1.1 Two Wars and a Pandemic: Global Shipping Markets in the Early-2020s
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Jonas Fossli Gjersø
Abstract
This chapter examines the significant volatility that the global shipping industry underwent in the first half of the 2020s and traces the origins of these market fluctuations to the geo-political events that shaped the global political economy in this period. It argues that the Covid-19 pandemic, the Russian invasion of Ukraine and Israel’s war in Gaza were key factors in determining the evolution of trade patterns and, by extent, freight rates. As well as political developments, the chapter underlines the shipping industry’s enduring sensitivity to geographical chokepoints and changes in the environment and climate. The concluding section draws parallels between the challenges of global governance as applied to the maritime industry in the case of Western sanctions against seaborne Russian crude and petroleum product exports, and the international efforts at fleet decarbonization.
Abstract
This chapter examines the significant volatility that the global shipping industry underwent in the first half of the 2020s and traces the origins of these market fluctuations to the geo-political events that shaped the global political economy in this period. It argues that the Covid-19 pandemic, the Russian invasion of Ukraine and Israel’s war in Gaza were key factors in determining the evolution of trade patterns and, by extent, freight rates. As well as political developments, the chapter underlines the shipping industry’s enduring sensitivity to geographical chokepoints and changes in the environment and climate. The concluding section draws parallels between the challenges of global governance as applied to the maritime industry in the case of Western sanctions against seaborne Russian crude and petroleum product exports, and the international efforts at fleet decarbonization.
Kapitel in diesem Buch
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Book introduction
- The oceans of the world – a source of shared development or rivalry for resources? 3
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Section 1
- The political economy of the ocean 13
- 1.1 Two Wars and a Pandemic: Global Shipping Markets in the Early-2020s 15
- 1.2 The state of world fisheries and fish farming 31
- 1.3 Shaping and framing deep seabed mining in the public interest: legitimacy, procedural justice, and distributive justice 45
- 1.4 The place of marine renewable energy in the ocean economy 63
- 1.5 Sustainable campus development and coastal ocean conservation in China’s Greater Bay Area: a higher education perspective 77
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Section 2
- Introduction: sustainability and the marine environment 91
- 2.1 A Green-Blue Economy? The case of offshore wind power 95
- 2.2 Ocean governance and climate change at the science-policy interface 115
- 2.3 Plastic never dies: finding a governance solution to the ubiquitous nature of microplastic pollution 129
- 2.4 The regulation of ABMTs under the BBNJ Agreement: potential contributions for the sustainable development of marine renewable energy technologies on the high seas 145
- 2.5 Risks and opportunities for the first green shipping corridor in the Arctic 161
- 2.6 Arctic shipping routes over the past 20 years 181
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Section 3
- Introduction: techno-economic development 197
- 3.1 Current status and future prospects of alternative fuel for ships 201
- 3.2 Decarbonization by wind propulsion for commercial ships 221
- 3.3 Wind ships in sustainable global supply chains: A future of Zero Carbon shipping 231
- 3.4 Digitalization and automation in the maritime industry: a case of sustainable development? 241
- 3.5 Carbon Capture and Storage: new opportunities for maritime clusters? 255
- 3.6 The freshwater-saltwater nexus: the ocean as a sustainable source of water? 271
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Section 4
- Introduction: Maritime infrastructure 287
- 4.1 Maritime hydrogen infrastructure and value chains in the decarbonization governance of shipping in Norway 289
- 4.2 North Sea grid integration: what’s there and what’s planned? 307
- 4.3 Arctic geopolitics and the future of regional infrastructure: the case of subsea cables 325
- 4.4 Canals: transport infrastructure and geopolitics 339
- 4.5 Between engineering and geopolitics: a study on island building as one kind of temaritime infrastructure 353
- 4.6 The ocean and the geopolitics of energy: a question of critical infrastructure? 379
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Section 5
- Introduction: ocean geopolitics 399
- 5.1 The global ocean and great power politics 401
- 5.2 Great powers and their naval ambitions: the geopolitical dimension of maritime affairs 415
- 5.3 Governing the ocean: technological change as a driver of maritime conflict 429
- 5.4 The politics of maritime boundary disputes 447
- 5.5 Could the unexploded ordnance hazard hinder the green energy transition − in the context of offshore wind projects? 467
- 5.6 The geopolitics of satellite navigation: the jamming and spoofing threat 485
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Book conclusions
- Cases in, along, across, below, on, and above the sea 501
- Subject Index
Kapitel in diesem Buch
-
Book introduction
- The oceans of the world – a source of shared development or rivalry for resources? 3
-
Section 1
- The political economy of the ocean 13
- 1.1 Two Wars and a Pandemic: Global Shipping Markets in the Early-2020s 15
- 1.2 The state of world fisheries and fish farming 31
- 1.3 Shaping and framing deep seabed mining in the public interest: legitimacy, procedural justice, and distributive justice 45
- 1.4 The place of marine renewable energy in the ocean economy 63
- 1.5 Sustainable campus development and coastal ocean conservation in China’s Greater Bay Area: a higher education perspective 77
-
Section 2
- Introduction: sustainability and the marine environment 91
- 2.1 A Green-Blue Economy? The case of offshore wind power 95
- 2.2 Ocean governance and climate change at the science-policy interface 115
- 2.3 Plastic never dies: finding a governance solution to the ubiquitous nature of microplastic pollution 129
- 2.4 The regulation of ABMTs under the BBNJ Agreement: potential contributions for the sustainable development of marine renewable energy technologies on the high seas 145
- 2.5 Risks and opportunities for the first green shipping corridor in the Arctic 161
- 2.6 Arctic shipping routes over the past 20 years 181
-
Section 3
- Introduction: techno-economic development 197
- 3.1 Current status and future prospects of alternative fuel for ships 201
- 3.2 Decarbonization by wind propulsion for commercial ships 221
- 3.3 Wind ships in sustainable global supply chains: A future of Zero Carbon shipping 231
- 3.4 Digitalization and automation in the maritime industry: a case of sustainable development? 241
- 3.5 Carbon Capture and Storage: new opportunities for maritime clusters? 255
- 3.6 The freshwater-saltwater nexus: the ocean as a sustainable source of water? 271
-
Section 4
- Introduction: Maritime infrastructure 287
- 4.1 Maritime hydrogen infrastructure and value chains in the decarbonization governance of shipping in Norway 289
- 4.2 North Sea grid integration: what’s there and what’s planned? 307
- 4.3 Arctic geopolitics and the future of regional infrastructure: the case of subsea cables 325
- 4.4 Canals: transport infrastructure and geopolitics 339
- 4.5 Between engineering and geopolitics: a study on island building as one kind of temaritime infrastructure 353
- 4.6 The ocean and the geopolitics of energy: a question of critical infrastructure? 379
-
Section 5
- Introduction: ocean geopolitics 399
- 5.1 The global ocean and great power politics 401
- 5.2 Great powers and their naval ambitions: the geopolitical dimension of maritime affairs 415
- 5.3 Governing the ocean: technological change as a driver of maritime conflict 429
- 5.4 The politics of maritime boundary disputes 447
- 5.5 Could the unexploded ordnance hazard hinder the green energy transition − in the context of offshore wind projects? 467
- 5.6 The geopolitics of satellite navigation: the jamming and spoofing threat 485
-
Book conclusions
- Cases in, along, across, below, on, and above the sea 501
- Subject Index
