There is no industry in the world that has a more profound effect on the global economy than the shipping industry. First of all, around ninety percent of the world’s consumer goods are shipped by sea. Secondly, major ports around the world create and sustain thousands of regional jobs and contribute greatly to their local economies. The ship-building sector in itself, is a huge industry in many regions of the world as well as the ship scrapping trade. Not to mention all the other industries, such as logistics and management and also all the other technological areas of expertise and construction that are needed to make the ships and ports function effectively and efficiently.
The marine industry is going through a transformation around the world right now and it has had a tremendous positive economic effect in many regions around the world. One such country that stands to benefit greatly from a huge ship-building opportunity, is South Korea. It was just recently announced that Hyundai Heavy Industries procured a deal with China Shipping Container Lines worth $700 million to build the world’s largest container ships. This is not only good news for Hyundai but also for the local population, as there will be thousands of jobs created and sustained as a result.
The company is going to build five ships, each one with a capacity to carry 18,400 TEU (20-foot equivalent unit) container boxes. This number exceeds the 18,000 TEU capacity of Denmark’s A.P. Moeller-Maersk’s triple-E models that are currently being built. The building of Maersk’s vessels just happens to be contracted out to another South Korean business, Daewoo Shipbuilding and Marine, making South Korea the unofficial “giant ship-building” nation of the world.
The shipping industry is vital to the functionality of global economy. The global economy is vital to the shipping industry. They both grow together simultaneously and are essential to each other. These days as the global economy continues to grow to record levels, the shipping industry has been busy restructuring itself to make it more effective and efficient for now and well into the future. There are some industry analysts who believe the global economy could double by the year 2020. This will have a tremendous impact on the shipping industry as demand to transport consumer goods would greatly increase, leading to a rise in the number of ships required as well as shipping containers needed to deliver the goods everywhere every day around the world.