November 8, 2003	Saturday	Ramazan 12, 1424

GENEVA, Nov 7: World maritime trade looks set for fresh growth this year after setting a volume record in 2002, but could be held back by new security rules, the United Nations said on Friday.

In its annual report on the shipping industry, the world body’s trade and development agency UNCTAD said goods moved by sea totalled 5.89 billion tons last year — five million tons, or 0.8 per cent, up on 2001.

UNCTAD said the recovery reflected renewed global economic output growth — with goods moved by ship accounting for some 53 per cent of world trade — and took the total past the previous record in 2000 of 5.87bn tons.

Statistics for this year — which the World Trade Organization predicts will see international commerce up three per cent — “indicate that growth rates will be positive but modest” with a slight increase on 2002, UNCTAD said.

The report said the world merchant fleet — 72 per cent of which is made up by dry bulk carriers and oil tankers — grew as a whole last year by 2.3 per cent in deadweight tonnage terms, a clear sign of industry confidence.

But at the same time there was concern at the effect of the increased costs involved in implementing new security measures agreed last year by the UN’s International Maritime Organization (IMO) and which go into force in July 2004.

The measures, which include the placing of unarmed security officers on all ships and fitting alarm systems, are aimed at heading off attacks on vessels similar to the 2001 suicide plane hijackings in the United States.

Combined with a tougher regime being introduced by the United States, they could reduce cargo theft and speed cargo clearance, UNCTAD said.

However, because the measures demand new expertise, equipment and other resources, “they might prove difficult for the poorer countries to comply with”, the report said.—Reuters