Major trends influencing the shipping markets

The need to transition to a green and sustainable economy is an urgent priority for society and the shipping industry must play its role in reducing greenhouse gas emissions whilst managing the complex but essential global trade matrix. We estimate that the world shipping fleet produced 855mt of CO2 in 2022, some 2.3% of global output, and whilst shipping remains the most carbon efficient means of transport, further acceleration of decarbonisation strategies is crucial.

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2.3%

Shipping's share of global emissions

855mt

Estimated amount of CO2 produced by the world shipping fleet in 2022

61%

Share of tonnage ordered in 2022 capable of using alternative fuels

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Global economic and geo-political developments have driven increasing complexity as well as volume of seaborne trade. Today the shipping industry moves over 12 billion tonnes of trade, with volumes increasing by 90% in the past 20 years and 40% in the past 10. Change is constant with economic cycles and major global events disrupting trade flows and creating complexities and volatility that the shipping industry must manage while continuing its vital role in moving 85% of all international trade.

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85%

Global trade carried on ships

+4%

Estimated increase in global seaborne trade average haul across 2020-24

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As pressures build globally to find solutions to moderate climate change, the energy transition will cause fundamental change to shipping, trade, offshore and energy. With global geo-political tensions and conflict increasing, energy security is also increasingly in focus, driving shifts in trade patterns including growth in LNG trade. Offshore renewables are expected to play a vital role in this transition and expand significantly from a current 0.4% of global energy supply.

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14x

Estimated increase in global offshore wind power generation in the last 10 years

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Over the past 20 years, the capacity of the world’s shipping fleet has grown by over 150% to over 2.2 billion dwt as the shipping industry has expanded to meet its crucial role in servicing global trade. Although fleet growth has started to moderate in recent years, helping markets recalibrate, the world fleet is still 80% larger than at the start of the global financial crisis, providing greater potential volumes for our asset broking teams.

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30%

% of the world deep sea cargo fleet in port in December 2022, near normal levels as recent record congestion unwinds

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As in many industries, digital technology change is introducing opportunities to radically improve efficiency, regulatory compliance and transparency across shipping. These trends have been amplified within the shipping industry by the COVID-19 pandemic, as they have been across society, with growing demand for digital services and solutions that leverage these opportunities around the freight transaction process and the monitoring and management of risk and emissions.

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100%

Growth in internet access over the last 10 years

28%

Increase in US retail e-commerce vs pre-COVID-19 levels

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