Date: July, 2005
Abstract: Rising international trade has increased demand for transport, especially for ocean freight, since 98 percent of intercontinental trade (in volume) is transported by sea. In 2004, world trade grew by 10.2 percent in volume, almost twice as fast as in 2003. International trade has been growing faster than the world’s gross domestic product (GDP). In 1970, world trade accounted for 10 percent of the world’s GDP, whereas in 2004, it accounted for 30 percent. Lower trade barriers, global...
Research Type: Industry Note