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Abstract

In human history, maritime shipping was the only way to carrying the good but with the progression in expertise now air-shipping has become the leading form of long-distance conveyance. In this assignment, I am going to explain the advantages and disadvantages of the maritime industry. The maritime ships can carry any kind of good and this is one of the most important qualities of this industry. For doing the maritime industry business there have to be authorized permission of ocean freight services. The transportation industry is very important in the global market because this is the only industry that gives the highest GDP rate and market profit to the world business procedure. In this report, I am going to define every possible factor related to the maritime industry that how this industry affected the business world. During the research, I found that this industry is now facing some challenges such as:

• Low demand & oversupply
• Security Threat
• Environmental Regulation
• SOLAS compliance
• Job cuts

These all are the problems nowadays the maritime industry is facing. And there are some risks are also existing of shipping by sea such as.

• Weather Risks
• Geographic Risks
• Technological Risks

These risks can be avoided by using or implementing some approaches. Before starting the transportation journey ii is very necessary to plan and navigate every aspect of the journey. During the journey, there can be a geographic risk that can occur but that can be avoided by proper exec action and planning of navigation. There should be a GPS system available that can connect to the main server of the industry control room so that they can guide the captain of the chip. To avoid the weather, risk the strongest and most seaworthy ships should be used. Now modern ships are designing as according to implement all of these factors so that these problems can easily be avoided.

At the end of this report, I will evaluate the functionality of the maritime industry that how this industry has grown up and what are the components and factors have been analyzed and discovered during the evaluation of this industry.

Introduction

The reason for doing this particular research is to identify the advantages and disadvantages of the maritime industry. The maritime industry is one of the most valuable and very popular industry. The transportation business is increasing day by day. In the growth of the GDP of the country and the global market. The aim of doing this research project assignment is to understand numerous concepts and factors of the maritime industry. So that I can identify the reason why this industry is getting attention and become the most profitable business in all over the world. The maritime industry uses to attract new customer employees regularly. The maritime industry is also known as waterborne commerce. This industry is about moving people and goods over the water. The maritime industry is not only related re the shipping based industry instead there are much other industry process is also available [1]. There are some advantages are available of the maritime industry such as.

• This is a low cost business industry and large volume at low cost can easily be ship by using the functionality of this
• The shipping containers can again reuse also for further transportation by road or rail.
• The maintenance coli of this industry is very less and this is important for foreign trade also.

These all are some advantages of the maritime industry. This industry is a very profitable industry and an affordable industry also. There are multiple factors are available of this industry and every single factor and component is directly or indirectly connected or linked to each order. Shipping is the most cost-effective method of transportation of goods. According to the research, it is clear that around three fourth of the surface of the earth is covered by water. To send the raw materials to the country there is a very long distance and air transportation cannot contain every kind of goods. There is some limitation of good selection. To send goods from one country to another country the sea transportation is a very effective way oy transport. The maritime industry uses to provide the different transportation process that helps this business to grow. This industry is serving people from last too many years and most trustable and profitable industry in nowadays {1].

There are some aspects are also available on which this industry needs to be very serious. The security of the staff is a very important component of this industry. No doubt this industry is very profitable but this industry is very risky also. Numerous risks exist like technological risk, weather risk, location or navigation based risk and many more. These all kind of risks need to be avoided or remove so that the staff and good can be safe. In this industry, there are also some government rules and regulations use to apply. The management authority of the maritime industry should implement and use every rule and regulation declared by the state government. There are some disadvantages are also of this industry such as:

• The shipping transport often very slow as compared to any other transport. And due to the bad weather in the sea area, this is quite risky also [2].
• The routes and location sometimes differ from the actual situation that leads to the wrong direction.
• The good tracking process is very difficult for the maritime industry.
• The port duties and taxes have re pay for good transportation
• Sometimes currency surcharge wees to create some problems.

Some key factors are also available in this industry that gives an enhancement to gain growth in the business and to provide a valuable component to shipping and shipping logistics. Some of the factors of the maritime industry are given below:

• Internationalization
• Factor Productivity Growth
• Increase in Energy Efficiency
• Impediments of Logistics Management
• Freight Rate and Price Volatility [3]

Literature Review

This Section contains the methodology for the purposed research report… consider any feedback given and the marking guide for the previous assignment approx. 5 pages

Methodology

This Section contains the methodology for the purposed research report… consider any feedback given and the marking guide for the previous assignment approx. 3 pages