The Future of the Shipping Industry

[lotuscontainers]

The shipping industry is carrying a significant portion of world trade and is rapidly changing and evolving to fulfil commercial marketplace requirements. Technological advancements, materials, and fuels affect the vast and complex logistics and shipping container industry. While talking about environmental pollution, the shipping industry is always in focus. Still, revolutionary green projects have changed the scenario by ordering new ships with dual-fuel advancement without emission, making them more competitive and cost-effective. Talking about the future of the shipping industry, we can observe the emerging technologies that are scaled up and streamlined into the adherent ecosystem. It is shaping a better future for the maritime industry across the world.
According to the United Nations Conferences on Trade and Development (UNCTAD), the average growth rate of the shipping industry is around 3.8% per year from 2018 to 2023.

Trends determining the future of the industry
The 5 major trends which are dynamically changing the shipping industry and creating new opportunities are:
Digital Censoring
The ship operation monitoring technology and performance are rapidly evolving, which ensures that future ships are equipped with a complete sensor network to determine the operations, like detecting faults and identifying the portions that require maintenance. The robust ship-to-shore communications are increasing, which can be operated by a land-based fleet manager’s team.

Green Shipping
The shipping industry holds a bad name for generating environmental issues, which put constant pressure on the sector to reduce its carbon footprint and achieve zero emissions. The shipping fleet is coming up with new technologies, which include low carbon fuels, more streamlined hulls, efficient propeller design, enhanced voyage planning to save energy, advanced hull coating, and air cushion, which reduces friction.

Use of LNG (Liquified Natural Gas)
The growing interest of industries in LNG as commercial fuel for commercial shipping is believed to help operators to meet the requirement of reducing the emission and being cost-effective simultaneously. It reduced the carbon footprint by 25% as compared with diesel engines. The use of conventional oil-based fuel is dominating; there is still an increase in the LNG adoption for specialist vessels which catalyzes the opportunities for the industry to develop on a larger scale.

Adoption of Solar and Wind energy
The shipping industry is also trying hands-on renewable energy to power the fleets. Some of the technologies are already tried and tested. The Turanor PlanetSolar is powered by 29000 solar cells, and the operation was highly successful. Using this technology in commercial shipping will reduce the consumption of fuels by supplementing the existing power supply with wind turbines and solar panels.

Bigger Megaships
The advancement in ship technology, structure, and material is leading to bigger mega-ships, especially in the container ship sector. MOL Triumph is the largest container ship in the world which measures 400m long and carries 20,150TEU shipping containers. The manufacturers will take advantage of vessels’ low transportation costs by increasing production.

What is the future of the marine industry?
In the future, ships will be powered by the green ammonia fuel cell system, wind-assisted propulsion technology, and the complex digital guidance system that will compile and analyze the most fuel-efficient routes. The future is filled with vast mega-ships with LNG as fuel and onboard carbon-reducing technology. The ships will reduce their carbon footprints despite the big size.
Now, the question is which companies will control the shipping industry. This indicates that fewer companies decide the rate of innovation and efficiencies for rolling out port handling. Technology has the power to change even the most traditional sector. The availability and the use of technology like autonomous ships, drones, big data, and blockchain will combine to enhance the supply and demand of the shipping industry. It is also responsible for the decisions of exporters, importers, port operators, and shipping lines in the future.

The shipping industry is expected to proliferate in upcoming years, even after facing many geopolitical and commercial uncertainties. The concentration of port capacity, shipping lines, and technologies are some catalysts that can bring about change in the shipping industry.
For more such intriguing articles, keep in touch with LOTUS Containers. We are one of the most advanced and prominent shipping container suppliers that provide cargo containers by being in tandem with sustainability and harnessing the power of IoT. We help you get freight containers in Germany, the USA, Spain, and other parts of the world with maximum affordability and ease.

[Shailesh Singh]

Have you ever wondered if the tea you are drinking has travelled a long way to come? Even the chair and table you are sitting over travels thousands of miles to reach you. The shipping industry is a blessing to the global trade market. It transports more than 90% of goods every year, making everyday life easier.

What are those shipping industry trends that we will encounter in the future?

[James Curry]

We had a trade minister here in the UK who was convinced we had Yorkshire tea!!!! we had an opposition minister who said the UK & Australia could not trade food stuffs with each other because it would have gone bad by the time it got here or there. Um obviously 1 did not know that tea usually grows in a warmish climate and the other has never heard of refirdgeration/
One is now the Prime minister and the other is the shadow attorney general for England & Wales
Not that long ago we had a transport minister awarded a government contract to a company called Seaborne Frieght, slight problem , they had no ships.

[happy daze john in oz]

No worries mate I do not drink tea, only black coffee.

But shipping is going well for some companies such as MSC You will see their ships all over the southern oceans.
But as they get bigger there will in time be less of them.

[Ivan Cloherty]

Have you ever wondered if the tea you are drinking has travelled a long way to come? Even the chair and table you are sitting over travels thousands of miles to reach you.

This being a Merchant Navy site, I would say that we are more than well aware of what travels around the world. I think many of us on here were carrying these products well before you were born.

Perhaps your comments may be better directed at those who have never been in the trade and you find the correct site to impart your wisdom.

Perhaps you may not be aware that India did not have any tea plants until they were imported by Merchant Seamen (Known as Merchant Adventurers) until they were smuggled out of China in the 14th and 15th Centuries, neither did Ceylon (Sri Lanka)

Incidentally we have tea plantations in Cornwall, and also Chili farms as well as vineyards, not a lot of people know that!

[j.sabourn]

And can always reopen a tin mine in Cornwall to make the caddy’s to put the tea in. There’s a business for some Yuppie . Cornish pasties could be another side line, JS ....

[Tony Taylor]

No worries mate I do not drink tea, only black coffee.

But shipping is going well for some companies such as MSC You will see their ships all over the southern oceans.
But as they get bigger there will in time be less of them.

They need a big fleet John, at the rate they bend them they need a few spares.

[Ivan Cloherty]

And can always reopen a tin mine in Cornwall to make the caddy’s to put the tea in. ....

Already underway John, also a lithium mine.

[john walker]

Ivan I do not know if you cliked on the words 'Shipping industry trends' or not in # 2 if you have not then try to, it is a link to a site That is very heavy with busines-speak but seems to be a similar theme to #1 Cheers John

[James Curry]

someone mentioned the Cornish time mines and a side line about Cornish pasties. Another spin off could be a new series of Poldark, just as long as girl is back in it againOIP (5).jpg just something about red heads gets the blood flowing.