UNCTAD / MARITIME TRANSPORT

According to the UN Trade and Development, global maritime trade grew by 2.4 percent in 2023, recovering from a 2022 contraction, but the recovery remains fragile. UNCTAD

• Video Length: 00:02:56
• Production Date: 22 October 2024
• Asset Language: English
• Corporate Name: UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT - UNCTAD
• Subject Topical: MARITIME TRANSPORT
• MAMS Id: 3286865
• Parent Id: 3286865
• Alternate Title: unifeed241022i

Description

STORY: UNCTAD / MARITIME TRANSPORT
TRT: 02:56
SOURCE: UNCTAD
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS

DATELINE: 22 OCTOBER 2024, GENEVA, SWITZERLAND

Shotlist

1. Wide shot, speakers, photographer, press room
2. SOUNDBITE (English) Shamika Sirimanne, Director of Technology and Logistics, UN Trade and Development (UNCTAD):
“We project maritime trade to grow at an average annual rate of 2.4 percent in the medium term. This is between 2025 and 2029, and containerized trade to increase by 2.7 percent in the medium term. Now, we believe that this growth to be supported by technological advancements, the transition to cleaner energy and renewed interest in investing in maritime and trade infrastructure.”
3. Med shot, speakers, photographer
4. SOUNDBITE (English) Shamika Sirimanne, Director of Technology and Logistics, UN Trade and Development (UNCTAD):
“The downside risks loom high for this medium-term projection. The geopolitical upheavals, unrelenting conflicts and wars never, never bode well for international trade. Rising protectionism and the resultant trade restrictions are on the rise.”
5. Med shot, journalists, speaker
6. SOUNDBITE (English) Shamika Sirimanne, Director of Technology and Logistics, UN Trade and Development (UNCTAD):
“And many low-income countries are faced with rising debt burdens, elevated borrowing cost and and they are unable to face further external shocks. You see, when the future is uncertain or the future is very uncertain as consumers us, what we do first is to tighten belts and we don't spend and invest, just go into the wait and see mode.”
7. Med shot, journalists, press room
8. SOUNDBITE (English) Shamika Sirimanne, Director of Technology and Logistics, UN Trade and Development (UNCTAD):
“Maritime choke points in several places have been acting up. The result is significant pressure on global logistics and strained supply chains.”
9. Wide shot, speaker, photographer
10. SOUNDBITE (English) Shamika Sirimanne, Director of Technology and Logistics, UN Trade and Development (UNCTAD):
“By mid-2024, container freight rates more than doubled compared to the end 2023. And also red sea disruption has had significant impact on container rates. While rates have gone down in recent months. They are far above the rates observed prior to the Covid 19 pandemic, and this is a very big concern. And most importantly, high and volatile freight rates and the uncertainty they bring to the cost of doing business on a significant deterrent for international trade.”
11. Med shot, speaker, journalist, photographer
12. SOUNDBITE (English) Shamika Sirimanne, Director of Technology and Logistics, UN Trade and Development (UNCTAD):
“Who bears the cost? So, when maritime chokepoints act up, small island developing states and least developed countries are hit the hardest in terms of rising price levels of food and other essential goods.”
13. Various shots, speaker, photographer, journalist

Storyline

According to the UN Trade and Development (UNCTAD), global maritime trade grew by 2.4 percent in 2023, recovering from a 2022 contraction, but the recovery remains fragile.

UNCTAD launched today (22 Oct) the Review of Maritime Transport 2024: Navigating maritime chokepoints, which addresses critical vulnerabilities in global maritime routes, including the Suez and Panama canals.

Key chokepoints like the Suez and Panama Canals are increasingly vulnerable to geopolitical tensions, conflicts and climate change.

These disruptions are extending shipping routes, straining supply chains and raising costs, with profound impacts on food security, energy supplies and the global economy, as over 80 percent of world trade volume is carried by sea.

Vulnerable economies, especially small island developing States and least developed countries, are hit hardest by rising shipping costs from rerouted vessels.

The Review of Maritime Transport 2024 highlights these challenges, calling for urgent action to strengthen industry resilience, accelerate decarbonization and support vulnerable economies.

It underscores the need for new infrastructure that is sustainable and resilient, a faster transition to low-carbon shipping and a crackdown on fraudulent ship registrations to safeguard global trade.