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communicationblogs · 2 months ago

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Next-Gen Shipping: Market Forecast and Trends 2024–2030

Cargo Shipping Market Overview

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Report Coverage

The report: “Cargo Shipping Industry Outlook — Forecast (2021–2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Cargo Shipping industry.

By Type: Linear Ships, Tramp Ships.

By Cargo Type: Passenger, Liquid, Container, Dry, General, Bulk, Others.

By Vessel Type: Multi-Purpose Vessels, Dry-Bulk Carriers, Tankers, Container Vessels, Bulk Vessels, Reefer Vessels, Ro-Ro Vessels, Others.

By Vessel Cargo Capacity: <1000 TEU, 1000–4000 TEU, 4000–8000 TEU, 8000–12000 TEU, 12000–16000 TEU, 16000–20000 TEU, >20000 TEU.

By End Use Industry: Food and Beverages, Electrical & Electronics, Manufacturing, Oil & Gas, Metal and Mining, Logistics and E-commerce, Consumer Goods, Chemicals, Medical and Pharmaceutical, Others.

By Geography: North America, South America, Europe, APAC and RoW.

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Key Takeaways

Improving port infrastructures and incorporation of favourable trade agreements overtime is analyzed to significantly drive the cargo shipping market during the forecast period 2021–2026.

Tankers had accounted for the largest market share in 2020, attributed to the factors including longer sailing, involvement of lesser number of ports and many others, making it highly preferable for conducting marine transportation.

Presence of some key players such as Evergreen Marine, Yang Ming Marine Transport Corporation, Pacific International Lines and so on opting for partnerships, product launches or expansion to improve cargo shipping facilities have helped in boosting its growth within APAC region.

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Cargo Shipping Market Segment Analysis- By Vessel Type

By vessel type, the cargo shipping market is segmented into multi-purpose vessels, dry-bulk carriers, tankers, container vessels, bulk vessels, reefer vessels, ro-ro vessels and many others. Tankers had dominated the cargo shipping market with $3234.07 million tons in 2020 and are analyzed to grow at a CAGR of 3.4% during the forecast period 2021–2026. Tankers generally refers to those cargo shipping vessels used in transportation of bulks of liquids and gases, which had emerged as an ideal mode of transportation for chemicals, petrochemicals as well as gas refineries. Oil tankers, chemical tankers, gas carriers are some of the common type of tankers utilized for serving applications based on load carrying capacities for the shipping goods. Compared to other types, these vessels are capable of offering advantages be it longer sailing, involvement of lesser number of ports and so on, thus creating its higher adoption within marine transportation facilities. Factors such as economic slowdown owing to COVID-19, decarbonization measures as well as dropping oil prices are some of the threats encountering the tanker vessels across cargo shipping markets. However, with slow economic recovery post the global pandemic situation, the demand towards crude oil imports or exports are bound to surge in order to begin with various industrial or commercial operations, thereby promoting the market growth of tankers in the long run. In 2021, Shell had signed an agreement to charter crude tankers including very large crude carriers from Advantage Tankers, AET and International Seaways, powered with dual-fuel liquefied natural gas engines. Owing to capability of lowest possible methane slip and highest fuel efficiency with an average 20% less fuel consumption, this is further anticipated to mark an important step towards increasing LNG-fuelled vessels on the water by 2023.

Cargo Shipping Market Segment Analysis- By Vessel Cargo Capacity

By vessel cargo capacity, the cargo shipping market is segmented under <1000 TEU, 1000–4000 TEU, 4000–8000 TEU, 8000–12000 TEU, 12000–16000 TEU, 16000–20000 TEU and >20000 TEU. Vessel cargo capacity of 12000–16000 TEU had held the largest share in the cargo shipping market with of $3269.44 million tons in 2020, thus analyzed to grow further with a CAGR of 4.0% during 2021–2026. Neo panamax vessels with capacity (10000–14500 TEU) and ultra-large container vessels with capacity (14500 and above) have been considered under this segment. Neo panamax refers to those medium to large sized vessels, capable of carrying about 19 rows of containers with a beam of 43 m, with comparable size of Suezmax tankers, while ultra large container vessels are considered as the biggest container ships with capabilities being at least 366 meters long, 49 meters wide, draught of at least 15.2 meters, causing its dominance within the hazardous end-use markets. Due to flexibility perspective, vessels with load carrying capacity ranging from 10000 to 15000 TEU are generally capable of allowing carriers to deploy largest ships which can traverse Panama Canal, gaining popularity in transport of goods including metal ores, coal and so on. In 2020, Evergreen Line had revealed about delivering two 12000 TEU class F-type container ships, featuring an optimized hull design as well as a smart ship system. Since these containers are equipped with a main engine of 58,000 horsepower, along with preventing containers on the deck from affecting the view from the bridge as well as maximizing cargo loadability prior to its configuration, these vessels are further analyzed to create a significant impact towards the market growth of cargo vessels with 12000 TEU capacity in the long run.

