Marine freight industry to reach value of $210 billion by 2021 following poor 2015, says MarketLine
The global marine freight industry has struggled in recent years, suffering from a negative compound annual growth rate (CAGR) of 3.3% between 2012 and 2016 amid an increasing oversupply and a collapse of global demand, according to research firm MarketLine.
The company’s latest report states that economic growth slowed across most of the world over this period, particularly in China, which has recently been the source of much consumer demand. This resulted in a fall in demand for transportation services in general, which forced prices down and led players to invest in their capacity to keep costs low.
MarketLine expects the marine freight industry to make a sluggish recovery. Despite the global industry value declining by some $44 billion (12.7%) in 2015, the industry is expected to return to 2014 levels by mid-2019 and reach a value of approximately $210 billion by 2021.
