According to a report published by the World Shipping Council, an organization with its headquarter in Washington, DC, the annual value of goods that are transported via sea is estimated to be $7 trillion in 241 million containers. This is a very competitive market, considering the fact that there are more than a hundred companies that run international liner ship operators and together they provide more than two thousand weekly services in order to facilitate international trade.
The shipping rates increased dramatically during the epidemic as the supply chains struggled to keep up with the high demand. However, it was revealed in the report that currently the worldwide supply network has returned to pre-COVID levels, both in terms of rates and reliability. WSC reported that there were 661 containers lost at sea in 2022, a considerable decrease from the two years prior, largely due to a lack of major losses in 2022.
Lost containers increased to 2,301 annually between 2020 and 2022.
Moreover, the council further estimated that the loss of 661 containers is only 0.00026 percent of the total amount of goods shipped across the world each year. There was a sharp increase from the previous three-year average of 779 lost containers to the estimated amount of 2,301 lost containers annually between 2020 and 2022, according to the research. This drastic increase shows the level of the sector’s inadequate effort in ensuring container safety.
On the other hand, these figures served as a wake-up call of the need for ever-present vigilance in protecting crew members, valuable cargo, and the natural environment. Significant losses, like the MV Rena disaster that occurred in 2011 in which 900 containers were lost and the MOL Comfort incident in 2013 in which a record 4,293 containers were lost when the ship sank in the Indian Ocean, can cause annual losses to fluctuate substantially.
Everyone in the supply chain has a responsibility for container safety.
Over the course of 2020 and 2021, the council claims that 3,113 containers were lost on average due to weather-related occurrences. The report went on to explain that major container loss incidents in the Pacific Ocean were attributable for the increase. These incidents included the ONE Apus, which lost over 1,800 containers in November 2020 due to severe weather, and the Maersk Essen, which lost some 750 containers in 2021 due to weather conditions.
John Butler, CEO of WSC views the decrease in containers lost at sea in 2022 as good news while noting that there is no room to relent. In addition to preserving the environment and cargo, “we are dedicated to making maritime travel safer for workers by cutting down on the amount of containers that go missing at sea”, he said. Butler also stated that everyone in the supply chain has some level of responsibility for the safety of containers. Some of the key considerations to ensure the safety of containers include proper packing, stowage, and fastening of containers, as well as accurate weight reporting.
WSC, others launched the MARIN Top Tier project in 2021.
As stated by the WSC CEO, liner carriers and partners continually work to prevent incidents and ensure the safety of shipped containers. The liner shipping industry also in collaboration efforts with governments shows its commitment to reduce container losses at sea. Butler said in 2021, WSC and other member lines, along with marine stakeholders, launched the MARIN Top Tier project. He explained that projects provide information on the leading cause of containers falling overboard and a countermeasure to prevent it such as creating training materials, movies, and calculators.
Related Link
WSC: Website
$7trn goods shipped by sea annually — WSC – 241 million containers are transported across the seas yearly. – Express your point of view.
The $7trn worth of goods shipped by sea annually highlights the significance of the shipping industry in global trade. The industry’s continued growth and resilience will depend on its ability to address challenges while adapting to evolving trade patterns and technological advancements.
This tells us the level of import and export that is done in Nigeria annually. Assuming we export a lot, this rate would have increased and helped us to gain more income and generate more revenue to government coffers.
This show how our trade is been done both export and import trade this will serve us right by generating from the export goods send to other countries
$7trn goods shipped by sea annually, a huge amount of goods shipped by sea is much, necessary thing should be done to stop the chanllenges they are facing like goods been lost in the sea a countermeasure should be made to stop it
This significant shipping goods value shows the progress in the shipping sector across the world. But the little impediments and hurdles been experienced in the sector needs to be resolve to give way for more development.
With the high number of shipping amounting to $7trn worth of goods of 241 million containers transported across the sea yearly indicates that so many companies will be involve. Missing containers should be handled by the right agents to contain such axtivities.
There is progress in the goods shipping by sea many many container is been transport, adopting ways that will stop goods from getting lost inside sea is needed because if goods keep getting lost like that is will serve as lose not gain so is better we prevent it from happen
$7trn goods shipped by sea annually. The country so much depends on importation of goods from other countries than we export.
WSC reported that 241 million containers worth $7trn of goods were shipped by the sea annually but about some containers were missing. Though it look insignificant but action should be taken to control and curb it before it goes out of hand.