Challenge 4
Green shipping
Context
Shipping is the life blood of the global economy as 90% of the world’s trade is carried by the sea being, by far, the most effective way to transport goods and materials throughout the world. Mostly due to the global economic recovery, seaborne trade continues to expand, generating benefits for people across the world through competitive costs. The world’s population is estimated to reach almost 10 billion people in 2050; developed and emerging economies will continue to increase the demand for the goods and raw materials that shipping transports. In 2017, world maritime trade was estimated at nearly 10.8 billion tons, with dry bulk commodities boosting almost half of the volume increase. World maritime trade has grown with volumes expanding at 4%, the highest growth in the last five years. The prospects for the industry's further growth continue to be strong. Furthermore, world seaborne trade is projected to expand at an annual growth rate of 3.8% between 2019 and 2023.
