Global shipping is the linchpin of the world economy, ferrying over 80% of goods across international waters. Since the 1990s, the forces of globalization coupled with the economic and environmental advantages of maritime transportation have propelled the shipping industry into a central position in global trade. This lifeline of international commerce facilitates the movement of essential commodities such as food, fuel, and raw materials, directly influencing connectivity between nations and the quality of life for billions worldwide.
The global fleet comprises approximately 98,000 active vessels, boasting a collective capacity exceeding 2.3 billion tons. Container ships, numbering around 6,500, constitute a significant portion, with a combined capacity of approximately 26 million TEU (twenty-foot equivalent unit). Annual fuel consumption by the merchant fleet accounts for nearly 10% of the world’s fuel consumption, reflecting the industry’s substantial environmental footprint. Despite the challenges, the value of shipping services in facilitating global trade exceeds US$550-600 billion annually, sustaining a workforce of approximately one million sailors, officers, and crew members.