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After firm growth last year, seaborne trade is expected to stall
in 2025, with volumes barely rising half a percentage point

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Long-distance rerouting caused by geopolitical tensions kept ships
busier last year, with a record of nearly 6% growth in tonne miles

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We know the global environment has become more complex. We know geopolitical tensions
are affecting the Red Sea and have forced costly reroutings around the Cape of Good Hope

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Risks remain, for example, in the Strait of
Hormuz, a vital artery for global oil trade

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New tariffs are disrupting established trade flows.
Freight rates are high and volatile increasingly

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And delay and disruption are becoming the
norm. And these challenges drive up costs

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Political tensions, new tariffs, shifting trading patterns and
reconfigured shipping lanes are reshaping the geography of maritime trade

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Seaborne trade has grown in 2024 by 2.2%. At the same time, reroutings
have meant longer shipping routes, with tonne miles increasing about 6%

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This in turn has led to higher transport
costs, delays and greenhouse gas emissions

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and a reshuffling of shipping networks affecting ports, including in
Africa. For 2025, the big picture is heightened uncertainty and volatility

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with growth forecasts to slow to only half a percent. Global shipping
is responsible for moving over 80% of the world's merchandise trade

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but issues like tariffs and restrictions
are becoming a new source of tension