Photo: Sven Brandenburg/Shutterstock
European shipping has emerged as a crucial geopolitical asset for the European Union, controlling 35% of the world’s fleet despite the EU representing only 15% of global GDP, according to new studies released ahead of the European Shipping Summit.
The comprehensive market analysis, conducted by Deloitte and CE Delft, reveals European shipping’s dominant position across major maritime segments. European operators control 44% of global container ships, 35% of tankers, 33% of LNG carriers, and 30% of bulk carriers, positioning the EU as a leading force in international maritime trade.
“Shipping is a cornerstone of Europe’s energy and supply chain security and is in the frontline of the energy transition,” stated Sotiris Raptis, Secretary General of European Shipowners (formerly known as the European Community Shipowners’ Association).
However, the studies highlight growing challenges. While the European fleet continues to expand, competing regions are growing at a faster pace, potentially threatening EU’s maritime dominance. The Deloitte study underscores the need for strategic improvements in several key areas, including reducing administrative burdens and aligning with international regulations.
The maritime sector faces significant transformation in the coming years. Based on the IMO’s strategy for reducing greenhouse gases from shipping from July 2023, the industry is preparing to achieve net-zero greenhouse gas emissions by 2050. This transition will require substantial workforce development, with an estimated 250,000 European seafarers needing upskilling and reskilling over the next decade.
To maintain its competitive edge, experts recommend implementing a new European maritime strategy that would strengthen cooperation between EU maritime centers and promote the region as a unified hub for maritime, with emphasis on the development of clean fuels, technologies, legal services, port infrastructure, and insurance capabilities.
Funding remains a critical component of the sector’s future success. The studies suggest leveraging EU ETS revenues and the Innovation Fund to bridge the gap between conventional and clean fuels, while supporting investments in clean technologies. These initiatives aim to incentivize suppliers to scale up industrial production within Europe.
Despite current challenges, the EU regulatory and taxation framework continues to support a competitive shipping sector. However, maintaining this position will require strategic investment in the energy transition and a focused approach to international competitiveness.
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