UNCTAD – Review of Maritime Transport, 2023

The UNCTAD's Review of Maritime Transport for 2023 discusses the various challenges that the global shipping industry is currently facing. These include the ongoing effects of the COVID-19 pandemic, the repercussions of the global supply chain crisis, a decline in the container shipping market, and changes in shipping and trading patterns due to the war in Ukraine. The industry is also dealing with heightened trade policy and geopolitical tensions, as well as shifts in globalization patterns. In addition, the sector must address the need for sustainability, decarbonization, and digitalization in order to adapt to the evolving operational and regulatory landscape and continue servicing global trade effectively. Despite these challenges, the maritime trade volume is expected to grow by 2.4% in 2023, following a marginal contraction of 0.4% in 2022. UNCTAD foresees moderated growth in maritime trade volume for the medium term (2024-2028). However, the containerized trade measured in metric tons declined by 3.7% in 2022, although it is projected to increase by 1.2% in 2023 and expand by over 3% in the coming years. Carrier companies are faced with the difficult task of balancing supply and demand, as the industry may be experiencing overcapacity. This may lead carriers to employ strategies such as slippage, idling of vessels, or demolition to manage capacity.