If you work in the maritime transport or shipping industry, you are certainly aware of how economic volatility around the world can affect your business. As an internationally-oriented organization, you depend on the smooth flow of commerce — and interruptions, like those that have occurred since 2020 — can be devastating for business.

Keeping an eye on global shipping concerns and being prepared to deal with them is important. So is carrying a comprehensive suite of insurance that protects your business, no matter what happens.

What Global Shipping Concerns Should You Pay Attention To?

The list of obstacles in the shipping industry includes both perennial concerns and unique ones. Some perennial concerns include:

  • War and other violent conflicts
  • Tariffs and related economic dislocations
  • Piracy
  • Inclement weather
  • User or crew error

However, there are many novel concerns worth paying attention to. These include things like:

  • Covid-19 economic shutdowns, or similar shutdowns for other reasons
  • The growing threat of cybercrime
  • The need to navigate new sea routes, including through the Arctic

In short, there is a long and evolving list of shipping concerns that you should be aware of in orienting your business. At the same time, it is important to be fully insured, so that if a disturbance does occur, you will be prepared to navigate through it.

By Roy