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Triggering Innovations in Shipping Industry - Essay Example

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This essay discusses that the Shipping Industry has attracted a lot of attention of many bulky corporations as it is one of those sectors that are supposed to ‘benefit’ from Global Warming. Many shipping corporations have predicted a significant fall in operating costs…
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Triggering Innovations in Shipping Industry
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Download file to see previous pages Ship – transportation is the most extensively used mode of transportation for non – perishable goods and Crude Oil. And not to mention, it is the cheapest mode too. Although the Shipping industry does not even appear in the list of the most ‘preferred’ means of transport due to the fact that being the bulkiest form of transport, ships are awfully slow, and the speed of transportation cannot even be compared between water transportation and it’s long known rival air transportation. Under some circumstances, the speed of containers is about 15 times slower than that of airplanes. But still shipping corporations all over the world believe that they will continue to rule the transportation industry based on the lower costs of their transportation and ships as and when compared to airplanes. Besides a single ship can carry 10 times more than an average airplane, and the capacity of an Oil tanker can never be compared to the capacity of any other mode of transportation, Oil tankers are possibly the largest existing means of transport of all times.
Can it really remain on top? Can the shipping industry beat all the heavy competition by other rival transportation segments? What are the triggers of innovation in this industry? Brief answers to all the above questions are offered in this report.
The Shipping Industry is witnessing an era of growth with the waterway cargo increasing by millions of tonnes every single year. And not to mention the fact that oil extraction from deeper seas is bound to double in the forthcoming years, Oil is currently extracted from only till 500 meters in present, but it is expected that with support from new innovative technological advancements in the shipping industry, this natural gas and oil extraction process can easily be carried up to the depths of 1,500 meters within the next few years. (Simoes) ...Download file to see next pagesRead More
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