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Review of Maritime Transport 2017 United Nations Conference on Trade and Development UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT EMBARGO The contents of this Report must not be quoted or summarized in the print, broadcast or electronic media before 25 October 2017, 1700 hours GMT REVIEW OF MARITIME TRANSPORT 2017 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT REVIEW OF MARITIME TRANSPORT 2017 New York and Geneva, 2017 ii NOTE NOTE The Review of Maritime Transport is a recurrent publication prepared by the UNCTAD secretariat since 1968 with the aim of fostering the transparency of maritime markets and analysing relevant developments. Any factual or editorial corrections that may prove necessary, based on comments made by Governments, will be reflected in a corrigendum to be issued subsequently. * ** Symbols of United Nations documents are composed of capital letters combined with figures. Use of such a symbol indicates a reference to a United Nations document. * ** The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries. * ** Material in this publication may be freely quoted or reprinted, but acknowledgement is requested, with reference to the document symbol (UNCTAD/RMT/2017). A copy of the publication containing the quotation or reprint should be sent to the UNCTAD secretariat at the following address: Palais des Nations, 1211 Geneva 10, Switzerland. UNCTAD/RMT/2017 UNITED NATIONS PUBLICATION Sales No. E.17.II.D.10 ISBN 978-92-1-112922-9 eISBN 978-92-1-362808-9 ISSN 0566-7682 REVIEW OF MARITIME TRANSPORT 2017 iii ACKNOWLEDGEMENTS Preparation of the Review of Maritime Transport 2017 was coordinated by Jan Hoffmann under the overall guidance of Shamika N. Sirimanne. Administrative support and formatting were provided by Wendy Juan. Contributors were Regina Asariotis, Mark Assaf, Hassiba Benamara, Marco Fugazza, Jan Hoffmann, Anila Premti, Luisa Rodríguez, Pamela Ugaz, Mathis Weller and Frida Youssef. The publication was edited by Deniz Barki and Lucy Délèze-Black. The cover and infographics were designed by Nadège Hadjemian and Magali Studer. Desktop publishing was carried out by Stéphane Bothua and Nathalie Loriot. The comments and input provided by the following reviewers are gratefully acknowledged: Cecile Barayre, Gail Bradford, Alex Charvalias, Virginia Cram-Martos, Trevor Crowe, Michael Dooms, Mahin Faghfouri, Hans J. Gätjens, Ansgar Kauf, Nicholas-Joseph Lazarou, Steven Malby, James Milne, Dimitris Mitrodimas, Gerald Paul Ollivier, Karin Orsel, Kieran Ring, Ben Shepherd, Antonella Teodoro, Miluše Tichavska, Caitlin Vaughan, Frans Waals and Gordon Wilmsmeier. Thanks are also due to Vladislav Shuvalov for reviewing the publication in full. iv TABLE OF CONTENTS TABLE OF CONTENTS Note ...................................................................................................................................................................................................ii Acknowledgements ............................................................................................................................................................................iii Abbreviations ....................................................................................................................................................................................vii Explanatory notes............................................................................................................................................................................. viii Executive summary .............................................................................................................................................................................x 1. DEVELOPMENTS IN INTERNATIONAL SEABORNE TRADE .......................................................1 A. World economic situation .............................................................................................................................................3 B. World seaborne trade ..................................................................................................................................................5 C. Outlook and policy considerations ..............................................................................................................................14 2. STRUCTURE, OWNERSHIP AND REGISTRATION OF THE WORLD FLEET .................................21 A. World fleet structure ..................................................................................................................................................23 B. World fleet ownership and operation ...........................................................................................................................28 C. Ship registration ........................................................................................................................................................32 D. Shipbuilding, demolition and new orders .....................................................................................................................34 E. Future trends in maritime transport supply and relevant requirements ...........................................................................35 F. Outlook and policy considerations ...............................................................................................................................40 3. FREIGHT RATES AND MARITIME TRANSPORT COSTS ..........................................................43 A. Container freight rates ...............................................................................................................................................45 B. Dry bulk freight rates .................................................................................................................................................50 C. Tanker freight rates ...................................................................................................................................................52 D. International transport costs .......................................................................................................................................55 E. Outlook and policy considerations ...............................................................................................................................56 4. PORTS ...............................................................................................................................61 A. World container port developments .............................................................................................................................63 B. World container ports and liner shipping market developments .....................................................................................67 C. Private sector participation in ports .............................................................................................................................73 D. Outlook and policy considerations ..............................................................................................................................78 5. LEGAL ISSUES AND REGULATORY DEVELOPMENTS .............................................................83 A. Technological challenges and opportunities in the global shipping industry ....................................................................85 B. Regulatory developments relating to the reduction of greenhouse gas emissions from international shipping, and other environmental issues ..................................................................................................................................89 C. Other legal and regulatory developments affecting transportation .................................................................................91 D. Policy considerations .................................................................................................................................................92 6. MARITIME TRANSPORT CONNECTIVITY ...............................................................................99 A. Container ship deployment and liner shipping connectivity ........................................................................................101 B. Maritime cabotage: Intracountry connectivity and global shipping networks .................................................................106 C. Trade and maritime transport facilitation ...................................................................................................................109 D. Outlook and policy considerations .............................................................................................................................111 REVIEW OF MARITIME TRANSPORT 2017 v Tables 1.1. World economic growth, 2015–2017 .............................................................................................................................4 1.2. Growth in volume of merchandise trade, 2013–2016 ....................................................................................................4 1.3. Growth in international seaborne trade, selected years ...................................................................................................5 1.4. World seaborne trade by economic grouping, region and type of cargo, 2015 and
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