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Fleet Restructuring, Supply Chain Diversification, Emission Regulations, and Digitalization are Aiding Transformations in Container Shipping Growth Strategies
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Container trade volume accounted for nearly 15% of global seaborne trade, with throughput estimated at 801 million TEUs in 2019. Mid-sized and smaller vessels serve as the backbone for most of the trade lanes due to their operational flexibility. The unprecedented global COVID-19 pandemic crisis has hammered the trade flow worldwide and allowed the global container shipping contract to experience a free fall, with economies observing a significant drop in the purchasing manager’s index (PMI) in 2020. Consequently, this had a direct impact on the global container shipping volumes. However, the scenario is likely to change, as the port activity is witnessing improvement in the H2 2020 with restrictions related to crew members and front-line workers, prioritizing safety. By early 2021, the container shipping industry will revert to pre-COVID levels of shipping volume due to trade volume growth.Port modernization, port expansion, and increased focus on logistics infrastructure developments support the growth of the industry. The container ship demand is spurred by the carriers shifting toward larger and more efficient vessels with lower slot costs, which can be observed in the order book as well, where capacity on order for vessels >14,000 TEUs have increased. By 2025, over 44% of the container ships in operation is anticipated to have a carrying capacity of more than 10000 TEUs.Digital technologies, such as blockchain, IoT, robotics, and AI, are witnessing an increasing trend of adoption of technology in container shipping. They allow carriers to expand their revenue streams with additional service offerings by leveraging data through digitized core processes and end-to-end supply chain integration. Transformations in business models driven by increasing digitalization and strategic collaboration for smart and connected freight transportation are some of the emerging opportunities opening up for service providers in the container shipping industry.
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Author: Suriya Anjumohan
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