Shipping Innovations Impact

168 words (1 pages) Essay in Economics

10/05/17 Economics Reference this

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New logistic concepts such as globalization, Just-In-Time (JIT) and outsourcing have created the need for the establishment of a complex international distribution chain. Its ultimate goal is to allow shippers to place the right product on the manufacturing or retail floor anywhere in the world at the right time and the right price. As a result, the global shipping industry is driven by innovations which impact the development of the global supply chain in order to drive costs down as well as to meet customers’ requirements. []

Innovation is the successful utilization of a new product, market, service, practice or system, creating commercial benefits. An invention or something new as such is not a goal, but a means to create benefits. It follows that innovation can only be identified, after a successful implementation. []

This assignment will examine four (4) key shipping innovations: (a) “Containerization”, (b) “Ships’ sizes”, (c) “Transshipment hubs”, and (d) “Slow steaming” and their impact on the on the global supply chain.

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