Trade liberalization and global economic growth boost the cargo shipping market. In the past decade cargo shipping market has fared quite successfully. With economic growth and development there is a direct increase in commodity consumption, which drives the cargo shipping market. Depending on the cargo and the type of storage, loading, unloading and securing it would require various types of ships for transportation.
Investments in port infrastructure and the global supply-demand cycle will have a positive impact on the shipping market. Growth in countries forging free trade agreements like AFTA (ASEAN Free Trade Area), TPSEP (Trans-Pacific Strategic Economic Partnership), and NAFTA (North American Free Trade Agreement) will drive the cargo shipping market. Transport is an essential link for trading, and the aim is to obtain raw materials for manufacturing industries, or trade manufactured goods in good condition, as and when they are required. Demand and supply for sea transportation has increased and five key things to be considered in the cargo shipping market are: economy, average haul, seaborne commodity, random shocks and transport cost. The cargo shipping industry is segmented on the basis of cargo and industry type. Infrastructure initiatives such as development of new ports and extension of existing ports leads to growth of the cargo shipping market. Container cargos load food, manufacturing industry’s raw materials and electrical & electronic goods. Liquid bulk cargos are loaded with oil from the oilfields at sea – to do this they moor bow type tankers, known as shuttle tankers. Developing economies in Asia-Pacific account for the significant market share; especially China, since it is a major exporter. Growth rate in Europe is presently steady and is expected to grow in the near future; owing to various initiatives by the European Union. Middle East and African regions have the highest potential in the coming years due to availability of oilfields; this is estimated despite the fall in oil prices internationally.
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Global Cargo Shipping Market: Segmentation
On basis of cargo type, the global cargo shipping market is segmented into:
20 foot (6.08 m) Twenty-foot Equivalent Unit (TEU)
40 foot (12.8 m) Forty-foot Equivalent Unit (FEU)
45 foot (13.7m)
On basis of industry type, the global cargo shipping market is segmented into:
Food and Manufacturing
Manufactured raw materials
Oil and ores
Electrical and electronics
Global cargo shipping market: Regional outlook
Developing economies in Asian countries drive the cargo shipping market and are estimated to hold the largest share of the cargo shipping market. European countries like UK, Spain, Germany and France, along with Russia will account for the second largest share. North America is projected to be third largest market share.
Global Cargo Shipping Market: Key Trends and Drivers
Global economic growth and progress in trading drive the cargo shipping market. Container transportation is increasing adopted globally to transport goods; it acts as a major driver for the cargo shipping market in both developed and developing countries. Another boon for this market are the free trade agreements being formulated by numerous countries. Supply chain management for marine trade has developed largely attributing to developing nations gaining a large market share in the cargo shipping market. Cargo shipping firms are facing challenges to a great extent owing to global environmental changes and geopolitics; this is proving to be a major restraint. Acquiring new containers is cost intensive, which is manifesting as a major restraint in the shipping industry and cargo shipping market.
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Global cargo shipping market: Key players
Examples of the market participants in the cargo shipping market, identified across value chains include CMA-CGM SA, A.P. Moller-Maersk Group, Mediterranean Shipping Company S.A., Panalpina World Transport (Holding) Ltd., DHL Global Forwarding, China COSCO Holdings Company Limited, Nippon Express Co., Ltd, Hapag-Lloyd AG, Ceva Logistics and Deutsche Bahn AG.