DNV GL has forecast total shipping demand will expand by 39% by 2050, despite that transport requirements for crude and coal are expected to decrease.

In its Energy Transition Outlook 2019, the Norwegian-German classification society suggested global seaborne trade would continue to expand as global population and economic growths continue, but decarbonisation efforts would hurt oil and coal shipping demand.

“DNV GL predicts a rapid transition: by mid-century the energy mix will be split almost equally between fossil and non-fossil sources,” group president chief executive Remi Eriksen said.