The shipping industry is a driving force of the global economy, despite the need for strategic changes. Old fashioned container shipping, remains the world’s first global industry, connecting markets, people and businesses. There is an abundance of products in the global market that get in their majority, from producers to distributors via ocean freight.
Amazon, launched the “Shipping with Amazon” service in the US recently, looking to expand into the logistics and delivery industry.
Transport & Logistics
A recent PWC report on Transportation and Logistics identifies some key trends in the immense industry changes. New technology, new market entrants, new customer expectations, and new business models, create an environment of Risk and Opportunity. The sector seems to be under acute and growing pressure to deliver a better service at a lower cost. And it can only hope to do this by making maximum and intelligent use of Technology.
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According to Sri Laxmana at Maritime Executive, despite the rapid employment of technology, the Shipping Industry has not yet seen meaningful transformation. There are basic and fundamental areas of the business in need for drastic improvement.
Maritime Industry Trends
According to the “Global Trends Driving Maritime Innovation” report, key societal trends such as: population and trade growth, climate change or higher energy production & consumption, will drastically influence the future of Waterborne Industries. The expected social changes create a thriving business opportunity environment for entrepreneurs. Ideas related to disrupting technologies can address, rising needs in the Maritime Industries, such as:
- Increase in production and transport of clean fuels
- Increased transport of goods, energy, raw materials, food and water
- Port infrastructure and significant investment in new port facilities and extensions
- Bunkering of alternative fuels
- Need for robustness of ships, ports and offshore structures for severe weather conditions
- Higher degree of automation of systems and autonomous operation
- Sea-based and shore-based operations: integration and transformation
- Need for secure connectivity against cyber-attacks
- Stricter safety and security standards
- Electronic data instead of legal paper documentation
- Digitization leading to data access issues, IPR, etc.
- Increased use of ferries, cruise ship and leisure craft etc.
Investments of more than 3.3 million dollars, went into maritime and logistics startups in the last 5 years, according to Camille Egloff. (The Future of Shipping, Mastering the Digital Wave, organized by BCG at Stavros Niarchos Foundation, Athens, Greece.)
Check out a detailed industry study here: Ocean Freight Shipping #Startups.
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