Cargo Shipping Market Insights | Key Players: A.P. Møller – Mærsk A/S (Denmark), Mediterranean Shipping Company SA (Switzerland), CMA CGM SA (France) And Hapag-Lloyd Ag (Germany)

According to recent research "Cargo Shipping Market by Cargo Type (Liquid, Dry, General, Container), Industry Type (Food, Electrical/Electronics, Mineral Fuels & Oils, Manufacturing), Trade Routes, Infrastructure, Regulations, and by Freight Forwarding - Global Trends and Forecast to 2021", Cargo shipping market is projected to reach 12.52 billion tons at CAGR of 3.5% from 2016 to 2021.

The cargo shipping market is estimated to gain momentum from 2018 onwards after years of sluggish growth. Global economic growth, a rise in the global commodity demand that results in increased seaborne trade that ultimately acts as key drivers of the growth of global cargo shipping trade. The study segments the cargo shipping trends on the basis of cargo type, industry type, and major trade routes.

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Rise in global seaborne trade in order to meet the consumer demand would drive the cargo shipping market

As per the United Nations Conference on Trade and Development (UNCTAD), the global seaborne trade volume touched 10 billion tons in 2015, which included exports and imports of dry cargo including bulk commodities and containerized trade. The constantly increasing containerized trade coupled with the rising trend of port automation to cope up with the increased demand has led to the growing size of port terminals to accommodate the goods, which, in turn, is driving the demand for cargo shipping market globally.

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Major Developments in Cargo Shipping Market:

• In May 2016, Maersk Line launched its new AC1 service, connecting the West Coast of Latin America with Asia. This new service will optimize its Asia to Central America network which will add a third loop to the AC network. The new service is expected to provide Maersk Line’s customers with reduced transit times and greater port coverage on certain corridors while maintaining the network’s stability.

• In April 2016, COSCO Container Lines, CMA CGM, Evergreen Line and Orient Overseas Container Line signed a Memorandum of Understanding to form a new alliance. The new alliance offers competitive products and comprehensive service networks across the globe.

• In December 2015, MSC has entered in a new vessel sharing agreement with Hapag-Lloyd, Hamburg Süd, CMA CGM, China Shipping and Hyundai. This new agreement ensures that MSC customers will get wider port coverage and faster transit times. The number of weekly sailings available to customers will increase from one per week to three. Additionally, there would be a notable improvement in transit times.

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Rising infrastructural development at the port terminals to accommodate the growing demand of cargo Shipping

The increasing investment in port infrastructure, global supply & demand cycle are also key driving factors for the cargo shipping industry. Expansion of trade passages such as Panama Canal and Suez Canal increases waterways’ capacity and allow the passage of larger vessels is beneficial for cargo shipping. The increasing number of countries forging free trade agreements will boost the cargo shipping industry. Further, different free trade agreements such as NAFTA, AFTA, TPSEP, and others have helped countries significantly towards strengthening their economies. These agreements not only are responsible for the growth in trade between nations but also have a direct impact on the shipping industry. Also, the developing country in past years is driving the economic growth. The improved specialization in the supply chain for marine trade has gathered huge development as developing countries continue to gain greater market share in the cargo shipping business.

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