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The history of structural hierarchy in previous centuries has shifted. As a result, new maritime nations have emerged, while existing maritime countries have lost competitiveness, expertise, and market share. The changing trends of growth, along with technical advancements, seem to decide the industry's trend. The bulk shipping industry is structured around the needs of the cargoes shipped, with market uncertainty determining its character. The importance of information and confidence in the company cannot be overstated. The global economic recession impacted the maritime traffic into the Mediterranean brought about by episodes of piracy in the shore of Somalia indicating a willingness to lengthen delivery times as opposed to using the Suez Canal route. This increased market share in the southern Mediterranean shore from 18% to 30% to the detriment of Italian train shipment ports that dropped from 28% to 16%.
The bulk trade sector is extremely vulnerable to recession such that it prospers in times of economic growth and declines in times of economic recession it shrinks. This was evident in the 2008 financial market crush that saw the industry suffer. The industry will require a steady improvement for quite a number of years for it to pick up again and this might only take effect if investor confidence is restored. Further, developing nations will contribute immensely since most of them are registering fast economic growth, which requires more of bulk shipping since raw materials are imported. In conclusion, it is safe to say that the industry is a vital part of the shipping industry, whether it is experiencing rapid or a slow growth will be a major factor in the world economy for years to come.
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