Updated: Feb 27, 2020
As we enter a greener reality, a reflection on the past
The next decade is ushering in a more environmentally responsible era for the international shipping industry. This greener future was a direct result of last year’s mandate by The International Maritime Organization (IMO) to lower emissions by using fuel that contains 80-percent less sulfur. This landmark event is an example of how the industry continues to evolve. However, it is not the only instance.
Here are some of other interesting strategies and events that occurred over the past 10 years that helped reshape our industry:
China’s One Belt, One Road Initiative
China’s bold strategy to financially aid developing countries by helping to build ports and other infrastructure necessary for trade, allowed the country to expand its reach and become a global power. To date China is providing $150-billion in aid to 68 countries around the world, resulting in more opportunities for everyone in the industry.
Container ships Got Bigger
To meet increasing global demand and the desire to be more efficient, container ships grew from 11,000 TEU to 18,000 TEU. Today these larger vessels are now the norm and will probably get bigger in the next decade.
US-China Trade Dispute
The ongoing dispute forced American importers to adjust their practices and become more efficient to avoid the additional duty. They accomplished this by diversifying their supply chains and frontloading their cargo. While the dispute will eventually be resolved, the new more efficient practices
will likely remain.