Shipping industry business is a booming business with increasing trade among countries around the world. This industry is one of the oldest transportation industries in the world. It is because transportation carried out through shipping is cheap and economical. Freight forwarding and cargo is also handled via air through planes, but it is expensive, despite being swift. Special planes with capacity to carry bulky cargoes have been developed a century ago. In short, sea route is the most feasible and economical transportation method for large and heavy consignments as huge ships can bear the weight in the sea. According to sources, around 11 billion tons of cargo is transported annually via sea. It means, this ratio is 1.5 tons per person around the world. This ratio is based on existing global population. The world has globalized more than before and the average buying power of people have increased manifold. The product manufactured in the US is in demand by the Chinese people. This enhances global trade and for this, shipping is the climax of global trade. Just look at the trade volume of European Union, 80% of the total trade is done through sea route. We will discuss Top 5 Largest Shipping Companies in this article.
CMA CGM is one the biggest shipping companies of the world. It is a French company, based in Marseille. According to sources, in the year 2020, the company owned 570 ships. This company was founded way back in the year 1978. It is considered a high-profile shipping company with use of over 200 shipping routes among 420 ports. According to estimates, CMA CGM earned $30 billion in the year 2019. The total market share of company according to estimates in 2020 is 12.5%. Currently, the company employees 110,000 people. Another major global shipping company is COSCO. This company is based in Shanghai, China, and the total market share of COSCO shipping is 12.5%. The primary focus of this company is marine transport and cargo services. It owns 503 ships, as per 2020 data. COSCO witnessed unprecedented success since its inception way back in 2016. It came into being because of merger between two companies COSCO and China Shipping Company. This is not the end of the list. There are several more shipping companies around the globe. To check out the information about all those companies, read this article 15 Biggest Shipping Companies In The World on Yahoo.
