DLT and Logistics - a trillion USD market
We say Blockchain and Logistics ...
... and you probably think about the Tradelense project of MAERSK shipping line and IBM, right?
MAERSK + IBM - the dinosaur Tradelense project (photo courtesy of Maersk shipping) And right you are. The potential for DLT in maritime logistics is huge, given the amount of legal standards, declarations, bills of lading, customs checks and the still low level of integrated IT solutions to deal with all of this.
Many parties involved, checks and double-checks and triple-checks, so this industry is ripe for DLT solutions. And insuring maritime trade is just one layer of the value chain. And it will go DLT. NO DOUBT.
Market by subsegments
Largest sub-segments of maritime shipping:
Subsegments by DWT (deadweight) and value of the goods shipped:
Data by UNCTAD, via shippingandfreightresource.com
In the container segment alone, there are currently 6,145 active ships carrying 23,657,724 TEUs (the standard container size) around the world. Here is a list of the largest carriers:
TOP 10 container shipping lines in 2019 (source: Alphaliner) Insurance market size: USD 30 bn
Global marine insurance premiums in 2019 amounted to USD 28.7 billion (IUMI, 2020), and grew to USD 30 bn in 2020, according to preliminary figures.
Thereof in 2019, premiums for ocean hull coverage were at USD 6.9 billion.
Marine cargo premiums for 2019 amounted to USD 15.6 billion.
