Stories
Former Australian PM Kevin Rudd Flags China's Growing Monopoly in Global Seas
- •Former Australian Prime Minister Kevin Rudd revealed that China controls 50 percent of the global commercial fleet and 65 percent of world shipbuilding capacity.
- •Speaking at the Sagarmanthan conference, Rudd noted that China also operates 90 ports worldwide and warned of a growing monopoly in maritime trade.
- •He emphasized the urgent need for global diversification in seafaring domains to keep international maritime routes open and secure.
- •Rudd pointed out that Japan and Korea account for 20 percent of the remaining shipbuilding capacity outside of China.
- •He suggested that Quad nations and other global partners must utilize a combination of government, sovereign, pension, and private equity to fund critical port infrastructure.
Key Questions Answered
Former Australian Prime Minister Kevin Rudd stated that China controls 50 percent of the mobile tonnage of the world's commercial fleet, owns 65 percent of global shipbuilding capacity, and operates 90 ports worldwide. Additionally, he noted that 20 percent of the remaining shipbuilding capacity is concentrated in Japan and Korea.
Kevin Rudd shared these insights during a session at the 'Sagarmanthan' conference, which was organized jointly by the Observer Research Foundation (ORF) and the Ministry of Ports, Shipping, and Waterways.
To finance critical port infrastructure development through the Quad initiative, Kevin Rudd recommended a combined funding approach utilizing direct government equity, sovereign fund equity, global pension fund equity, and private equity.
