The global shipping industry is a colossal force that hauled over 11 billion tons of cargo across the oceans last year, a staggering volume that powers our world economy.
Key Takeaways
- In 2022, global seaborne trade volume reached 11.03 billion tons, a 2.5% increase from 2021, driven by dry bulk and containerized cargo growth
- Containerized trade accounted for 1.91 billion tons in 2022, representing 17.4% of total seaborne trade but 42% by value
- Dry bulk cargo volume grew by 3.1% to 5.24 billion tons in 2022, led by iron ore and coal shipments
- The world merchant fleet totaled 2.25 billion dwt as of January 2023, up 2.9% from 2022
- Container ships made up 15.4% of fleet capacity at 346 million dwt in 2023
- Dry bulk carriers comprised 44.6% of global fleet at 1.01 billion dwt in 2023
- World container port operator throughput reached 447 million TEUs in 2022, led by COSCO at 135 million TEUs
- Shanghai port handled 47.3 million TEUs in 2022, world's busiest container port
- Singapore port throughput was 37.2 million TEUs in 2022, second globally
- Global shipping GHG emissions were 1.05 billion tonnes CO2 in 2022, 2.9% of world total
- Container ships emitted 220 million tonnes CO2 in 2022, 21% of shipping total
- Bulk carriers responsible for 48% of shipping CO2 emissions at 500 million tonnes in 2022
- Global shipping industry employed 1.9 million seafarers in 2022
- Freight rates for container shipping generated $256 billion revenue in 2022
- Dry bulk freight rates averaged $18,500 daily in 2022, up 20%
Global seaborne trade grew significantly in 2022, driven by strong bulk and container shipping.
Economic and Employment
- Global shipping industry employed 1.9 million seafarers in 2022
- Freight rates for container shipping generated $256 billion revenue in 2022
- Dry bulk freight rates averaged $18,500 daily in 2022, up 20%
- Tanker market earnings reached $40,000 per day average for VLCCs in 2022
- Container line profits hit $208 billion in 2022, 4.5x pre-pandemic average
- Ship finance debt outstanding was $1.6 trillion in 2022
- New shipbuilding contracts worth $149 billion in 2022
- Demolition sales totaled 170 ships or 1.3 million dwt in 2022
- Insurance premiums for hull coverage rose 5-10% in 2023 due to war risks
- BIMCO reports 95% of officers and 90% of ratings shortages in 2023
- Filipino seafarers numbered 400,000, 25% of global supply in 2022
- Ukrainian seafarers impacted with 30,000 displaced since 2022 war
- Global shipping contributes $150 billion to GDP annually
- Container shipping market value $200 billion in 2023
- Bulk shipping freight revenue $50 billion in 2022
- Shipbuilding industry employed 1 million workers globally in 2022
- Port sector supports 3.5 million jobs worldwide
- Logistics costs from shipping disruptions added $200 billion globally in 2022
- Asia-Pacific shipping market share 60% of global revenue in 2023
- World fleet insurance market premiums $40 billion in 2022
- Russian fleet excluded from Western finance, losing $20 billion annually
- Crew wages averaged $2,500 monthly for ratings in 2022
- Officer salaries averaged $6,000 monthly in 2022
Economic and Employment Interpretation
The shipping industry’s soaring pandemic profits, immense financial scale, and critical role in global trade are starkly contrasted by its acute human shortages, geopolitical fractures, and the sobering reality that the very seafarers who keep this $1.6 trillion machine afloat often earn less in a year than a single large vessel can make in a day.
