Maritime transport is mankind’s oldest form of international logistics. Ships of every stripe have criss-crossed the globe since the Age of Sail.
Even now, in the age of the jet engine, seaborne transport comprises roughly 90 per cent of world trade. Containerisation and the growing size of ships have made shipping the cheapest form of transport, and the life blood of the global economy. Without shipping, intercontinental trade, the bulk transport of raw materials, and the import/export of affordable food and manufactured goods would simply not be possible.
There are over 50,000 merchant ships trading internationally, transporting every kind of cargo. The world fleet is registered in over 150 nations, and manned by over a million seafarers of virtually every nationality.
Contrary to popular news coverage, shipping is the safest and most environmentally benign form of commercial transport. Perhaps uniquely among industries involving physical risk, commitment to safety has long pervaded virtually all deep sea shipping operations. Shipping was among the very first industries to adopt widely implemented international safety standards.
Because of its inherently international nature, the safety of shipping is regulated by various United Nations agencies, in particular the International Maritime Organization (IMO). The IMO has developed a comprehensive framework of global maritime safety regulations, which are enforced on a worldwide basis.
Seaborne trade continues to expand, bringing benefits for consumers across the world through competitive freight costs. Thanks to the growing efficiency of shipping as a mode of transport and increased economic liberalisation, the prospects for the industry’s further growth continue to be strong.
MARITIME AND SHIPPING IN SOUTHEAST ASIA
Southeast Asia is located along one of the most important routes in global shipping. Trade in goods between China, Africa, the Middle East, and Europe have to transit through the Straits of Malacca and the South China Sea, making the region a strategic choke point for trade.
This story is from the July 2019 edition of SME Magazine Singapore.
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This story is from the July 2019 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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