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Global maritime trade grew by 2.4% in 2023, recovering from a 2022 contraction, but the recovery remains fragile.
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% 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.
Production date: 22 October 2024
Creator: UNCTAD
Subject topical: ECONOMICS
Corporate name: UN TRADE AND DEVELOPMENT – UNCTAD
REVIEW OF MARITIME TRANSPORT 2024 – LAUNCH IN GENEVA
UN Trade and Development (UNCTAD) launched today the Review of Maritime Transport 2024: Navigating maritime chokepoints, which addresses critical vulnerabilities in global maritime routes, including the Suez and Panama canals.
DESCRIPTION
STORY: UNCTAD / Review of Maritime Transport
TRT: 02:55
SOURCE: UNCTAD
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
WEBSITE: https://unctad.org/rmt2024
DATELINE: 22 OCTOBER 2024, GENEVA, SWITZERLAND
SHOTLIST
1. Wide shot, speakers at the podium of the press conference; speaker on screens, photographer taking pictures
2. SOUNDBITE (English) Shamika Sirimanne, UN Trade and Development, Director of Technology and Logistics: « We project maritime trade to grow at an average annual rate of 2.4% in the medium term. This is between 2025 and 2029, and containerized trade to increase by 2.7% 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. Medium shot, speakers on the podium; speaker on the screens; Photographer taking pictures.
4. SOUNDBITE (English) Shamika Sirimanne, UN Trade and Development, Director of Technology and Logistics: « 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. Medium shot, journalists in the press room; speaker on screen
6. SOUNDBITE (English) Shamika Sirimanne, UN Trade and Development, Director of Technology and Logistics: « 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 in the press room
8. SOUNDBITE (English) Shamika Sirimanne, UN Trade and Development, Director of Technology and Logistics: « 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, speakers at the podium of the press conference; speaker on screens, photographer taking pictures
10. SOUNDBITE (English) Shamika Sirimanne, UN Trade and Development, Director of Technology and Logistics: « 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. Medium shot, speaker on the screens; journalist in the room; Photographer taking pictures.
12. SOUNDBITE (English) Shamika Sirimanne, UN Trade and Development, Director of Technology and Logistics: « 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. Medium shot, speaker on the screens; Photographer taking pictures.
14. Medium shot, journalist in the room.
15. Photographer taking pictures in the room.
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