Review of Maritime Transport

The Review of Maritime Transport 2023 has been published, which paints a complex, mixed picture. It estimates that maritime trade volumes will continue to grow for the foreseeable future – 2.4 per cent in 2023, and 2.1 per cent over the next five years. This represents a slowdown from the average annual rate of maritime trade volume growth of around 3 per cent over the past four decades, and shows the limits of the notion of geoeconomic fragmentation – at least in the short- to medium-term, and in terms of volume.

The Review suggests that shipping patterns and trading routes are shifting, perhaps because of growing commercial tensions and a new geography of transport and trade. A clear result of this dynamic is that the average distance travelled for several commodities is increasing. Shipments of oil cargo and grain, for example, travelled longer distances in 2023 than any other year on record.

The maritime transport industry is at a crossroads, with many forces at play reshaping the sector’s roles and operating landscape. For example, maritime transport needs to decarbonise as soon as possible. In 2023, carbon emissions from international shipping were 20 per cent higher than ten years earlier. As the maritime industry embarks on this complex transformative journey towards decarbonisation, it must do so while sustaining economic growth.

Read the Review