In its latest report on maritime trade, the United Nations Conference on Trade and Development (UNCTAD) describes the sector's growth as healthy. The UN agency points out that this growth is the fastest the sector has seen in the last five years, and is expected to continue at this pace in 2018.
Volumes in all segments of the seaborne trade are set to increase in 2018, with containerized and dry bulk cargoes set to record the fastest growth at the expense of tanker volumes.
"While the outlook for seaborne trade is positive, it is threatened by the outbreak of trade wars and the reinforcement of inward-looking policies." Mukhisa Kituyi, Secretary-General of UNCTAD
The head of UNCTAD warned that escalating protectionism and relentless tariff battles could potentially disrupt the global trading system that underpins demand for shipping. On the sidelines of the United Nations General Assembly in New York, the Executive Director of the International Trade Centre (ITC), Arancha González, also drew attention to the fact that ongoing trade tensions, particularly between the USA and China, were benefiting no-one, and that small exporters were the first to suffer.
According to the report, shipping consolidation continues with more mergers and acquisitions and a restructuring of global alliances. In January 2018, the top 15 carriers accounted for 70.3% of the maritime commercial force. New mergers in the sector this year mean that the top 10 carriers controlled 70% of the commercial maritime fleet at the end of June.
Port operations and performance continue to be defined by the deployment of mega-ships and the restructuring of carrier alliances. Shipping companies now have greater negotiating power and influence.
The increase in ship size and the multiplication of mega-alliances have heightened the adaptation requirements for ports. While liner networks appear to have benefited from the efficiencies resulting from the consolidation and restructuring of alliances, the benefits to ports have not kept pace. This dynamic is further complicated by the fact that shipping lines are often involved in port operations, which may in turn redefine approaches to terminal concessions.
The fight against climate change must not be forgotten, and the shipping sector must reduce its greenhouse gas emissions. To this end, in April 2018, the International Maritime Organization (IMO) adopted an initial strategy to at least halve total annual emissions from ships by 2050 compared with 2008 levels.