- Oxford Economics presented the EU’s progress.
- The economic sector is under pressure due to difficult market conditions.
- The spillover effects to other sectors of the EU economy, the total contribution stands at €149 billion.
- The number of jobs created by the European shipping industry remains under pressure.
- ECSA has released a report containing new strategic priorities for 2019-2024 with ten priority areas to be focussed on.
According to an article published in Safety4sea, Oxford Economics has presented the EU’s progress during the European Shipping Week 2020.
Finance takes a blow
- The report highlighted that the economic sector is under pressure due to difficult market conditions.
- The European Shipping industry contributed €54 billion to the Gross Domestic Product (GDP) of the EU.
- Taking into account the spillover effects to other sectors of the EU economy, the total contribution stands at €149 billion.
- The EU sector directly employs 685,000 people, while considering effects on other sectors of the economy, the shipping industry supports 2 million jobs.
Comparison of results
- In comparison to 2015’s results, the European shipping industry faces many challenges due to the difficult market conditions.
- Leading to a decline in the contribution to the EU’s GDP.
- As a result, also the number of jobs created by the European shipping industry remains under pressure.
Martin Dorsman, ECSA’s Secretary General commented that, “The current tensions between the global trading powers, the rise of piracy in the Gulf of Guinea and the insecurity along the Gulf of Hormuz all contribute to difficult and uncertain market conditions. Brexit is another factor affecting the current feeling of uncertainty in the shipping sector.“
ECSA – new strategic priorities for 2019-2024
The report outlines ten priority areas which the European shipping industry will be focusing on.
- Climate and sustainability
- Trade
- Competitiveness
- Internal market
- Innovation & digitalisation
- Human resources
- Safety
- Legal affairs
- Taxation
- Better regulation
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Source: Safety4sea
