Cargo Shipping Market to Grow at 3.45% to 2023
Global Cargo Shipping Market is expected to grow around 3.45% CAGR during the period 2017 to 2023, says a report by Market Research Future. In recent years, Global Cargo Shipping Market has advanced rather productively. While, increasing number of countries forging of free trade agreements like ASEAN Free Trade Area (AFTA), Trans-Pacific Strategic Economic Partnership (TPSEP) and North American Free Trade Agreement (NAFTA) will boost the growth of cargo shipping market further. In addition, the market is gaining momentum with initiatives such as the One Belt, One Road, as well as the expanded Panama Canal and Suez Canal are expected to positively affect the seaborne trade by generating business opportunities. The key players of the Global Cargo Shipping Market are A.P.
China Pushes Maritime Silk Road to Asean
China made its pitch to ASEAN members to promote its Maritime Silk Road plans. China has said it will finish negotiations on upgrading the China-ASEAN Free Trade Area called CAFTA by the end of this year, said Vice-Premier Zhang Gaoli. He said economic and trade cooperation is the base and guide of the construction of the Belt and Road Initiative. "China and the Association of Southeast Asian Nations will further deepen economic and trade cooperation and mutually create an upgraded version of CAFTA," Zhang said. The plan seeks to build on the ancient Silk Road, a trading network that once stretched from China, across Asia and into Europe.
Mustang Technologies Takes on FuelTrax
Nautical Control Solutions, LP (NCS) announced that Marine Fuel Management (MFM) systems consultant Mustang Technologies has been signed as an official representative in the Asean Free Trade Area (AFTA). “We are delighted to be appointed a FuelTrax representative,” said Mr. Charles Kathrein, CEO Mustang Technologies. “While various sections of the shipping industry in Asia Pacific have been suffering from low rates, high fuel costs and overcapacity, the offshore support vessel (OSV) industry has been growing rapidly with the fleets themselves getting younger.
Government, Industry Look to Singapore and Asean Shiping
The strength and robustness of shipping both in Singapore and the South East Asian region was put into sharp focus at the Singapore Shipping Association’s 28th Anniversary Gala Dinner, held in the splendour of the West & Central Compass Ballroom at the Resorts World Convention Center in Sentosa. Addressing 1,800 attendees, Josephine Teo, Senior Minister of State for Finance and Transport, said that while the past year had been a challenging one for the shipping industry, the long-term fundamentals for the maritime sector in the region remained strong.
