The value of international trade has risen to nearly 21% according to the World Trade Centre in 2004, which is the highest growth rate in the past 25 years. This can be attributed to having an efficient ocean transportation system. Some of the current trends taking place in ocean transportation include:
In a bid to automate the container haulage from creation to proof delivery, IAS added three new modules to its dispatching Manager Product. This addition is used to enable cargo owners, and ocean carriers to connect effectively. Also, the gradual reduction in trade cost and the time needed to clear goods are estimated to be an average of 17 days. The Panama Maritime Chambers membership has allowed ship owners access the canal and also the world. This move has provided ship owners with information, education and networking on a global level.
Improvement in Technology
The introduction of advanced data capturing system, increased use of e-commerce and the launch of advanced supply chain management has to lead ocean transportation reachan all-time high.
Recently, Japan and Mexico have joined hands with the Transpacific Partnership to promote investment and trade. Also, the Philippines and the USA have signed a Trade Facilitation and Customs Administration Agreement to witness improvement in global trade.
Improvement in Transportation
Research on alternative fuels for commercial ships has made progress. There are also some concerns about overweight containers, but a major insurance company, TT Club, has been advocating for weighing the weighed containers.
The enhancement of monitoring operations and issuance of stringent penalties to protect the credibility of the industry has been made, also issuing a licence to new operators has made ocean transportation reliable.
The size and structure of containerships
Container ships are being modified to get structured in a way that aligns with the existing ship’s lanes, and also the container carriers are very large, but due to recent changes it is possible to keep them in a compact form. This allows the containers to fit perfectly in the recently introduced Panama Canal Lock which enhances the manoeuvrability of the ship on bendy rivers.
Gateways, Inland Ports, Corridors
For the aim of establishing connectivity to inland terminal facilities, corridors are being developed. The inland ports can be helpful in loadcentres, satellite terminals, and transmodal facilities. Establishments such as terminal operators, port authorities, commercial real estate developers and local governments are looking after the development of these facilities.
Predicted developments in sea transportation
Some changes are expected to take place moving forward in the industry such as:
- Shipping transportation is being less profitable, the shipping companies will experience difficulty in securing capital for investments.
- According to the predictions of Global Port Tracker, the USA will be losing 2% of its import value.