BEIJING, July 12, 2024 /PRNewswire/ -- When the Tianjin International Shipping Industry Expo 2024 opened on July 10, a crowd of experts and business representatives from over 400 shipping-related enterprises, ports and industry associations worldwide gathered in Tianjin to explore the new paths and opportunities for global shipping industry.

Steve Gordon, global head of Clarkson Research Services Ltd., a world-renowned shipping research institution, said that 85 percent of global trade is seaborne and "in many areas of the maritime economy, China is incredibly important and has taken on market leading positions globally".

China has become the world's largest trader of goods. According to the General Administration of Customs, in the first five months of this year, China's foreign trade in goods stood at 17.5 trillion yuan (about 2.4 trillion U.S. dollars), up by 6.3 percent year on year, said Wang Shouwen, vice minister of commerce.

Despite the unprecedented challenges that global shipping industry has encountered in recent years, global supply chain showcased its incredible resilience even when the COVID-19 pandemic tested its fabric and caused widespread disruptions, according to experts present at the expo.

"The Red Sea threats and disruptions in the Panama Canal have added complexity to our operations, yet these events have also driven us to develop more robust and flexible solutions," said Joseph Edward Kramek, president and CEO designate of the World Shipping Council.

Highlighting the paramount fight against climate change, Kramek warned that global shipping industry must lead the charge towards zero-emission fuels.

"This challenge also presents a significant opportunity for innovation in green technology, opening new markets and creating sustainable growth," added Kramek.

To break away from the development model that simply pursues port throughput, transformation into a model where the port drives high-quality development of port-based economy is needed, said Zhen Hong, director of the Shanghai International Shipping Institute Academic Committee.

The four-day event, an international cooperation and exchange platform focusing on helping the shipping industry navigate towards the future, will last until July 13.

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