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Cargo Shipping Market Segment Analysis- Geography

APAC had accounted for the largest share of $6589.12 Million Tons in 2020, analyzed to grow with a CAGR of 4.1% for the Cargo Shipping market during the forecast period 2021–2026. Growth of various end-use industries including food & beverage, consumer goods and so on, initiatives towards improving as well as incorporating new trade agreements, improving sea port infrastructures, rising technological advancements along with many others can be considered as some of the crucial factors which had attributed towards the market growth of cargo shipping across APAC region. Presence of some of the key cargo shipping companies including Evergreen Marine, Mitsui O.S.K Lines Ltd., Yang Ming Marine Transport Corporation, Pacific International Lines and others have also helped in creating a positive impact within the Asia-Pacific ocean freight shipping facilities. Partnerships, expansion, R & D investments and so on were considered as some of the key strategies adopted by the market players to drive cargo shipping services within the region. In 2020, Yang Ming Marine Transport Corporation announced about expanding its Intra-Asia service networking through extending Japan-Taiwan-South China Express (JTS) to Malaysia, Philippines and Singapore. This expansion was meant to optimize the competitiveness between Japan, Taiwan, South China as well as Southeast Asia, while improving the linkage connection of Yang Ming’s main port, Kaohsiung. Such factors are further set to create a positive impact towards adoption of these shipping services in order to facilitate sea transport in the long run.

Cargo Shipping Market Drivers

Growing initiatives towards improving port infrastructure:

Growing initiatives towards improving port infrastructures either by governmental support or shipping company investments can be analyzed as one of the major drivers impacting the growth of cargo shipping during the forecast period 2021–2026. Port infrastructure plays a crucial role in cargo shipping operations be it handling of bulks of goods, which had been creating high need towards upgrading, modernizing or constructing new ports to support growing trade businesses around the world. Increasing demand towards consumer products, crude oil and many other related commodities have been also raising the requirement of infrastructural growth of sea ports in order to help in meeting the consumer demands overtime. Factors such as adaptive secured communication, IT architecture and so on within the ports are getting introduced to benefit strategic traffic while assisting ship infrastructures, thus positively impacting the cargo shipping growth. Sea port infrastructures have been also getting upgraded with advanced handling systems capable of autonomous or semi-autonomous operation to achieve higher throughput levels. In addition, government along with various private infrastructure companies across developed as well as developing countries have started to focus towards establishing new ports, upgrade or expand the existing ones through investments as a move towards supporting growing trade volumes. In 2021, Adani Ports and Special Economic Zone (APSEZ) had revealed about completing its acquisition of Dighi Port Ltd for a value of INR 705 cr (around $97million), alongside an investment of INR 10,000 cr (around $1375 million) to upgrade the existing port into a multi-cargo port. Such measures are further set to boost the market growth of cargo shipping industry in near future.

Increasing number of trade agreements drives the market forward:

Increasing number of favourable trade agreements in a motive towards enhancing the trade business between countries can be considered as one of the major driving factors impacting the growth of cargo shipping market. Trade agreements are essential towards helping the importers or businesses access to low cost goods at reasonable prices, making it one of the crucial factors to drive better and optimum level of sea trades. Regional trade agreements have been increasing over the years towards extending geographic reach within the last five years, including significant increase in pluri lateral agreements with negotiations, as a way behind improving bilateral relations between developed as well as developing economies across the world. In 2020, various Asia-Pacific countries including China, Japan, South Korea, Australia, New Zealand, Indonesia, Malaysia, Laos, Philippines, Thailand, Myanmar, Cambodia, Brunei, Singapore and Vietnam had signed the Regional Comprehensive Economic Partnership (RCEP), making it one of the largest free-trade agreements. This trade agreement was meant to focus at lowering tariffs, increasing investment as well as streamlining customs procedures in order to facilitate free movement of goods. Such initiatives are further set to strengthen the economic integration between these member countries, while creating more growth opportunities in the cargo shipping market in the long run.

