In the last three years, international trade has been affected by the decline in the shipping sector. Which is the main means of transporting cargo that has been affected throughout the supply chain, causing a rise in prices and triggering the so-called container crisis in different regions of the world.
By 2023, this trend is expected to continue due to economic uncertainty and the different geopolitical conflicts, together with the reduction in the demand for Chinese manufacturing by the United States, which has caused China to cancel the departure of its ships to the USA and Europe.
This also has a direct impact on Latin America, which has been affected by delivery times and container price increases.
The shipping industry has been affected since around 2008 when the global economic crisis put its financial viability at risk. However, there have been other variables that have gradually had negative effects on the functioning of the supply chain; such as the increase in fuel and increased competition from both maritime and non-maritime companies with air and rail transport and the Covid-19 pandemic that came to aggravate the situation.
This crisis has affected the financial position of shipping companies, which have been forced to adapt their operations to new scenarios that allow them to lower their costs, renew their services and become more autonomous. To this end, efforts are underway to revolutionize the industry with technological tools for digital transformation to help create smart ports that continue to operate even when there is a pandemic or the development of green fuels to help reduce the environmental impact of the industry.
Efforts are aimed at investing in supply chains to make ports, maritime fleets, and connections more prepared for future crises. Improve their service offerings and stay in the game, making strategic changes and transforming a very traditional industry into opportunities for improvements with more efficient processes and full utilization of all its resources.