Impact of COVID-19 on Global Maritime Transport Industry Size, Share, Growth, Research and Forecast 2019-2025

The global maritime transport industry includes the transport of goods and passengers through waterways. Maritime transport is one of the important channels to operate the global economy seamlessly. As per the United Nations, more than 90% of the global trade is carried by the sea route every year. Oil tankers, bulk carriers, general cargo ships, container ships, gas carriers, chemical tankers, offshore vessels, and others are used to transport goods globally. Some of the major factors that were augmenting the maritime transport industry before the COVID-19 pandemic include increasing globalization and global trade activities, rising e-commerce market among others. Moreover, rising disposable income of the people, continuous new launch of cruise ships were some of the major factors for increasing the maritime passenger transport industry.

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In 2019, the US-China trade war affected the maritime industry up to a significant level. Moreover, due to increasing pollution from maritime transport in the sea, in April 2018 the International Maritime Organization adopted the strategy to reduce the carbon footprint from ships by 50% by 2050 as compared to 2008. To curb the pollution from ships, new emission standards came into effect from January 2020 under which sulfur in the fuel is limited to 0.5%. It increased the slight operating cost of maritime transportation.

However, the industry experienced a major set-back due to the COVID-19 pandemic. China is one of the major exporters globally. As the coronavirus spread in China in January 2020, most of the manufacturing activities were halted in the country result slowdown in the maritime industry in China.

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By March 2020, China started recovering from the pandemic and restarted its manufacturing sectors. However, the pandemic spread to most parts of the globe and in order to prevent the spread of the virus, lockdowns were introduced in various countries', results steep downfall in demand. Moreover, in order to transport medical supplies in a short period, the government has adopted airways transport over maritime. In the near future, there is a possibility that the global economy will go into a recession that will affect the maritime transport industry negatively.

The global maritime transport industry report is segmented based on cargo and passenger transportation. Cargo transportation is going to be the most affected sector due to the pandemic as oil and other goods demand have been plummeted significantly. Passenger transport also hit significantly due to COVID-19. A number of people on cruise ships found infected due to novel coronavirus. Major one includes 712 confirmed cases of COVID-19 on the Diamond Princess cruise ship of Princess Cruise Lines, Ltd., in Yokohama, Japan. Due to similar cases, multiple countries banned foreign cruise ships on their ports.

Verticals Affected Most

Cargo
Passenger

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Impact of COVID-19 on Global Maritime Transport Industry- Segment by Region

North America

United States
Canada

Europe

Germany
United Kingdom
France
Spain
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Rest of the World

Company Profiles

A.P. M?ller - M?rsk A/S
Carnival Corporation & plc
China Ocean Shipping Co. (COSCO)
CMA CGM S.A.
Evergreen Marine Corp.
Genting Hong Kong Ltd.
Hapag-Lloyd AG
Hyundai Merchant Marine Co. Ltd.
Mediterranean Shipping Company S.A.
Norwegian Cruise Line Holdings Ltd.
Ocean Network Express Holdings Ltd.
Orient Overseas Container Line Ltd.
Pacific International Lines Pte Ltd.
Princess Cruise Lines, Ltd. (Carnival Corp. & PLC)
Royal Caribbean Cruises Ltd.
Wan Hai Lines Ltd.
Yang Ming Marine Transport Corp.

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