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Blockchain on the High Seas and the Future of Trillion Dollar Shipping

The prize is a revolution[1] in world trade on a scale not seen since the move to standard containers in the 1960s. But the undertaking is as big as the potential upheaval it will cause. To make it work, dozens of shipping lines and thousands of related businesses around the world will have to work out a protocol that can integrate all the new systems onto one vast platform.

According to the World Economic Forum, improving communications and border administration using blockchain could generate an additional £1trn in global trade. Matt Levine In early May of 2018, the CEO of FedEx referred to blockchain as the “next frontier” for global supply chains.

To ensure its competitive advantage and reputation, as well as live up to its famous slogan “When it Absolutely, Positively has to be there overnight”, FedEx created a sophisticated IT infrastructure and distribution network that ensured timely delivery across the world and minimised lost or damaged packages. These days, other competitors have entered the express courier trade, such as UPS and DHL, which are competing directly with FedEx. To safeguard their competitive advantage, each courier company created their own sophisticated distribution network and IT platform only available to cargo brokers, freight agents and distribution centres strategically located across the world.

The same applies to shipping and maritime trade. Each shipping giant, or shipping line alliance, has created their own ,,silos” of freight and payments transaction data that is only accessible to anyone with permission to access those silos and private data networks. Regretfully, the same is happening now with the advent of public blockchain and private/permissioned DLT such as the recent collaboration between Maersk and IBM.

Both will, in all likelihood, only allow competitors to access their permissioned DLT networks if there is something to be gained. Open public blockchain will be the only way forward for the entire shipping and logistics world just as the GSM (Global System for Mobile communications) made mobile phone calling possible in 212 countries (and territories), serving more than 5bn people, comprising more than 80% of the mobile market across the globe. Reducing or even eliminating the paper trail in global trade would result in massive savings and lowered costs as well as shortened transport times between manufacturer and consumer, by avoiding costly time delays at borders, ports and terminals.

Blockchain startups like BitNautic are taking this concept even further into other areas of the shipping and maritime industry such as logistics, e-commerce, ships supply, ship broking and cargo consolidation.

Cargo Commoditisation

The biggest change came in the 1960s, when the industry adopted the standard-size steel boxes in use today, replacing the wooden crates, chests and sacks that stevedores had hauled on the docks for centuries. The advent of global trade using box containers with standard sizes has been a game-changer in the shipping and logistics industry. It shortened transport times, reduced costs and increased efficiency all across the supply chain, as goods could be packed into containers at the factory or warehouse, and unpacked the same way at the receiving end thus avoid manual handling of loading and unloading goods or bulk cargo on board ships.

Blockchain will bring about the same revolution as containerisation, this time at the administrative level. All concerned parties to a trade will be able to exchange information and documents on blockchain networks, at a fraction of the time and cost when compared to current systems. “Blockchain in Transport Alliance” has been established with the aim to set standards for the application of blockchain in the maritime and shipping industry.

Many key players and major companies in shipping and logistics have joined, with the goal to explore and implement blockchain in supply-chain and cargo transport. Shipping and cargo standardisation is key for global trade efficiency since goods travel through customs, brokers, intermediaries, buyers and sellers. Shipping containers – some even fitted with tracking devices – are already being accounted for on permissioned DLT protocols, because it is relatively simple to account for a small box in a standard size (mostly TEU 40ft), that can be transported by train, truck or ship, and stored in a factory, warehouse or shipping container terminal.

Bulk cargoes are not necessarily difficult to track with the prevailing legacy systems, document exchanges and satellite tracking, however, the quantities transported can be tampered with, and this is one of the biggest scourges in bulk cargo transport and maritime transportation in general. It concerns ships departing loading ports with full cargo and arriving at the destination with missing or damaged cargo. Blockchain will not be able to resolve such issues as piracy, but it can ameliorate cargo traceability.

It will even improve the dynamics of global trade supply and demand, as “goods on-the-road” will be accounted for in an up-to-date and transparent way by removing the element of unaccounted cargo.

Blockchain and the commoditisation of cargo transportation should be a game-changer in global trade, as well as in shipping, maritime and the entire supply-chain world of logistics.

References

  1. ^ The prize is a revolution (www.bloomberg.com)

Cargo Shipping Market to Reflect Steady Growth During 2017-2027

Future Market Insights has announced the addition of the “Cargo Shipping Market: Global Industry Analysis and Opportunity Assessment 2017-2027” report to their offering. This press release was orginally distributed by SBWire[1] Valley Cottage, NY — (SBWIRE[2]) — 06/22/2018 — Trade liberalization and global economic growth boost the cargo shipping market.

In the past decade cargo shipping market has fared quite successfully. With economic growth and development there is a direct increase in commodity consumption, which drives the cargo shipping market. Depending on the cargo and the type of storage, loading, unloading and securing it would require various types of ships for transportation.

Investments in port infrastructure and the global supply-demand cycle will have a positive impact on the shipping market. Growth in countries forging free trade agreements like AFTA (ASEAN Free Trade Area), TPSEP (Trans-Pacific Strategic Economic Partnership), and NAFTA (North American Free Trade Agreement) will drive the cargo shipping market. Transport is an essential link for trading, and the aim is to obtain raw materials for manufacturing industries, or trade manufactured goods in good condition, as and when they are required.

