The cargo shipping market will augment with a modest growth rate during the forecast period 2022-2028. Cargo shipping companies engaged in the transportation of goods, cargo, and commodities by the water routes. The cargo ships operate at both the domestic and international routes. However, the share of the international route is way higher than the domestic transportation. Low cost and the ability to transport goods in bulk are key factors that the cargo ships are preferred over the road, air, and railway transportations. Moreover, there are fewer regulatory complications in international waterways transportation as compared to roadways and railways.
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Some of the most common vessels used for cargo shipping include oil tankers, bulk carriers, general cargo ships, and container ships. As per the United Nations, in 2019, the capacity of the vessel was increased to 1.97 billion dead-weight tons (dwt) with a fleet size of 95,402 as compared to 1.92 dwt in 2018. The carrying capacity of the cargo ships increased by 2.6% in 2019 YoY. In vessels type, oil tankers and bulk carriers maintain the largest market share all across the globe with a share of 28.7% and 42.6% respectively in 2019. Whereas gas carrier shows the most promising segment and witnessed a growth rate of 7.25% YoY in 2019. The capacity of the gas carrier has increased from 64.4 million dwt in 2018 to 69.0 million dwt in 2019 (with a market share of 3.5% in 2019). It is due to significant growth in the natural gas demand in emerging economies such as China and India. Contrary to this, the growth in the oil tanker capacity was less than 1% in 2019.
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Similar growth trends were expected during the forecast period however due to the COVID-19 pandemic, the demand for crude oil and natural gas has plummeted significantly in the first half of 2020. Moreover, the global economic downfall is expected in 2020, and further economic slowdown in a couple of years due to which a decline in the growth of cargo shipping will be witnessed for a couple of years as compared to 2019 level. Cargo shipping companies are expecting less revenue in 2020 and adopting cost-cutting measures such as halting expansion plans. Some of the major companies operating in the market include A.P. Møller – Mærsk A/S, Mediterranean Shipping Company S.A., China Ocean Shipping Co. (COSCO), Hapag-Lloyd AG, and Ocean Network Express Holdings Ltd.
Global Cargo Shipping Market- Segmentation
By Industry Type
- Metal & Non-Metal
- Fossil Fuel
- Food & Beverage
- Electronics
- Automotive
- Chemical & Pharmaceuticals
- Machinery
- Textile
- Others
By Vessel Type
- Oil Tankers
- Bulk Carriers
- General Cargo Ships
- Container Ships
- Other
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