Review of maritime transport 2012

In common with previous issues, the 2012 Review contains critical analysis and a wealth of unique data, including long-term data series on seaborne trade, fleet capacity, shipping services and port handling activities. This year's Review notes that world seaborne trade grew by 4 per cent in 2011, whereas the tonnage of the world fleet grew at a greater rate, by almost 10 per cent, as shipowners took delivery of vessels that had been ordered before the economic crisis began. With supply outstripping demand, freight rates fell even further, to unprofitable levels for most shipping companies. For importers and exporters, however, the low freight rates helped to reduce transaction costs, which is important for helping to revive global trade. As freight traffic continues to grow, the question of how to ensure the long-term sustainability of such growth is playing an increasingly important part in the policy debate on globalisation, trade and development, environmental sustainability, energy security and climate change. Reflecting these new realities, this year's Review of Maritime Transport addresses a range of relevant issues in this context and includes a special chapter on sustainable freight transport. This chapter highlights the impacts of freight transport activity, for example on the environment, human health and the climate, and the consequent need to reduce the sector's energy consumption and emissions. If left unchecked, such unsustainable patterns are likely to intensify, increasing the potential for global energy and environmental crises, and risk undermining progress being made on sustainable development and growth. Promoting a shift towards sustainable freight transport will help improve the sector's energy efficiency, reduce its heavy reliance on oil, and limit environmental and climate change impacts. In this context, developing effective policies and measures, including for the purpose of climate change mitigation and adaptation, and ensuring appropriate financing, are major challenges, especially for developing countries