Demand and supply for sea transportation has increased and five key things to be considered in the cargo shipping market[3] are: economy, average haul, seaborne commodity, random shocks and transport cost. The cargo shipping industry is segmented on the basis of cargo and industry type. Infrastructure initiatives such as development of new ports and extension of existing ports leads to growth of the cargo shipping market.

Container cargos load food, manufacturing industry’s raw materials and electrical & electronic goods. Liquid bulk cargos are loaded with oil from the oilfields at sea – to do this they moor bow type tankers, known as shuttle tankers. Developing economies in Asia-Pacific account for the significant market share; especially China, since it is a major exporter.

Growth rate in Europe is presently steady and is expected to grow in the near future; owing to various initiatives by the European Union. Middle East and African regions have the highest potential in the coming years due to availability of oilfields; this is estimated despite the fall in oil prices internationally. Request For Report [email protected] https://www.futuremarketinsights.com/reports/sample/rep-gb-2599[4]

Global Cargo Shipping Market: Segmentation On basis of cargo type, the global cargo shipping market is segmented into: Container cargo
20 foot (6.08 m) Twenty-foot Equivalent Unit (TEU)
40 foot (12.8 m) Forty-foot Equivalent Unit (FEU)
45 foot (13.7m)
48 foot(14.6m)
Bulk cargo
Commodity
Materials
Oil
General cargo
Solids
Raw materials

On basis of industry type, the global cargo shipping market is segmented into: Food and Manufacturing
Fruits, drinks
Solids
Manufactured raw materials
Oil and ores
Petrol
Diesel
Iron ore
Electrical and electronics
Electrical equipment’s
Electronic equipment’s Global cargo shipping market: Regional outlook

Developing economies in Asian countries drive the cargo shipping market and are estimated to hold the largest share of the cargo shipping market. European countries like UK, Spain, Germany and France, along with Russia will account for the second largest share. North America is projected to be third largest market share.

Global Cargo Shipping Market: Key Trends and Drivers Global economic growth and progress in trading drive the cargo shipping market. Container transportation is increasing adopted globally to transport goods; it acts as a major driver for the cargo shipping market in both developed and developing countries.

Another boon for this market are the free trade agreements being formulated by numerous countries. Supply chain management for marine trade has developed largely attributing to developing nations gaining a large market share in the cargo shipping market. Cargo shipping firms are facing challenges to a great extent owing to global environmental changes and geopolitics; this is proving to be a major restraint.

Acquiring new containers is cost intensive, which is manifesting as a major restraint in the shipping industry and cargo shipping market. Request For Report Table of Content (TOC): https://www.futuremarketinsights.com/toc/rep-gb-2599[5] Global cargo shipping market: Key players

Examples of the market participants in the cargo shipping market, identified across value chains include CMA-CGM SA, A.P.

Moller-Maersk Group, Mediterranean Shipping Company S.A., Panalpina World Transport (Holding) Ltd., DHL Global Forwarding, China COSCO Holdings Company Limited, Nippon Express Co., Ltd, Hapag-Lloyd AG, Ceva Logistics and Deutsche Bahn AG.

For more information on this press release visit: http://www.sbwire.com/press-releases/cargo-shipping-market-to-reflect-steady-growth-during-2017-2027-999727.htm[6]

References

  1. ^ SBWire (www.sbwire.com)
  2. ^ SBWIRE (www.sbwire.com)
  3. ^ cargo shipping market (www.futuremarketinsights.com)
  4. ^ https://www.futuremarketinsights.com/reports/sample/rep-gb-2599 (www.futuremarketinsights.com)
  5. ^ https://www.futuremarketinsights.com/toc/rep-gb-2599 (www.futuremarketinsights.com)
  6. ^ http://www.sbwire.com/press-releases/cargo-shipping-market-to-reflect-steady-growth-during-2017-2027-999727.htm (www.sbwire.com)

From Road Haulage to Shipping and Freight Forwarding

Staff Changes Announced Throughout the Industry DENMARK – The weekly look at staff moves in the shipping, forwarding and logistics sectors start with a major appointment at the largest of the container lines with Carolina Dybeck Happe named to assume responsibility as Chief Financial Officer (CFO) of AP Moller – Maersk A/S[1], effective no later than January 1, 2019, when she will also join the company’s Executive Board.

GERMANY – The Supervisory Board of Jungheinrich[2] has made several changes to the responsibilities of the Management Board. The new Board Member for Marketing and Sales will be Christian Erlach, taking over from Dr Lars Brzoska, who becomes the Board Member for Technology. Both effective September 1.

Brzoska is set to take over as Chairman of the Board from during 2019, succeeding Hans-Georg Frey who is planning to stand for election to the supervisory Board next year. Current Supervisory Board Chairman, Jurgen Peddinghaus, will resign his seat in 2019. Frey will succeed him in this position, in accordance with the wishes of the shareholder families Wolf and Lange.

