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Shipping is pivotal for global trade and by extension, the global economy. In recent decades the industry has been striving for sustainable development, as it battles with an arsenal of issues, including its environmental footprint, efficiency, and profitability. At the same time, the international nature of the maritime industry renders it extremely sensitive to geopolitical issues, as the recent conflict in Ukraine revealed. The latter has influenced a battery of topics ranging from global energy supply and demand, food security, and diplomacy, among others. One of these includes global trade and shipping patterns. This research focuses on data collected with reference to shipping intensity to investigate the exact connection between geopolitical risk and shipping. The results point to a strong relationship, thus providing empirical evidence of the sensitivity of shipping to geopolitics. The findings of this study aspire to assist towards preventative policies that can help the maritime industry become more economically sustainable.
Georgoulas et al. (Tue,) studied this question.