The liner shipping industry generated $436.6 billion in direct and indirect benefits to the world economy in 2007 and provided 13.5 million jobs, according to a new study commissioned by the World Shipping Council.
The study by IHS Global Insight was conducted for the relaunch of the WSC’s Web site as part of its 2-year-old campaign to increase public awareness of the shipping industry’s contribution to the global economy.
The Web site, www.worldshipping.org, is part of the Container Shipping Information Service the WSC initiated in 2007 to provide the public with a more comprehensive explanation of the industry, its contribution to trading nations’ economic health, and the status of current policy issues, such as the environment and security.
Using 2007 as a base year, the study found cargo transported by the liner shipping industry represents about one-third of the value of total global trade, equating to more than $4.6 trillion worth of goods.
The shipping industry made a direct contribution to global GDP of $183.3 billion, invested $29.4 billion in capital projects and provided 4.2 million jobs, with total compensation of $27.2 billion.
Workers at ports worldwide loaded and unloaded cargo for more than 10,000 liner vessel calls a week, with the average ship making 2.1 port calls a week.
Liner shipping companies deployed more than 400 services providing regularly scheduled service, usually weekly, connecting all countries of the world. In mid-2008, there were more than 17.8 million containers in the global fleet, which cost the industry $80.1 billion to purchase.
In the U.S. alone, the industry spends $869 million a year to operate the fleet of chassis used to move containers over land.
The liner shipping industry has spent more than $236 billion in more than a dozen countries on the purchase of new vessels.
The results of the study are used throughout the WSC Web site. A copy of the full report can be downloaded at: www.worldshipping.org/pdf/Liner_Industry_Valuation_Study.pdf.