Over the past 50 years, global maritime freight transportation has undergone remarkable developments. The international shipping industry is responsible for carrying the vast majority of international trade with its share ranging from 80 to 90 per cent of world trade. In terms of trade value, the shipping share accumulates between 60 and 70 per cent of trade.
4 Ways AI Can Boost Safety and Efficiency at Sea
Supported by the 2017 upswing in the world economy, global seaborne trade grew at the rate of 4 per cent, the fastest expansion recorded in a 5-year period. Total shipping volume reached 10.7 billion tons, ended 2017 with a total revenue of roughly USD166 billion. Container freight rate levers increased, which resulted in USD7 billion profit, with average earnings increased in all fleet segments, approximately USD11 thousand per day.
“Global maritime freight transportation revenue is estimated to reach USD205 billion by 2023 There are around 60,000 merchant ships, transporting every kind of cargo — including containerized and bulk commodities. Ship traffic has grown substantially denser, with the world fleet registered in over 150 nations, manned by over a million seafarers, which has raised the stakes of maritime safety and called for technology advances in the maritime industry.”
Despite decades of safety improvements, there were 1,036 large ships lost reported around the world over the past decade, according to AGCS’s Safety & Shipping Review 2019.