In your own opinion, what is Maritime Industry? How does it affects our lives
Answers
Explanation:
Oversupply has been a major worry in the shipping industry. Demand from China, the world’s largest importer of bulk commodities is slowing down, more quickly than expected. And pouring to the existing woes is the delivery of ships whose orders were placed before the financial crisis. Vessel capacity growth continues to outdo demand that causes low freight rates and affects the market. On the other hand, vessel valuations have dropped and prices for scrap metal remain very low. As a result, many vessel owners have preferred to hold on to their ships in wait for a better future.
2. Security Threat :-
Maritime piracy and maritime terrorism are known threats to global shipping. Piracy, Terrorism and Illicit trafficking are problems that afflict all of us associated with maritime trade, and argue for a more comprehensive solution.
Not only armed robbery, the latest security threat to the maritime industry comes from hackers. Automated and technologically advanced ships have become vulnerable to cyber attacks with hackers being successful in accessing the GPS, AIS – marine Automatic Identification System, and ECDIS – Electronic Chart Display and Information System (a system for viewing digital nautical charts).
3. SOLAS complaince :-
The new regulation which requires vessel operators to load only those packed containers with Verified Gross Mass (VGM) declared by the shipper, has added to the growing concerns of the shipping industry. There are still operational challenges to deal with and the full impact of the regulation is yet to be known.
4. Environmental Regulations:-
The shipping industry is currently in state of unease as there are important enviornmental regulations that will soon come into force. These regulation depends heavily on new technologies that are either not completely reliable, or that have not yet been universally approved despite the approaching deadline. There is a growing concern over the impact of global shipping activities on the environment – greenhouse effect and danger of aquatic life.
5. Labour disputes and job cuts :-
Who hasn’t forgotten the month long West Coast dockworkers slowdown that brought shipping business to a standstill in February 2015? Or, another incident in Dec 2015 when the Maritime Union of Australia (MUA) held the ship of global mining giant Alcoa hostage for two months, disrupting the operations of the port of Portland? Time and again, labour disputes and strikes have disrupted the shipping industry; and created huge gaps in profitability and product rollouts. The shipping rates increase and the supply chain becomes more overloaded.