COVID-19, the war in Ukraine, climate change and geopolitics have wreaked havoc on maritime transport and logistics, clogging some ports and closing others, reconfiguring routes, extending delays and pushing up shipping costs.
Ships deliver over 80% of world trade, so disruptions in ports and on shipping lanes mean food, energy, medicine and other essential items don’t reach those in need. Businesses are left without supplies. And prices for producers and consumers soar.
Although delays have improved and dry cargo rates are coming down, maritime transport – and thus world trade – remains vulnerable. The industry must invest now to shore up its resilience to future crises and climate change.
Ports, shipping companies and transport operators need to expand capacity, renew and expand fleets and equipment, ensure adequate and skilled labour, improve connectivity and performance, reduce emissions and safeguard competition to ensure maritime transport can weather the next storm.
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