The Great Lakes might not strike the average person as an avenue crucial to trade and transport, especially not in comparison with some of the big channels like the Panama Canal. However, there are some questions we should ask about the future of trade if we hope to see improvement, especially with our neighbor to the north.
An article from the Department of Transportation by Betty Sutton implores us to look at the changes that have happened over the year at the Saint Lawrence Seaway, a Great Lakes-based trade area were ships pass through between the United States and Canada.
Sutton, who became Administrator of the Seaway this year, describes the activity that has been seen in this region, generally noting it as a good year for trade.
"U.S. ports on the Great Lakes outperformed their projections, and through November, the Seaway reported that total cargo shipments reached 33 million metric tons," she said.
Shipping and trading vessels can look to marine cargo insurance for the near future that accounts for whichever routes they plan to expand through. Waterways like this not only can see a large amount of traffic but encompass many different ports, such as the more than 100 featured within the Lawrence system.
Because of this, no matter what kind of growth we see in the future, companies should enact marine insurance that takes this high volume into account and represents progress. Trade routes big and small are worthy of your consideration, and will all have their own special threats to be advised of.