Europe: Shipping Market 2024

Shipping Market Size in Europe

In 2021, the Europe shipping market decreased by -5.9% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption, however, saw a buoyant expansion. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Shipping Production in Europe

In value terms, shipping production declined to $X in 2021 estimated in export price. Overall, production saw a abrupt setback. The pace of growth appeared the most rapid in 2018 with an increase of 186% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Shipping Exports

Exports in Europe

In 2021, shipments abroad of ships, vessels, ferry-boats for the transport of persons was finally on the rise to reach X units after two years of decline. In general, exports, however, recorded a abrupt curtailment. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, shipping exports soared to $X in 2021. Overall, exports saw a resilient increase. The most prominent rate of growth was recorded in 2016 when exports increased by 52% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

Italy represented the main exporter of ships, vessels, ferry-boats for the transport of persons in Europe, with the volume of exports amounting to X units, which was near 67% of total exports in 2021. Norway (X units) took the second position in the ranking, followed by Spain (X units). All these countries together took near 21% share of total exports. The following exporters - Sweden (X units), the Netherlands (X units) and Denmark (X units) - together made up 7.7% of total exports.

Exports from Italy increased at an average annual rate of +86.6% from 2012 to 2021. At the same time, Spain (+109.9%), Norway (+59.9%), Denmark (+52.4%) and the Netherlands (+7.1%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in Europe, with a CAGR of +109.9% from 2012-2021. By contrast, Sweden (-11.4%) illustrated a downward trend over the same period. Italy (+67 p.p.), Norway (+10 p.p.), Spain (+10 p.p.), Denmark (+2.2 p.p.) and the Netherlands (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Sweden saw its share reduced by -2% from 2012 to 2021, respectively.

In value terms, Italy ($X) remains the largest shipping supplier in Europe, comprising 31% of total exports. The second position in the ranking was taken by Norway ($X), with a 9.7% share of total exports. It was followed by Spain, with a 1% share.

In Italy, shipping exports expanded at an average annual rate of +10.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Norway (+47.1% per year) and Spain (+120.0% per year).

Export Prices by Country

In 2021, the export price in Europe amounted to $X per unit, which is down by -77.1% against the previous year. Over the period under review, the export price, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 when the export price increased by 656% against the previous year. As a result, the export price reached the peak level of $X per unit, and then declined markedly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Norway ($X per unit), while Spain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+4.8%), while the other leaders experienced a decline in the export price figures.

Shipping Imports

Imports in Europe

In 2021, the amount of ships, vessels, ferry-boats for the transport of persons imported in Europe declined dramatically to X units, which is down by -75.3% against the previous year's figure. In general, imports, however, showed a measured increase. The growth pace was the most rapid in 2017 with an increase of 496%. The volume of import peaked at X units in 2020, and then dropped notably in the following year.

In value terms, shipping imports surged to $X in 2021. Over the period under review, imports, however, posted buoyant growth. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Italy was the largest importer of ships, vessels, ferry-boats for the transport of persons in Europe, with the volume of imports recording X units, which was approx. 54% of total imports in 2021. Norway (X units) ranks second in terms of the total imports with an 18% share, followed by Spain (13%) and France (6.4%). The following importers - the Netherlands (X units) and Ireland (X units) - each accounted for a 5.1% share of total imports.

Imports into Italy increased at an average annual rate of +2.7% from 2012 to 2021. At the same time, Norway (+98.0%), Ireland (+71.5%), Spain (+70.2%), France (+54.5%) and the Netherlands (+49.6%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing importer imported in Europe, with a CAGR of +98.0% from 2012-2021. While the share of Norway (+18 p.p.), Spain (+13 p.p.), France (+6.2 p.p.), Ireland (+2.5 p.p.) and the Netherlands (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Italy (-2.2 p.p.) displayed negative dynamics.

In value terms, Italy ($X) constitutes the largest market for imported ships, vessels, ferry-boats for the transport of persons in Europe, comprising 59% of total imports. The second position in the ranking was taken by Norway ($X), with a 5.4% share of total imports. It was followed by France, with a 1.9% share.

In Italy, shipping imports expanded at an average annual rate of +7.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Norway (+3.3% per year) and France (-3.6% per year).

Import Prices by Country

In 2021, the import price in Europe amounted to $X per unit, jumping by 664% against the previous year. In general, the import price recorded a measured expansion. The level of import peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($X per unit), while Ireland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+4.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform