Executive Briefings

Report: New Low in Sea Trade Growth

Seaborne shipments passed 10 billion tons for the first time ever in 2015, up 2.1 percent from 9.8 billion tons the year before - the slowest pace of growth in the industry since 2009, according to the UNCTAD Review of Maritime Transport 2016. The report says future growth looks uncertain.

Shipping carried more than 80 percent of the world's goods by volume in 2015, and its slow growth reflects sluggish global trade.

Shipping of oil, however, recorded its best performance since 2008 - thanks to low oil prices, ample supply and stable demand, the report says. But shipping's overall growth was dragged down by the limited growth of dry bulk commodity trade, in particular coal and iron ore, and by the poor performance of container shipping, which carries about 95 percent of the world’s manufactured goods.

Despite this slow growth, the industry's carrying capacity continued to grow, jumping 3.5 percent to 1.8 billion deadweight tons in 2015 and pushing freight rates down to record lows.

“With global trade growing at its slowest pace since the financial crisis, the immediate outlook for the shipping industry remains uncertain and subject to downside risks,” said UNCTAD secretary-general Mukhisa Kituyi.

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Shipping carried more than 80 percent of the world's goods by volume in 2015, and its slow growth reflects sluggish global trade.

Shipping of oil, however, recorded its best performance since 2008 - thanks to low oil prices, ample supply and stable demand, the report says. But shipping's overall growth was dragged down by the limited growth of dry bulk commodity trade, in particular coal and iron ore, and by the poor performance of container shipping, which carries about 95 percent of the world’s manufactured goods.

Despite this slow growth, the industry's carrying capacity continued to grow, jumping 3.5 percent to 1.8 billion deadweight tons in 2015 and pushing freight rates down to record lows.

“With global trade growing at its slowest pace since the financial crisis, the immediate outlook for the shipping industry remains uncertain and subject to downside risks,” said UNCTAD secretary-general Mukhisa Kituyi.

Read Full Article