The maritime industry is characterized by several fundamentals:
- Tertiary industry. The majority of the activities are in the tertiary sector, mainly services to cargo and ships. Some activities, such as fishing and offshore energy extraction are in the primary sector. Others, such as shipbuilding, equipment manufacturing, and port construction, are in the secondary sector.
- Derived demand. Maritime transportation mainly exists because of other activities for which it provides services. Industrial and manufacturing activities generate movements of raw materials and goods that are carried by maritime shipping and handled at ports. International trade is a key driver of maritime shipping with retail goods accounting for an important driver of container shipping. More recently, the cruise industry has been driven by the growth of tourism and disposable income.
- Capital-intensive. Since maritime transport is an infrastructure-heavy industry, large sums of capital need to be provided before it can take place. This implies that the cost of entry is very high, and investments need to be made over the long term (decades). While the maritime industry is very competitive, there is a propensity toward oligopolies where a few actors control most of the assets, particularly when capital intensity is high (carriers, terminals).
- Fixed and mobile assets. This industry is composed of fixed and mobile assets that are interdepent as both need to be present. Ships and inland transportation are the main mobile assets that can be deployed according to market demand. Ports, channels, and superstructures are fixed assets requiring careful planning since they are dependent on local conditions.
- Economies of scale. The maritime industry is the sector where economies of scale are the most applicable as no other transportation mode can carry such large quantities and volumes. This propensity, while reducing unit transport costs, increases capital intensiveness. Still, the more economies of scale are applied, the greater the need for consolidation (classification) and deconsolidation (atomization), which comes at a cost.
- Transaction-intensive. The maritime industry is intensive in transactions because of the multiplicity of actors involved, such as shipping lines, terminal operators, regulators, and logistics service providers. Negotiating contracts and rates, abiding by customs regulations, settling transactions and shipping documents such as bills of lading are complex tasks as they involve a multiplicity of markets and jurisdictions.