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.

[Ivan Cloherty]

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

Thank you John, took your advice, not a lot us oldies didn't already know and I suspect the person who wrote this for his audience was preaching to the already converted. In my humble opinion information like that should be posted on Youtube under the heading 'Did You Know' or perhaps better still incorporate it in small doses into the various cookery and bake-off programmes on TV so that the participants and viewers may glean just a little bit of information on how their products are conveyed by unseen, unappreciated men (and women, and others, to remain PC) who risk their lives on a daily basis so that they can play at being chefs and bakers etc, the same applies to the DIY and self build programmes.

I knew I should have waited longer to return

[j.sabourn]

But like Douglas MacArthur you did Ivan., that’s the main thing , should have had a welcome back party , I would have suggested the Jungle if it was still there , with Cappy to pick up the tab, he being the richest among us. You could of put on your best bib and tucker out of the rag bag, just like old times . A belated velcome yam. JS

[Denis O'Shea]

Ivan I agree whole heartedly with JWS we missed your input which was always interesting and informative. Rgds Den .... John its a good thing you never got christened Clive, but then again look at all the Divi you could have got. Den

[George Bis]

Very interesting !

[j.sabourn]

#13 Dennis nicknames were very common as kids . Cappy is very lucky as imagine his was from an early age and fitted like a glove. E.g. someone called Smith would aiutomatically be called Smitty. Mine became using the letters of my surname as Sabu , when someone tried to change that to scab , bloodied noses followed. To those who are against child’s bottoms being smacked , the kids can do themselves and are quite capable of administering corporal punishment themselves if their parents are too weak to do themselves. They talk through a hole in their rectum where their brains are. My nickname finished up as Ginger which I accepted until of course nature took it’s course and it went auburn, grey ,and white. But then today if I dont shave for a couple of days the wife kicks up.So the chances of me growing a beard are very slim , as a ginger beard with white hair might cause a few disagreements in the happy home . Cheers JS

[john hancock]

I love the new terminology for a sail..........wind assisted propulsion.
Time to patent that idea .

[j.sabourn]

Nearly as good/ bad as a standing Lug in a Ships lifeboat, “I’m listening for help coming “ . JS.

[happy daze john in oz]

John mate, bit out of date now I fear.
No longer referred to as life boats but ships tenders.
The life rafts however still keep the same name.

[j.sabourn]

Tenders brings to mind well done steaks. Liferafts wasn’t that a nickname for mushrooms on toast or something similar. ? May have been kidneys on toast ? JS

[Tony Taylor]

Tenders brings to mind well done steaks. Liferafts wasn’t that a nickname for mushrooms on toast or something similar. ? May have been kidneys on toast ? JS

kidneys on toast = sh-t on a raft.