In this interview, we delve into the perspective of Michael Gabbett, a seasoned industry professional with 31 years of experience in the international shipping sector. Despite the industry’s inherent challenges and fluctuations, Gabbett finds the constant evolution of logistics to be an engaging and rewarding career path.

The maritime industry plays a pivotal role in global trade, accounting for approximately 90% of the world’s goods being transported by sea. The operation of merchant ships generates an estimated annual revenue exceeding half a trillion US dollars in freight rates. The global fleet comprises over 100,000 vessels, spanning diverse sectors such as container ships, bulk carriers, tankers, and specialized vessels.

From March 24th to April 8th, the logistics industry experienced a significant decline across various sectors, as This phenomenon, dubbed a “tariff shockwave,” resulted in substantial drops in global twenty-foot equivalent units (TEUs) bookings by 49%.

Furthermore, the overall U.S. imports experienced a 64% decline, while U.S. exports fell by 30%. Notably, U.S. imports from China dropped by 64%, while U.S. exports to China decreased by 36%.

Source: https://finance.yahoo.com/news/tariff-shockwave-leads-collapse-ocean-175828155.html

* A “twenty-foot equivalent unit” (TEU) is a standardized unit of measurement utilized to quantify the cargo capacity of ships. It corresponds to the dimensions of a standard 20-foot shipping container, measuring 20 feet in length, 8 feet in width, and 8.5 feet in height.