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SHIPPING has a serious efficiency problem.

There is the obvious uncertainty and chaos within the International Maritime Organization-led decarbonisation plans.

But this is not just a carbon efficiency problem — the current direction of geopolitical drivers generally are making shipping, and global trade, significantly less efficient.

US President Donald Trump and Chinese leader Xi Jinping’s latest tit-for-tat trade showdown is just the latest in a long list of frictional forces making seaborne trade more costly, more complicated and less efficient.