• 2014 November 24 13:40

  UNCTAD report reveals lower growth rates of world seaborne trade in 2014

  

  ​Reflecting stumbling growth in the world economy, world seaborne shipments grew by an average of just 3.8 per cent in 2013, taking total volumes to nearly 9.6 billion tons, UNCTAD's Review of Maritime Transport 2014 reports.

  This rate of growth was lower than that observed during any of the previous 10 years, and the trend in early 2014 suggests an even lower growth rate for the current year, the Report says. The slowdown reflects the downturn of the largest historical shipbuilding cycle, which peaked in 2012.

  Experts say that low performance of freight rates was mainly attributable to the poor world economic development, weak or hesitant demand and persistent supply overcapacity in the global shipping market.

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