Introduction:
The Merchant Marine plays only a modest role in contributing towards securing India’s maritime neighbourhood or for that matter for any nation. On the other hand, its indirect contribution to security- largely through the economic dimension is significant.
This paper seeks to explore the economic dimension of merchant ships and in doing so, endeavours to bring out the resultant contribution to maritime security.
With my domain knowledge, I hope to cover global maritime, and its current scenario in India. I have spent 28 years at Sea of which 18 years in Command as Captain and an additional 25 years ashore in Senior Management positions. I have recently relocated back to India after 5 years in Sri Lanka and a year in Seychelles. So, I do consider it a privilege to share my experience.
Global Maritime:
Shipping is the life blood of global economy. Without shipping, intercontinental trade, the bulk transport of raw materials, and the import/export of affordable food and manufactured goods would simply not be possible. The international shipping industry is responsible for the carriage of around 90% of world trade. Seaborne trade continues to expand, bringing benefits for consumers across the world through competitive freight costs. Thanks to the growing efficiency of shipping as a mode of transport and increased economic liberalisation, the prospects for the industry’s further growth continue to be strong.
There are over 58,000 merchant ships trading internationally, transporting every kind of cargo. The world fleet is registered in over 150 nations, and manned by over 2 million seafarers of virtually every nationality. Ships are technically sophisticated, high value assets (larger hi-tech vessels can cost over US $200 million to build), and the operation of merchant ships generates an estimated annual income of over US $1.2 trillion in freight rates.
Read MoreFeature Image Credits: Financial Times
