SRM presents the 11th “Italian Maritime Economy” Report
SRM, the Intesa Sanpaolo Group's research centre, presented the 11th Italian Maritime Economy report, this year dedicated to "The new challenges for ports in the Euro-Mediterranean area. The crisis in the Red Sea and the transformations imposed by green models”.
The Report analyses the economic trends affecting the sector, focusing on the impacts generated by tensions in the Red Sea on routes, freight rates, the cost of raw materials and, more generally, the fluidity of global logistics chains.
In his speech at the presentation of the Report, Chairman Gian Maria Gros-Pietro emphasised that "the maritime economy, in which SRM is gaining increasing authority, is now a strategic pillar for the entire Italian economy”. “Together with logistics, it is worth nearly 10% of Italian GDP and 12% of European GDP. In terms of international trade, maritime transport hovers between 85% and 90% of global trade volumes. Italian ports alone move roughly half a billion tonnes of goods per year, over 70 million passengers and €338 billion in import-export. Therefore, maritime transport is not an economic sector like any other. It is an engine capable of shifting economic and geopolitical balances”.
“Logistics and ports also face strategic challenges”, continued Gros-Pietro, “such as the energy transition, which means finding innovative ways to decarbonise the entire maritime supply chain. Significant investments are required to modernise infrastructure and support ship decarbonisation, thus making ports engines of the energy transition”.
Gros-Pietro also pointed out that Intesa Sanpaolo is “the only Italian bank to have a specialised study centre on these issues, which are of great importance for the future of our country and Europe. This is something we are proud of: it allows us to support sector operators as well as act with foresight in our operational decisions”.
11th Italian Maritime Economy report - Highlights
- Maritime trade grows despite geopolitical tensions and droughts
Global economic trends are driving maritime trade upwards, despite the fact that Houthi attacks on ships in the Red Sea are forcing many ships to circumnavigate Africa instead of crossing the Suez, and despite the fact that drought is causing disruptions in the Panama Canal.
Global maritime trade increased by 2.2% to 12.3 billion tonnes in 2023 and will grow by 2.4% in 2024 and 2.6% in 2025. In terms of tonne-miles, maritime trade should grow even more (4.1% in 2023 and 5% in 2024) due to the re-routing phenomenon (circumnavigation of Africa) and then decline to 0.5% in 2025. As Suez falls, Good Hope rises. Between January and June 2024, average daily transits of the Suez Canal declined to 37 from 71 in the previous year, resulting in longer distances, higher freight rates, more ships in circulation and also more emissions. Container ships (-69% of passages), Car Carriers (-84%) and LNG ships (-93%) are the most affected. On the other hand, an average of 99 ships per day went around the Cape of Good Hope between January and June 2024. Global maritime trade, consolidating the figure, continues to be the transmission belt of international trade, worth more than $14 thousand billion. Maritime transport and logistics are worth around 12% of global GDP.
- Everything is green: the challenge of alternative fuels also continues in shipping
Over the past decade, the focus on sustainability has risen dramatically on the shipping agenda with environmental, social and governance (ESG) issues influencing financing, fleet renewal, port infrastructure and regulation across the industry. In 2024, maritime transport will generate 833 million tonnes and 2.2% of global CO2, with emissions decreasing from 2022. Maritime transport remains the most efficient mode of transport in terms of carbon emissions. Sustainable investments in shipping are remaining at a good pace. The adoption of alternative fuels continued to progress, with 6.5% of the fleet at sea capable of using alternative fuels or propulsion. This percentage will reach 25% by 2030.
- The Mediterranean maintains its centrality in the geo-economic context
Despite conflicts, authoritative estimates predict average annual growth by 2028 in Mediterranean container traffic of just over 3% compared to a global average of 2.5%. The trend that is emerging regards growing interest in the regionalisation of trade flows, although Asia, with China in the lead, remains a key player in global manufacturing. While US-China trade shrinks, EU-China trade increases (in imports, China's share rises from 15.8% to 20.5% and in exports from 8% to 8.7%), consolidating the Asia/Euro-Mediterranean sea route.
- Italy a logistics hub between continental Europe and North Africa
Italy is among the world's largest exporters, ranking sixth after China, the United States, Germany, the Netherlands and Japan. Amongst these large countries, it also has a high Export+Import/GDP ratio (third in the world after the Netherlands and Germany). Italian ports are a tool supporting the industrial system, and they support its internationalisation as 28% of imports/exports in terms of value and 50% in terms of quantity use ships (data as of 2023). Italy imports by sea mainly from China and exports mainly to the USA.
Italy can leverage its undisputed leadership in Short Sea Shipping: it is the first country in Europe by volume of goods handled, amounting to 305 million tonnes, with a market share of more than 17% of the total, ahead of the Netherlands (16%), Spain (13%) and Germany (9%). The value of the Blue Economy in Italy was €59 billion, and the 228 thousand companies in the maritime cluster, accounting for 3.8% of the Italian entrepreneurial fabric, employ 914 thousand people, 3.6% of the total.
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Last updated 29 July 2024 at 08:13:02