GERMANY – Ceva Logistics[3] has announced Niels Weithe to the newly created position of Global Head of eCommerce. Based in Germany, Weithe will report directly to Chief Operating Officer of Contract Logistics, Brett Bissell. He joins the company from Arvato where he was President of its consumer products division.

SWEDEN – The Swedish Club[4] has announced five new Members to join its Board. Dr Zou Yingying, Deputy General Legal Counsel and General Manager of the Legal Department of China Merchants Energy Shipping; Gu Zhongdong, Deputy Managing Director of Cosco Shipping Lines; Captain Thanasis Beis, Managing Director of Costamare Shipping; Mikael Livijn, General Counsel Wallenius Lines, Wallenius Marine; Twinchok Tanthuwanit, Owner Representative of Regional Container Lines. UK – The board of David MacBrayne has confirmed Robbie Drummond as Managing Director of CalMac Ferries[5] role which he has served in an interim capacity since February.

UK – XL Catlin[6] has announced the appointment of Andrew Coutts to the position of Global Practice Leader for Cargo. Coutts joins XL Catlin from Brit Global Specialty, where he worked for nearly 10 years as Cargo Underwriter. He has more than 30 years’ experience in the marine cargo insurance industry and has held several positions within industry trade bodies, including the International Union of Marine Insurance (IUMI) and the International Underwriting Association (IUA).

UK – Shipping agency software supplier Callisto Agency Systems[7] has appointed Travis Monson as its new Chief Executive Officer. Monson has spent the last 15 years with Monson Agencies Australia and over 26 years in the shipping agency business. UK – Martin Hay has been appointed to the position of Managing Director for Scania (Great Britain)[8], effective September 1.

He will succeed Claes Jacobsson, who is returning to Sweden to take up a role within Scania in Sodertalje. UK – Richard Wheeler has been named to lead the team at Rossetts Commercials[9], the Mercedes-Benz van dealer for Surrey, Sussex, and parts of Hampshire. Nick Thomas has alsp been named as the new Site Manager for the company’s Aldershot branch.

INDIA – ECU Worldwide[10], logistics solutions firm and part of India-based Allcargo Logistics, has appointed Ashish Mathur as Group Chief Information Officer. Mathur has over 28 years of experience across multi-national organisations and diverse industries, most recently working in a similar role at Maersk. US – Port Houston[11] has named John Moseley Chief Commercial Officer, succeeding Ricky Kunz who has elected to retire from the Port of Houston Authority.

Moseley served as Senior Director of Trade Development since 2010. US – Danielle Smith, Associate Vice President and Transportation Operations Manager at the Denver office of Michael Baker International, has been elected to the Women’s Transportation Seminar (WTS[12]) International Board of Directors as the Treasurer. US – CIT Group[13] has announced Randy Kaploe as its new Senior Vice President to lead the Rail division’s sales efforts along the US Gulf Coast, in Mexico and in Western Canada.

In addition, he assumes responsibility for managing sales involving the plastic hopper and tank car leasing platforms. Kaploe succeeds Jeff Lytle, who became President of the Rail unit in April. US – Titan International[14] has named David Martin to the role of Senior Vice President and Chief Financial Officer, effective since June 14.

He assumes the additional role of the company’s principal financial officer. Martin reports directly to President and Chief Executive Officer, Paul Reitz. Amy Evans has served as Titan’s Interim Chief Financial Officer since May 2.

Evans will continue in her role as Vice President and Chief Accounting Officer and will continue as the Company’s principal accounting officer. US – General Logistics Systems (GLS[15]) has appointed Ivan Hofmann as CEO of GLS US, effective immediately. He previously held the role of EVP and COO of FedEx Ground following the acquisition of Roadway Package Systems.

In his role, which will be part-time, Hofmann will report to Rico Back, CEO Royal Mail. CANADA – Kathy Fox has been reappointed to the Canadian Transportation Accident Investigation and Safety Board (TSB[16]). A Member of the Board since July 2007, Fox will continue to serve as Board Chair, a position to which she was first appointed in August 2014.

Her appointment to an additional five year term is effective August 21.

From Road Haulage to Shipping and Freight ForwardingFrom Road Haulage to Shipping and Freight Forwarding

References

  1. ^ AP Moller – Maersk A/S (maersk.com)
  2. ^ Jungheinrich (jungheinrich.com)
  3. ^ Ceva Logistics (cevalogistics.com)
  4. ^ The Swedish Club (www.swedishclub.com)
  5. ^ CalMac Ferries (calmac.co.uk)
  6. ^ XL Catlin (xlcatlin.com)
  7. ^ Callisto Agency Systems (my-a3.com)
  8. ^ Scania (Great Britain) (scania.com)
  9. ^ Rossetts Commercials (rossetts.co.uk)
  10. ^ ECU Worldwide (ecuworldwide.com)
  11. ^ Port Houston (porthouston.com)
  12. ^ WTS (wtsinternational.org)
  13. ^ CIT Group (cit.com)
  14. ^ Titan International (titan-intl.com)
  15. ^ GLS (gls-group.eu)
  16. ^ TSB (tsb.gc.ca)

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