The Caribbean's Share In The Global Cargo Industry Is Growing Rapidly

The widening of the Panama Canal in 2016 had a profound effect on the Caribbean cargo shipping industry, placing it at a strategic crossroads to better serve North America, impacting container trade flows and imports and putting an imperative on the region to maintain its global competitiveness as one of the major waterways in the world.
The Caribbean’s dense network of global linkages, fostered by its advantageous location at the crossroads of East-West and North-South maritime routes, has presented the region with numerous opportunities, particularly as a transhipment hub. Jamaica’s Kingston Container Terminal and Bahamas’ Free Port are both global hub port terminals, serviced by global container lines connecting three or more continents. Kingston Wharves, Jamaica and Point Lisas in Port of Spain, Trinidad are leaders of the regional hub ports, serving as gateways to the Eastern and Southern Caribbean and the Caribbean rim of South America, connecting it to North, Central and South America, the Far East and Europe.

The Bahamas is the third leading flag state in the world, with a total value of $79,551 million in registered vessels in 2018— higher than Norway or the United States. As a motion of confidence in the Bahamas, the Freeport Container Port has to date received approximately $3 billion from Chinese backers who expect to benefit from heightened shipping through the region as well as an overall boost in trade between China and the Caribbean due to the expansion of the canal.

According to a report produced by the U.S.-China Economic and Security Review Commission, China “views the Caribbean as strategically important by virtue of its proximity to the United States and major maritime trade routes and infrastructure, such as the Panama Canal and the region’s many ports.”
In 2016, Jamaica received a comparable nod of confidence from the CMA CGM Group, one of the world’s leading container transportation and shipping companies, when it developed its hub in Kingston. CMA CGM joined partners such as Zim Integrated Shipping, Seaboard Marine and Maersk Line, among many others.

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