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The 2020 shipping review provides an update on the latest trends in shipping trade, supply, markets, key performance indicators, and legal and regulatory developments. It also includes a special chapter with testimonials from maritime stakeholders and their experiences in tackling the COVID-19 pandemic.
The COVID-19 pandemic has underscored the global interdependence of nations and set in motion new trends that will reshape the landscape of shipping. The industry is at a pivotal time and must address not only the immediate concerns arising from the pandemic but also long-term considerations, ranging from changes in supply chain design and globalization patterns to changes in consumption and spending, a growing focus on risk assessment and resilience-to-construction, as well as an enhanced global sustainability and low-carbon program. The industry is also facing the ripple effects of growing trade protectionism and domestic policies.
The pandemic has brought to the fore the importance of shipping as an essential sector for the continuous supply of critical supplies and global trade in times of crisis, during the recovery phase and when normalcy returns. Many organizations, including UNCTAD and other international bodies, have issued recommendations and guidelines emphasizing the need to ensure business continuity in the sector, while protecting port workers and seafarers from the pandemic. They stressed the need for ships to meet international requirements, including health restrictions, and for ports to remain open for shipping and intermodal transport operations.
International maritime trade under great pressure
The global health and economic crisis triggered by the pandemic has disrupted the shipping and maritime trade landscape and significantly impacted growth prospects. UNCTAD expects the volume of international maritime trade to decline by 4.1% in 2020. Amid supply chain disruptions, shrinking demand and global economic uncertainty caused by the pandemic, the global economy has been severely hit by a double shock supply and demand. These trends have developed against the backdrop of an already weaker 2019 that has seen international maritime trade lose further momentum. Persistent trade tensions and high political uncertainty have undermined the growth of global economic production and trade in goods.
Volumes increased 0.5% in 2019, down from 2.8% in 2018 and reached 11.08 billion tons in 2019. In tandem, global container port traffic slowed to 2% growth , down from 5.1% in 2018. Trade tensions have caused displacement, as the search for alternative markets and suppliers has led to a redirection of flows from China to other markets, especially in Southeast Asian countries. The United States has increased its exports of goods to the rest of the world, which has helped to compensate somewhat for the reduced exports to China. New additional tariffs are estimated to have reduced maritime trade by 0.5% in 2019, with the overall impact mitigated by increased trading opportunities in alternative markets.
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