The Future of Shipping

The objectives of this survey are to define seaborne trade, understand the role and standing of Greek shipowners in the global market and describe sector’s growth projection based on pricing of freight rate indices. Furthermore, focusing on the Greek market, we identify significant key players per type of trade and fleet capacity and present their figures. Additionally, key trends and challenges of the industry are presented, concluding with extended topics on green shipping, as well as the role of AI in the industry.

Shipping strongly stands out in global trade as it represents approximately 90% in terms of capacity, and 50-60% in value, while the global fleet increased by almost 40% during the past decade.

The ascending course in the industry is expected to continue despite the multiple challenges it is facing, such as geopolitical turbulence, supply and demand imbalances, lack of capacity and manpower. However, as shipping growth is directly related to the global economy, factors such as trade restrictions, climate change, and geopolitical unrest could affect the projections.

Freight rates returned to normal levels after the post-pandemic fluctuations for the industry, which saw record prices across multiple indices, but in early 2024 rates have spiked again mostly due to voyage restrictions.

Greece consistently stands as the global leader in key metrics, representing 17.4% of the world fleet in capacity terms. The average age of Greek owned vessels is lower than the global average, and while Greece stands above China and Japan in DWT controlled, it emitted less carbon dioxide than both countries (UNCTAD – 2022 data).

• Decarbonization and the energy transition towards cleaner energy
• Digitalization to improve efficiency and adapt to the changing global landscape
• Building resilience “by design”, to manage risk long term
• Supply chain optimization
• Port and Shipping displaying dynamic nature to adapt to challenges
• Adaptation to e-commerce growth and new consumption patterns

• Political unrests disrupt shipping routs and alter supply chains
• Environmental concerns and the challenge to meet sustainability goals
• Rapid technological change and the ability to adapt
• Shortage of skilled talent due to tough working conditions, and the emerging role of technology

Greek-owned shipping continues to set the rules in the market and is essential for the global economy.