Environmental and Sustainability
- Global shipping GHG emissions were 1.05 billion tonnes CO2 in 2022, 2.9% of world total
- Container ships emitted 220 million tonnes CO2 in 2022, 21% of shipping total
- Bulk carriers responsible for 48% of shipping CO2 emissions at 500 million tonnes in 2022
- Shipping methane emissions totaled 35 million tonnes CO2-eq in 2022, mainly LNG carriers
- IMO targets 40% reduction in GHG intensity by 2030 from 2008 levels
- Zero-emission vessel capacity ordered reached 7 million dwt by end 2022
- Green methanol orders for 67 ships totaling 2 million tonnes capacity in 2022
- EU ETS covers 50% of ship CO2 emissions from 2024
- Ship energy efficiency index (EEXI) compliance required for 60,000+ vessels by 2023
- Ballast water management systems installed on 90% of fleet by 2023
- Slow steaming reduced fuel use by 10-15% on major routes in 2022
- Wind-assisted propulsion ordered for 20 ships totaling 1 million dwt in 2022
- Shipping NOx emissions estimated at 12 million tonnes in 2022
- SOx emissions cut 75% since 2015 due to 0.5% fuel cap in ECAs
- Biofuel bunkering volumes reached 4 million tonnes in 2022, up 40%
- Global shipping black carbon emissions 1.1 million tonnes in 2022
- IMO net-zero emissions target by or around 2050 endorsed in 2023
- 15% of newbuilds in 2022 were alternative fuel capable
- Arctic shipping distances increased 27% since 2013 due to melting ice
- Port reception facilities for waste handled 35 million tonnes in 2022
Environmental and Sustainability Interpretation
The shipping industry, a titanic contributor of over a billion tonnes of CO₂, is now attempting a U-turn with a slow but measurable flurry of green orders, efficiency mandates, and alternative fuels, all while racing against a melting Arctic clock and its own enormous carbon wake.
Global Trade and Volume
- In 2022, global seaborne trade volume reached 11.03 billion tons, a 2.5% increase from 2021, driven by dry bulk and containerized cargo growth
- Containerized trade accounted for 1.91 billion tons in 2022, representing 17.4% of total seaborne trade but 42% by value
- Dry bulk cargo volume grew by 3.1% to 5.24 billion tons in 2022, led by iron ore and coal shipments
- Major dry bulk trades like iron ore reached 1.49 billion tons in 2022, with Brazil and Australia as top exporters
- Global container throughput at ports hit 844 million TEUs in 2022, up 1.6% despite supply chain disruptions
- Asia accounted for 62% of global container port throughput with 523 million TEUs in 2022
- In 2023, world merchandise trade by sea was projected to grow by 2.4% to over 11.3 billion tons
- LNG seaborne trade volume surged 6.5% to 264 million tons in 2022
- Crude oil tanker cargoes declined 4.2% to 1.97 billion tons in 2022 amid high prices
- Grain trade by sea increased 4.8% to 602 million tons in 2022
- Container freight rates on Asia-Europe route averaged $6,062 per TEU in 2022, down from 2021 peak
- Bauxite/alumina trade volume rose 2.4% to 148 million tons in 2022
- Global seaborne trade is expected to reach 12.5 billion tons by 2028, growing at 2.1% CAGR
- In 2022, China handled 296 million TEUs, 35% of global container trade
- World container shipping volumes grew 3.5% year-on-year in Q1 2024 to 48.2 million TEU
- Dry bulk carriers transported 5.3 billion tons in 2023
- Tanker market saw 3.1 billion tons of oil products shipped in 2022
- Phosphate rock and fertilizers trade hit 77 million tons in 2022, up 5%
- Global maritime trade value exceeded $14 trillion in 2022, 80% of world trade by volume
- Container ship capacity grew 10% to 3 million TEU in 2022
- Iron ore seaborne trade from Australia was 900 million tons in 2022
- Coal exports by sea totaled 1.05 billion tons in 2022
- Global port container calls numbered 142,000 in 2022
- Seaborne trade growth slowed to 1.9% in 2023 due to Red Sea disruptions
- Latin America container throughput rose 4.2% to 13.5 million TEUs in 2022
- Africa handled 19 million TEUs in 2022, up 5.1%
- Europe container port calls increased 2.7% to 38,500 in 2022
- North America container throughput grew 2.3% to 61 million TEUs in 2022
- Oceania ports handled 12 million TEUs in 2022
- Middle East container throughput up 7.5% to 28 million TEUs in 2022
Global Trade and Volume Interpretation
Despite the container ships' triumphant blare as they shouldered a record 11 billion tons, it was the humble dry bulkers, carrying the literal building blocks of the modern world, that truly kept the global economic engine stoked and stocked in 2022.
