Additionally, growth in the manufacturing of automotive, consumer goods, and new medicinal drugs further drives the demand for cargo shipping to enable the movement of goods and profit maximizations. However, the development of new ports globally, extension of existing ports, and adoption of container transportation are anticipated to offset the drag in upcoming years. These factors are hampering the growth of the cargo shipping industry. Oil spills from oil carrying cargo ships and tankers result in the depletion of the marine ecosystem, which threatens the environment. Unpredictable environmental conditions cause loss of cargo and containers, leading to significant losses for the waterways transportation industry. The availability of substantial space for bulk items and the safe handling of delicate materials at a reduced cost largely drive the global cargo shipping market. The global cargo shipping market is expected to grow in tandem with international trade, bolstered by a number of other factors explained in the article below.Ĭargo ships fall into different categories based on the type of goods.Ĭargo ships commonly transport packaged food, apparel, chemical, machinery, furniture, and automotive, and, sometimes, passengers. These merchant ships find application in instants where road and air transportation lack in one or more considerations, such as cost and volume. They are equipped with cranes to load and unload cargo and designed with welded steel in different shapes and sizes to last for years. Cargo Shipping Market Boom: 4.8% CAGR Forecast for the Coming PeriodĬargo ships, also known as freighters, are used for handling bulk trade, such as the transfer of goods, cargo, and materials.
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