What could be 5 Future Challenges for Shipping Industry among the important sector of business, shipping comes as core and accounts for around 90% move of cargo from one place to another. While some nation has their economy directly dependent on shipping, some have infrastructure to keep it moving. So, in these times of modern world, or from the past also, a nation with sea line is always blessed.
Future Challenges ahead Shipping Industry
But in the course of time, there are lot of complications and problems that this industry encountered, and we to some extent were able to steer out from those. For instance, from wooden ships to steel ships, we made journey safer, faster and easier. So let’ see read some of the problems that we can stumble upon.
Fuel for Merchant Ships
The future of today shipping to some extent lies to what we have in future for fuel. With Bunker prices going high, Ship Owners, charterers etc are finding it difficult to manage the cost of running. Plus now there is growing regulation over using the low sulphur fuel oils. Because of this reason, advance research is being carried out on fuels that can replace Heavy Fuel of today’s need. Running ships on duel fuel like gas and oil etc is one option and currently being used on many ships. We might see, steam ships again coming back, but we still need energy to produce steam.
More Players and Tough Competition
If we compare number of players that are operating now and those earlier, we will find a huge gap in it. Now since so many players are there, competition is tough and thus everybody has to deliver best. In the coming future times, we are expecting the competition to go up
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Well we all saw what has happened after 2009 economic depression. Lot of Shipping Company lost grounds and many gone shut.
In this volatile economic situation strategies and their implementation is very necessary with changing times. Failing this could result in heavy losses.
Shipbuilding houses also suffered huge losses, because owners either took back the orders or there were fewer orders for ship building.
Obsolete Cargo Types
Think of situation when we will not having certain types of cargo, like No Oil. Ship related to transport of oil will face huge challenges as what to transport in coming times when oil is not there. If Aviation Industry excels in transporting food products easily and cheaply, then we might have to say good bye to reefers on container ships.
Stiff Environment Rules
With environment rules and regulations getting strong, it is not easy to operate in water. The cost that are need in developing technologies and machines that can confer with these environment standards is not always easy. Since in coming times we see more strict norms to come, things won’t be easier as they used to be. If you liked reading ‘Future Challenges for Shipping Industry ‘, share with others.