Block 7 (Global Flows Of Shipping + Sea Cables) Flashcards
Define trade
Movement of goods + services from producers to consumers
What percentage of global trade is carried by sea?
90%
Since the 1990s how much has the number of ships at sea increased by?
400%
By what percentage does global trade grow annually (not including recession years)?
2%
What type of nations does trade mostly occur between?
Developed, affluent nations
Increasing between developing nations
What is the top exporter of goods?
China
What are the 3 main types of trade over oceans we look at?
- Oil
- Container shipping
- Seafloor data cables
What are intermodal containers?
Large-capacity storage units of a standardised size that can be transported long distances using multiple types of transport
When did containerise happen? By who?
1956 Malcolm McLean (Newark -> Maersk)
How much did containerise cut transport costs by?
75%
What are the 3 main changes that have happened to container shipping?
1) Containerism (size of containers same since 1956)
2) Increase in size/capacity of ships (90% bigger, can now carry 18,000 containers)
3) Increase in number of ships (400% more)
What is the current issue with container shipping? Give an example
Too many ships (growth in capacity + fleet size has exceeded growth rate of trade)
E.g. Hanjan Shipping Company bankrupt in 2016
What happens to container ships when they are old? Give an example
Shipbreaking
Often in LICs - e.g. provides 40,000 jobs in Bangladesh
What percentage of global maritime trade is oil?
30%
How has oil shipping changed (3 ways)?
1) Increased capacity of tanker fleet (up 73% since 2000)
2) Size of tankers changes (based on chokepoint size)
3) Amount of oil traded changes (based on global demand)