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IHS Global Insight Study Finds That Current U.S. Policy
Falls Short in U.S. Participation in International Maritime Trades
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Lexington, MA 15 January 2009 — IHS Global Insight, the world's leading company for economic and financial analysis and forecasting, says in a study for the Maritime Administration of the U.S. Department of Transportation that current U.S. maritime policy only supports the nation's domestic maritime trades, but does not encourage substantial U.S. participation in the international maritime trades.
The report, "An Evaluation of Maritime Policy in Meeting the Commercial and Security Needs of the United States," advises that policies governing the industry have not kept pace with global realities. The main policy challenge, the report concludes, is to ensure that the maritime system will have adequate capacity and reliability to transport increasing volumes of cargo and numbers of people in an efficient and environmentally sound manner.
The study was prepared by the Global Commerce and Transport Group at IHS Global Insight.
Another challenge, the study says, is that current maritime policy is not focused on the freight transportation system as a whole, nor does it adequately consider the role of international and domestic waterborne commerce in national wealth creation. Additionally, current policy does not focus fully on the infrastructure needed to ensure that the anticipated volumes of future trade will flow smoothly through the economy.
Approximately 78% of all goods by volume that the U.S. sells to or buys from the rest of the world moves by water. International commerce by water affects people and industries throughout the nation, even those located far away from coastal ports. The maritime domain is responsible for thousands of jobs on ships, at ports and their intermodal connectors, shipyards and numerous support industries.
The U.S.-flag oceangoing fleet has been in decline relative to fleets of other nations. Building ships in the U.S. and operating U.S.-flag ships is more costly than building or operating ships in other nations.
The study recommends that policy makers better align the multi-modal transportation system - ships, ports, rail, trucking, warehouses -- with the needs of the U.S. economy, which relies on a system of global supply chains and a highly complex coordination of people and equipment.
For additional information and to receive a copy of the report, go to www.ihsglobalinsight.com/marad.
Contact:
Paul Bingham
Managing Director, Global Commerce & Transport
IHS Global Insight
+1 202 481 9216
paul.bingham@ihsglobalinsight.com
Natasha Arnopolskaya
Consultant, Global Commerce & Transportation
IHS Global Insight
+1 781 301 9012
natasha.arnopolskaya@ihsglobalinsight.com
Jim Dorsey
Senior Manager, Media Relations
IHS Global Insight
+1 781 301 9069
jim.dorsey@ihsglobalinsight.com
About IHS Global Insight
IHS Global Insight (www.ihsglobalinsight.com) provides the most comprehensive economic and financial information available on countries, regions, and industries, using a unique combination of expertise, models, data, and software within a common analytical framework to support planning and decision making. IHS Global Insight founded the modern economic forecasting industry more than 40 years ago, and today the company is recognized as the most consistently accurate economic forecasting company in the world. Through the world's first same-day analysis and risk assessment service, IHS Global Insight provides immediate insightful analysis of market conditions and key events around the world, covering economic, political, and operational factors. IHS (NYSE: IHS) is a leading global source of critical information and insight, dedicated to providing the most complete and trusted data and expertise. IHS product and service solutions span four areas of information that encompass the most important concerns facing global business today: Energy, Product Lifecycle, Security and Environment. By focusing on customers first, IHS enables innovative and successful decision-making for customers ranging from governments and multinational companies to smaller companies and technical professionals in more than 180 countries. IHS is celebrating its 50th anniversary in 2009 and employs approximately 3,800 people in 20 countries.
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