Cargo Shipping Market Challenges

Growing incidences of cargo rollover:

Growing incidences of cargo rollover due to ocean freight supply chain issues act as one of the major challenging factors restraining the market growth of cargo shipping. Cargo rollover situations arise mainly due to growing levels of demand at times of usually low volume or traditional seasonal decline in cargo flows, which tends to create shipping delays. Owing to the increase of container demand from U.S as well as Europe terminals and carriers, the Asian port hubs witnessed a rapid surge in cargo rollover in December 2020. Prior to economic shutdowns amidst the COVID-19 pandemic, there was recovering demand from U.S and Europe during the second half of 2020, resulting in creating disruption in the container shipping sector. Moreover, growing rollover incidences result towards clogging in major ports, forcing various carriers to cancel out sailing in order to catch up with the disrupted schedules. Supply chain disruptions are further poised to continue post the pandemic situation, prior to incapability of meeting increasing shipping requirements simultaneously, thus analyzed to hamper the market growth of cargo shipping services. Additionally, shift towards alternatives like air cargo transport can also adversely impact the cargo shipping prior to ocean freight supply chain disruptions as well as port clogging issues in the long run.

Cargo Shipping Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Cargo Shipping market. The key players in the Cargo Shipping market include A.P Moller-Maersk Group, CMA CGM Group, Evergreen Marine, Hapag-Lloyd, Mediterranean Shipping Company S.A (MSC), China Ocean Shipping (Group) Company (COSCO), Hamburg Sud Group, Mitsui O.S.K Lines, Ltd., Pacific International Lines (PIL) and Yang Mang Marine Transport Corporation among others.

Acquisitions/Technology Launches/Partnerships

In February 2020, a container shipping company, Hapag-Lloyd had launched a remote reefer supply chain monitoring tool, named Hapag-Lloyd LIVE. Development of this real time monitoring solution was done in order to increase transparency of cold chain by providing customers with number of data sets related to condition as well as location of their reefer containers.

In March 2019, Yang Ming announced about the launch of two ultra large container vessels, namely YM Warranty and YM Wellspring, under the 14,000 TEU capacity range. These vessels were designed with a nominal capacity of 14,220 TEU, equipped with 1000 reefer plugs, capable of reaching speeds upto 23 knots.

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satgurucargo · 2 months ago

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Essential Documentation for International Shipping: A Complete Checklist

Navigating the complications of international shipping can be difficult, but having the necessary papers can make the process go much more smoothly. Satguru Cargo provides customized cargo services and freight forwarding solutions, focusing on customer satisfaction and offering flexibility and affordability. Whether you’re a seasoned exporter or fresh to the world of global trade, our detailed checklist will help you verify that all of your paperwork is in place.

Bill of Lading (BOL)

In the realm of international shipping, the bill of lading is extremely important. This document serves as a legal agreement between the individual delivering the goods (known as the shipper) and the company in charge of carrying the delivery. The list contains the items that are being shipped, along with the quantity and the destination.

There are two primary categories of bills of lading:

Non-negotiable: The Straight Bill of Lading cannot be altered. It’s similar to a receipt that specifies the recipient and cannot be transferred to another person.

Flexible Bill of Lading: This document can be transferred or exchanged with others during the transportation of the goods. It offers greater flexibility and can be easily shared with various parties.

Commercial Invoice

When delivering products to customs, a commercial invoice is required. It states what is being sent, how much it is worth, and the sales terms. This information is used by Customs to calculate the amount of duty and tax to be charged. To avoid issues, ensure that the data on the business invoice matches those on other shipping documents.

