September 24 2020
Adoption of new age technologies will help maritime sector flourish in the new normal
Authored by Mr. Jakob Friis Sorenson, Managing Director, APM Terminals Pipavav for Maritime Gateway
The global health pandemic has disrupted the process of globalization as economies lay restrictions on trade and travel in order to stop coronavirus from spreading havoc. The adverse impact of pandemic has been visible on almost all sectors barring technology. Technology sector benefited the most as the world went online from their safety nests. Global maritime sector was also adversely impacted following trade restrictions across economies.
As factories re-opened in many countries, the international trade resumed bringing life to global maritime sector. However, the volumes are yet to reach pre-covid level. This is evident from the significant dip in volumes reported by several road, air and sea transport companies as well as cargo volumes reported by ports globally. According to various media reports global unconstrained trade demand is likely to fall by 13% to 22% in Q2 and Q3 2020, depending on macroeconomic scenario.