The global maritime transport industry includes the transport of goods and passengers through waterways. Maritime transport is one of the important channels to operate the global economy seamlessly. As per the United Nations, more than 90% of the global trade is carried by the sea route every year. Oil tankers, bulk carriers, general cargo ships, container ships, gas carriers, chemical tankers, offshore vessels, and others are used to transport goods globally. Some of the major factors that were augmenting the maritime transport industry before the COVID-19 pandemic include increasing globalization and global trade activities, rising e-commerce market among others. Moreover, rising disposable income of the people, continuous new launch of cruise ships were some of the major factors for increasing the maritime passenger transport industry. 

In 2019, the US-China trade war affected the maritime industry up to a significant level. Moreover, due to increasing pollution from maritime transport in the sea, in April 2018 the International Maritime Organization adopted the strategy to reduce the carbon footprint from ships by 50% by 2050 as compared to 2008. To curb the pollution from ships, new emission standards came into effect from January 2020 under which sulfur in the fuel is limited to 0.5%. It increased the slight operating cost of maritime transportation. 

However, the industry experienced a major set-back due to the COVID-19 pandemic. China is one of the major exporters globally. As the coronavirus spread in China in January 2020, most of the manufacturing activities were halted in the country result slowdown in the maritime industry in China. 

By March 2020, China started recovering from the pandemic and restarted its manufacturing sectors. However, the pandemic spread to most parts of the globe and in order to prevent the spread of the virus, lockdowns were introduced in various countries', results steep downfall in demand. Moreover, in order to transport medical supplies in a short period, the government has adopted airways transport over maritime. In the near future, there is a possibility that the global economy will go into a recession that will affect the maritime transport industry negatively. 

The global maritime transport industry report is segmented based on cargo and passenger transportation. Cargo transportation is going to be the most affected sector due to the pandemic as oil and other goods demand have been plummeted significantly. Passenger transport also hit significantly due to COVID-19. A number of people on cruise ships found infected due to novel coronavirus. Major one includes 712 confirmed cases of COVID-19 on the Diamond Princess cruise ship of Princess Cruise Lines, Ltd., in Yokohama, Japan. Due to similar cases, multiple countries banned foreign cruise ships on their ports. 

The effect of COVID-19 on the maritime transport industry can be observed in all the regions including North America, Europe, Asia-Pacific, and Rest of the World. The US, Italy, Spain, Germany, France, China are among the most affected countries due to the pandemic and theses countries have a major share in the maritime transport industry. Key companies of the maritime transport industry affected due to COVID-19 pandemic include Princess Cruise Lines, Ltd., A.P. Møller – Mærsk A/S, CMA CGM S.A., Mediterranean Shipping Company S.A., China Ocean Shipping Co., Ocean Network Express Holdings Ltd., Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd. In order to prevent the spread of the coronavirus most of the cruise companies have temporarily shut down their operations. Moreover, the governments and maritime companies are working together and are following quarantine protocols to curb the spread of COVID-19 through entered cargo ships in the country.

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on the global maritime transport industry. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and countries and the effect of COVID-19 on the maritime transport industry of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the global maritime transport industry.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global maritime transport industry.
• Insights about market determinants which are stimulating the global maritime transport industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.