Introduction
Maritime transport serves as the lifeline for the smooth functioning of global trade. Over 80 percent of the international trade volume in goods is transported by sea, as per the United Nations Conference on Trade and Development (UNCTAD). Ocean freight (or sea freight) is the most common form of transport for importers and exporters, whereby the sea carries more than 80 percent of the world’s traded goods, most of which sail inside 40-foot-long steel containers stacked by the thousands atop some of the largest vessels ever built.1 Also, about 63 percent of the world’s oil production moves on maritime routes.2 This dominance can be attributed to several inherent advantages associated with maritime transport.
