The shipping sector in Italy: the impact of Covid 19

Abstract

Maritime transport (i.e. shipping) is a strategic sector for Italy and one of the most dynamic in the national economy. According to the most recent data available (Belladonna, Gili, 2020), shipping contributes about 45 billion euros to the national GDP (2.9%) and employs about 880 thousand people including direct and induced employees (3.5% of the total workforce on a national basis). Moreover, Italy has the third largest commercial fleet among G20 countries with 17 million tonnes of tonnage, occupying significant positions in the most advanced sectors of shipping. The objective of the study is to examine the impact of the Covid 19 epidemic on maritime transport. Shipping had already shown signs of distress in previous years (in particular since the second half of 2008 and 2016), mainly linked to the fall in freight rates due to international financial crises and the global economic slowdown. The research was carried out by consulting the most up-to-date bibliographic and digital sources and extrapolating the information considered most relevant to the purpose of the study. The results obtained allowed us to outline the current picture of the shipping industry and to indicate the main measures that shipping operators are implementing to cope with the market crisis that became more acute in 2020 due to the Covid 19 emergency.