Forthcoming innovation & trends in shipping industry
1 The shipping trends play a vital role in global
trade, transporting goods worth trillions of dollars
yearly. Population growth and continued urbanization
will also lead to an increase in demand for maritime
shipping services. The maritime shipping industry must
continue to innovate and adopt new technologies to
meet this increased demand. The following are some
of the most promising trends and innovations currently
taking place in the maritime shipping industry:
2 1. Green Technology - One of the most critical
trends in maritime shipping is the move toward green
technology. With increasing public awareness of
the need to protect the environment, it is becoming
increasingly crucial for maritime companies to adopt
green practices. Maritime companies invest in
cleaner-burning fuels such as LNG (liquefied natural
gas). LNG produces significantly lower emissions
than traditional marine fuels such as heavy fuel oil
(HFO) and diesel. Some maritime companies are also
experimenting with battery-powered ships to reduce
emissions further. While battery-powered ships are
not yet commercially viable on long voyages, they
show great promise for use on shorter routes.
3 2. Electric Ships - Global maritime transport emits
around 900 million tons of carbon dioxide annually,
accounting for 2-3% of the world’s total emissions. As
the push for decarbonization gathers momentum, it
is only a matter of time before electric ships become
the norm.
4 3. Autonomous Ships - Another exciting trend in
maritime shipping is the development of autonomous
ships. Autonomous ships have the potential to
revolutionize the industry. They offer many advantages
over traditional vessels, including reduced operating
costs, increased efficiency, and improved safety by
reducing the need for manual labor onboard ships.
In addition, automated systems are less susceptible
to human error than their manual counterparts. While
there are many regulatory hurdles to overcome before
autonomous vessels can be deployed commercially,
they are expected to eventually become a common
sight in the world’s oceans.
5 4. Blockchain - Blockchain technology is
also beginning to make its way into the maritime
shipping industry. Blockchain offers several potential
benefits for maritime companies, including improved
tracking of shipments and real-time visibility of their
location- this would minimize delays caused by lost
or misplaced cargo, reduce paperwork, and increase
transparency throughout the supply chain. Moreover,
blockchain-based smart contracts could automate
many administrative tasks related to shipping, such
as documentation and billing.
6 5. Big data and predictive analytics - Another
major trend transforming maritime shipping is the
increasing use of big data and predictive analytics.
The shipping industry generates vast amounts of data
that can be extremely valuable if analyzed correctly.
Big data analytics can improve everything from route
planning to fuel consumption. By harnessing the
power of data, shipping companies can optimize their
operations, reduce costs, and enhance safety and
security. Predictive analytics is particularly valuable
for identifying potential problems before they occur,
such as equipment failures or weather hazards.
7 6. Cybersecurity - Cybersecurity is a growing
concern for maritime companies due to the increased
reliance on digital systems and networks. As the
shipping industry becomes increasingly digitized,
companies must implement robust cybersecurity
measures to protect their vessels and cargo from
attack. Ships are now equipped with everything
from satellite communications to remote monitoring
capabilities, all of which create potential cyber
vulnerabilities.
8 Conclusion - The maritime shipping news is
undergoing a period of significant change, with new
technologies and trends emerging that have the
potential to revolutionize the way that we ship goods
around the world.
Available at: https://maritimefairtrade.org/6-forthcoming-innovation-
-trends-in-the-shipping-industry/ Retrieved on April 22, 2023. Adapted.