Maritime trade to rebound in 2021: UN

Global maritime trade should recover in 2021 after tanking by 4.1 percent in 2020 owing to the coronavirus, a UN agency forecast Thursday.

"The pandemic has sent shockwaves through supply chains, shipping networks and ports, leading to plummeting cargo volumes and foiling growth prospects," the United Nations Conference on Trade and Development said in its annual review of maritime transport.

UNCTAD expects maritime trade growth to rebound 4.8 percent in 2021, "assuming world economic output recovers ... But the short-term outlook for maritime trade is grim." 

UNCTAD Secretary-General Mukhisa Kituyi said the shipping industry will be at the forefront of efforts towards a sustainable economic recovery, "as a vital enabler of the smooth functioning of international supply chains. 

"The industry must be a key stakeholder helping adapt 'just-in-time efficiency' logistics to 'just-in-case' preparedness," he added.

The UN agency said the pandemic underscored "the urgent need to invest in risk management and emergency response preparedness in transport and logistics."

But UNCTAD's director of technology and logistics, Shamika N. Sirimanne, stressed that the pandemic should not push back the shipping industry's action on climate change. 

"Post COVID-19 recovery policies should support further progress towards green solutions and sustainability," she said.