Packing List

A packing list shows exactly what’s inside each package, including the weight and size of each item. Customs officials use this list to check the shipment, and it also helps the recipient make sure they’ve received everything they were supposed to.

Certificate of Origin

A certificate of origin confirms the country where the goods were made. Customs in the importing country often need this document to figure out the right charges and duties. Different countries may have their own specific forms or rules for this certificate, so it’s important to check what’s required by the destination country.

Export License

An export license is a government document that gives permission to send certain goods to specific places. Not every shipment needs one, but it’s important to check if your items are subject to export controls. Usually, things like military equipment, advanced technology, and certain chemicals need an export license.

Insurance Certificate

When you move things across foreign borders, you run the risk of losing them, damaging them, or having them stolen. An insurance document confirms the package’s coverage. The insurance will protect you financially if something goes wrong. You should choose the right protection for your things based on how valuable and fragile they are.

Import License

In some cases, the country that is importing the things may need a license to do so. This paper says that the things can be brought into the country and makes sure that they follow the rules. It’s important to find out what the target country’s import rules are and get the right licenses before shipping.

Letter of Credit

A letter of credit is a piece of paper that promises to pay a seller if certain conditions are met. It keeps everyone safe by making sure that both the seller and the buyer get paid and that the things arrive on time.

Pro forma invoice

Pro forma invoices are an initial bill of sale sent to the buyer before the goods are shipped. They include information about the price, amount, and description of the goods. Getting funding or an import license is a common way to use it.

Export Packing List

The export packing list is a detailed document that lists everything that is going to be sent in an overseas shipment. It has details about the way the package will be shipped, the type of packing, and how to handle it.

Shipper’s Letter of Instruction (SLI)

The shipper’s letter of instruction is an essential document given by the exporter to the product forwarder. It provides detailed shipment instructions, such as the recipient’s name, shipping method, and particular requirements. This document ensures that the cargo is handled in accordance with the exporter’s preferences.

Dangerous Goods Declaration

When sending dangerous materials, you need to fill out a dangerous goods declaration that says what the materials are, how they should be packed, and how they should be handled. It makes sure that foreign rules about transporting dangerous goods are followed.

Export Declaration

When you send an export declaration to customs, you include details about the things you are sending, like their value, quantity, and where they are going. This is done for statistical reasons and to follow export control rules. Both papers are very important for shipping that goes smoothly and safely.

Consular Invoice

Risky products must be shipped with a dangerous goods declaration that describes what they are, how they should be packed, and how they should be handled. It makes sure that foreign rules about transporting dangerous goods are followed.

When you give an export declaration to customs officials, it tells them about the things you are sending, including their value, quantity, and where they are going. Satguru Cargo provides global services with a vast local agent network, ensuring accurate export declarations for customs officials, smooth shipping, and compliance with export control rules. This information is used for statistics and to follow export control rules. Both papers are very important for shipping that goes smoothly and safely.

FAQS:

What is a bill of lading, and why is it important?

Ans. A Bill of Lading (BOL) is a legal document between the shipper and carrier that details the shipment. It lists the items, quantity, and destination. A receipt, a document of title, and a contract play an important role in ensuring the transportation of goods as agreed.

2. Why is a commercial invoice required by customs?

Ans. Customs requires a commercial invoice to determine the value of goods for duty and tax purposes. It details the items being shipped, their value, and sales terms. Accurate information on the invoice helps avoid delays and ensures compliance with customs regulations.

3. What information does a packing list provide?

Ans. A packing list provides an in depth description of the contents of each package, including their weight and dimensions. It assists customs officers with verifying the shipment and assists the recipient in inspecting the received goods. It helps to guarantee the accurate and suitable documentation of all objects.

4. When is an export license needed?

Ans. An Export License is necessary for shipping particular regulated products, such as military equipment or advanced technology, to specific countries. It provides governmental authorization for exporting. While not all shipments require it, it can be important to verify whether your items are subject to export regulations.

5. What is the purpose of a Certificate of Origin?

Ans. A Certificate of Origin confirms the manufacturing country of the goods. It’s required by customs in the importing country to determine charges and duties. Different countries may have specific forms or requirements, so it’s important to comply with the destination country’s regulations.

#freight forwarding #cargo services #cargo shipping

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