World Seaborne Trade in Numbers: Volume, Ton-Miles and Outlook
Seaborne trade carries most of the world's merchandise by volume. Here are the main numbers for 2024 from the UNCTAD Review of Maritime Transport 2025, and what they mean when you charter a ship.
The volume in 2024
According to the UNCTAD Review of Maritime Transport 2025, which uses data from Clarksons Research, maritime trade volumes reached 12,720 million tons in 2024, an increase of 2.2 percent. This is above the average growth of 1.8 percent a year for 2013 to 2023, and below the 2.9 percent average for 2003 to 2023. UNCTAD sees a long-term slowdown in the growth of volume, with trade barriers, policy uncertainty and the weaker link between trade and economic growth among the causes.
Ton-miles reached a record
Measured in ton-miles, which count the distance as well as the weight (see ton-mile), world seaborne trade reached 66,781 billion ton-miles in 2024, an increase of 5.9 percent, the fastest growth since 2021 according to the report. UNCTAD links this to longer routes: the rerouting of ships around the Red Sea, and, until the middle of 2024, restrictions on transits of the Panama Canal. Strong demand from importers in Asia and shifts in the flows from Russia to buyers farther away added to the distances. The same weight travelling farther keeps ships busy for longer.
Cargoes that grew
UNCTAD lists the best performing cargoes of 2024. In tons, LPG grew by 7.6 percent, steel products by 5.2 percent, iron ore by 3.5 percent and coal by 3.3 percent. For steel products, UNCTAD names the surge in Chinese exports; for iron ore, solid Chinese steel production and industrial activity. In ton-miles, iron ore grew by 6.4 percent, helped by larger supply from Australia and especially Brazil on the long haul to China.
Cargoes that fell or grew slowly
Crude oil fell by 1.5 percent in tons and oil products by 0.7 percent. Chemicals grew by only 1.1 percent, with lower Chinese imports because of the growth of domestic petrochemical capacity, and grain by 1.8 percent. For grain in ton-miles, UNCTAD reports a fall of 0.7 percent, with a sharp decline in Brazilian exports and softer Chinese demand because of stockpiling and the effect of Chinese tariffs on grain from the United States. See the lanes US Gulf grain and Brazil soybeans to China.
The outlook to 2030
UNCTAD projects the annual growth of total seaborne trade in tons at 0.5 percent in 2025 and 1.0 percent in 2026, then 2.2 percent in 2027, 2.3 percent in 2028, 2.2 percent in 2029 and 2.3 percent in 2030. The projections follow the expected growth of the world economy, exports and investment, and they depend on trade policy and on events that cannot be forecast.
How UNCTAD groups the ships
The Review groups dry bulk carriers by size: Capesize at 100,000 DWT and above, Panamax from 65,000 to 99,999 DWT, Handymax from 40,000 to 64,999 DWT and Handysize from 10,000 to 39,999 DWT. Brokers divide the sizes a little differently, for example by naming Supramax, Ultramax and Kamsarmax; see the guides to Capesize, Panamax, Supramax and Handymax and Handysize. UNCTAD groups tankers from short-range ships of 25,000 to 39,999 DWT up to ultra-large crude carriers of 320,000 DWT and above.
What this means for a charterer or a ship operator
A year of record ton-miles and slow volume growth means that the length of the voyage, more than the weight, drives the demand for ships. When routes change, the ships needed for the same cargo change too. A charterer should check the route and the ports of a request with care and allow for waiting time. A ship operator can read the growth of a cargo, such as iron ore or steel, as a sign of where its ships will be asked for. For the steps of a charter, see how to charter a ship.
Source and notes
Source: UNCTAD, Review of Maritime Transport 2025, chapter I, text of section A and Tables I.1 and I.2, based on Clarksons Research and UNCTAD calculations. Figures are as published for 2024; later revisions may differ. This page is general information. It is not a forecast of freight rates and gives no advice on chartering or investment.
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