Revealing the risks: Inside shipping and containers
The global pandemic and the shutdown of the Suez Canal in March highlighted the importance of the global supply chain and the risks involved in shipping goods around the world.
Tracking what happens at sea is a major challenge, however, innovations in data and technology are now allowing insurers and businesses to track ship and cargo movements from start to finish.
Instech's Matthew Grant is joined on Podcast 169 by George Devereese and Turloch Mooney from IHS Markit, a global data provider and the primary source of information on vessels being used for international trade.
The conversation covers how technology is being used in the real-time monitoring of vessels and the data and analytics IHS Markit provides to marine insurers to assist with underwriting, risk allocation, and claims investigation/mitigation.
Talking points include:
- The main risks involved in container ship journeys
- How sensors are being used to track individual cargo containers
- Using data to forecast global supply chain delays
- Partnering with insurers and accessing IHS Markit data
- The next steps in supply chain and marine insurance innovation
- The U.S. Office of Foreign Assets Control (OFAC) fine Hong Kong trade financing firm $5.2m for Iran export compliance failures
- Global Trade Outlook 2022. High global trade volume growth in 2021 and significant moderation in 2022. Supply chains disruption is likely to continue in the first half of 2022
- Moderation is ongoing with significant concerns over Omicron in an increasing number of regions (Monthly Global Trade Monitor – December 2021)
- Recovery in trade is ongoing but with moderated growth rates, the spread of the Omicron variant could be an adverse game changer
- Shipping market outlook 2022 Container vs Dry bulk
- Escalating Crisis on the EU-Belarus Border - What is its implication to Trade Relations?
- Run the Tide - Containership Ordering and Trade Momentum
- Dry bulk shipping rates might remain low in 2022