ABSTRACT
This chapter examines historical and future global shipping and navigation trends and considers these within their evolving operational and management framework. It considers challenges and opportunities for the industry that include mitigation of, and adaptation to, climate change, technological innovation and geographical shifts in global economic activity. The high level aim of the bulk shipping sector is to provide transport for large volumes of goods in the most cost efficient way. Freight rates respond to the interaction between supply and demand of shipping services and represent the point of revenue agreement between shipowners and charterers. The chapter discusses the main characteristics of the stages in vessel life cycle. The vessel life cycle is: cradle-construction of new vessels, sale of second-hand vessels, and grave-decommissioning vessels. A changing climate presents a number of risks and opportunities for the shipping industry, many of which are likely to influence the pace and direction of the global economy.
