The global shipping industry is charting a new course towards sustainable growth, as industry leaders gathered at the Tianjin International Shipping Industry Expo 2024. Representatives from around 400 shipping companies, ports, and industry associations worldwide convened to discuss the future of maritime trade amidst unprecedented challenges and opportunities.
“Maritime shipping is the lifeblood of the global economy, with 85 percent of all trade carried by sea,” remarked Steve Gordon, Global Head of Clarkson Research Services Ltd., a renowned shipping research institution. “In many areas of the maritime economy, China is incredibly important and has secured market-leading positions globally.”
China’s pivotal role in global trade was underscored by Wang Shouwen, Vice Minister of Commerce, who highlighted that China’s foreign trade in goods reached 17.5 trillion yuan (approximately $2.4 trillion) in the first five months of this year, marking a 6.3 percent year-on-year increase. “China has become the world’s largest trader of goods,” Wang stated, emphasizing the nation’s significant contribution to global commerce.
Zhen Hong, Director of the Shanghai International Shipping Institute Academic Committee, advocated for a transformative approach to port development. “Ports need to break away from the development model that simply pursues throughput,” Zhen said. “We must shift towards a model where the port drives the high-quality development of a port-based economy. This will make ports more efficient, resilient, and convenient in terms of service, better serving the high-quality development of the economy.”
The industry faces formidable challenges, including the impacts of the COVID-19 pandemic and geopolitical disruptions. “The pandemic tested the fabric of the global supply chain, causing widespread disruptions but also showcasing its incredible resilience,” noted Joseph Edward Kramek, President and CEO Designate of the World Shipping Council. “Red Sea threats and disruptions in the Panama Canal have added complexity to our operations, yet these events have driven us to develop more robust and flexible solutions.”
Despite these hurdles, Kramek expressed optimism about the industry’s future. “The fight against climate change is paramount, and our industry must lead the charge towards zero-emission fuels,” he asserted. “This challenge presents a significant opportunity for innovation in green technology, opening new markets and creating sustainable growth.”
The expo highlighted a shared vision among global shipping leaders: to steer the industry towards sustainability, innovation, and resilience, ensuring it continues to be a cornerstone of the global economy.
Reference(s):
cgtn.com
