similar growth
for 2018.
Seaborne trade expanded by a healthy 4% in 2017,
the fastest growth in five years, while UNCTAD forecasts
similar growth this year, according to its Review of
Maritime Transport 2018. Volumes across all segments
are set to grow in 2018, with containerized and dry bulk
commodities expected to record the fastest growth at the expense of
tanker volumes.
The 2018 edition of the UNCTAD Review of Maritime Transport, marking
its 50th year of publication, was launched at the Global Maritime Forum’s
Annual Summit : https://www.globalmaritimeforum.org/ , that took place
in Hong Kong on 3–4 October 2018.
"While the prospects for seaborne trade are positive, these are
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threatened by the outbreak of trade wars and increased inward-looking
policies.
Escalating protectionism and tit-for-tat tariff battles will potentially
disrupt the global trading system which underpins demand for maritime
transport". said Mukhisa Kituyi Secretary-General of UNCTAD
The warning comes against a background of an improved balance
between demand and supply that has lifted shipping rates to boost
earnings and profits. Freight-rate levels improved significantly in 2017
(except in the tanker market), supported by stronger global demand,
more manageable fleet capacity growth and overall healthier market
conditions.
Supply-demand improvements, namely in the container and dry bulk
shipping segments, are expected to continue in 2018. Freight rates may
benefit accordingly, although supply-side capacity management and
deployment remain key. UNCTAD projects an average annual growth rate