Ports and Terminals
- World container port operator throughput reached 447 million TEUs in 2022, led by COSCO at 135 million TEUs
- Shanghai port handled 47.3 million TEUs in 2022, world's busiest container port
- Singapore port throughput was 37.2 million TEUs in 2022, second globally
- Ningbo-Zhoushan port managed 33.4 million TEUs in 2022
- Shenzhen port throughput hit 30.4 million TEUs in 2022
- Global port development investment needed $203 billion from 2022-2026 for expansion
- Container crane capacity at ports reached 2.1 million TEU/hour globally in 2022
- Average container vessel size at berth increased to 11,000 TEU in 2022
- Port turnaround time for container ships averaged 1.1 days in developed markets in 2022
- Busan port (Korea) handled 22.8 million TEUs in 2022
- Hong Kong port throughput was 14.3 million TEUs in 2022, down 7%
- Antwerp-Bruges port managed 12.5 million TEUs in 2022
- Los Angeles port handled 9.9 million TEUs in 2022
- Rotterdam port throughput was 13.7 million TEUs in 2022
- Top 20 ports handled 42% of global container traffic in 2022
- Developing country ports share of container traffic was 59% in 2022
- Africa port container crane index rose 20% from 2018-2022
- Latin America average vessel size at berth up 15% to 8,500 TEU in 2022
- Global LNG terminal capacity reached 1.1 billion cbm in 2022
- Container terminal productivity averaged 320 moves per crane hour in top Asian ports in 2022
- World's busiest port by cargo tonnage was Ningbo-Zhoushan with 1.22 billion tons in 2022
- Shanghai port total cargo 49.1 billion tons in 2022
- Port of Rotterdam handled 467 million tons of cargo in 2022
- Long Beach port (USA) throughput 9.1 million TEUs in 2022
Ports and Terminals Interpretation
While China continues to dominate global trade by moving staggering amounts of boxes through its ports, the rest of the world is scrambling to invest billions just to keep up and avoid becoming a forgotten berth in the shipping lane.
Shipping Fleet and Vessels
- The world merchant fleet totaled 2.25 billion dwt as of January 2023, up 2.9% from 2022
- Container ships made up 15.4% of fleet capacity at 346 million dwt in 2023
- Dry bulk carriers comprised 44.6% of global fleet at 1.01 billion dwt in 2023
- Oil tankers represented 13.1% of fleet with 295 million dwt in 2023
- LNG carriers numbered 640 vessels with 40 million cbm capacity in 2023, up 5.8%
- Average age of global fleet was 12.4 years in 2023, with tankers oldest at 14.3 years
- China owned 48.6% of global tonnage ordered in 2022 at 25.8 million CGT
- New container ship orders totaled 8.3 million TEU in 2022, 42% of existing fleet
- Fleet utilization for container ships was 88% in 2022
- World fleet growth slowed to 3.4% in 2023 from 4.8% in 2022
- Greek-owned fleet was largest at 364 million dwt in 2023, 16% of world total
- Japanese-owned tonnage reached 246 million dwt, second largest in 2023
- China-flagged fleet grew 6.2% to 302 million dwt in 2023
- Liberia flag held 16.8% of world fleet at 378 million dwt in 2023
- Over 50% of fleet capacity delivered between 2008-2023 is expected to be scrapped by 2028
- Containership fleet average size increased to 4,249 TEU per ship in 2023
- Global containership fleet numbered 6,645 vessels in 2023
- Bulk carrier fleet totaled 13,200 vessels with 950 million dwt in 2023
- LPG carrier fleet grew to 320 vessels in 2023, capacity 12 million cbm
- Ro-Ro fleet capacity was 46 million lane meters in 2023
- Chemical tanker fleet numbered 6,100 vessels at 50 million dwt in 2023
- Fleet productivity measured by ton-miles grew 4.2% in 2022
- Panama flag vessels totaled 8,200 ships with 352 million dwt in 2023
- Marshall Islands flag had 2,800 vessels at 190 million dwt in 2023
- Singapore flag fleet was 2,700 ships with 154 million dwt in 2023
- Malta flag held 2,500 vessels at 110 million dwt in 2023
- Hong Kong (China) owned 170 million dwt in 2023, fifth largest
Shipping Fleet and Vessels Interpretation
Despite humanity's digital dreams, the arteries of our physical world remain stubbornly dependent on an aging, ever-expanding, and geopolitically intricate fleet of ships, where China's shipyards and Greece's owners quietly command the seas that carry our stuff.
Sources & References
- Reference 1UNCTADunctad.orgVisit source
- Reference 2STATISTAstatista.comVisit source
- Reference 3WORLDSHIPPINGworldshipping.orgVisit source
- Reference 4ICS-SHIPPINGics-shipping.orgVisit source
- Reference 5CLARKSONSclarksons.comVisit source
- Reference 6PORTOFROTTERDAMportofrotterdam.comVisit source
- Reference 7IMOimo.orgVisit source