Abstract
On the heels of the unfolding global financial crisis and economic downturn, growth in the world economy and in global merchandise exports decelerated in 2008, and is projected to decline in 2009. Reduced global production and demand, and the resulting lower levels of trade, have undermined growth in seaborne trade. Downside risks, including the adverse feedback loop between the financial sector and the real economy, make the outlook for seaborne trade uncertain. Climate change and the need to adopt an international regulatory regime for greenhouse gas emissions from international shipping are adding a further challenge to the maritime transport sector.
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