Key Market Indicators
Belgium's expenditure on sea transportation is projected to hit €100 million by 2028, up from €79 million in 2023. This growth represents a compound annual growth rate (CAGR) of approximately 3.8% over the five-year period. The demand for sea transportation in Belgium has seen a significant increase since 2013, jumping by nearly 21% year on year. However, the Belgian passenger ship fleet is expected to remain stagnant, with the number of units holding steady at 32 from 2023 to 2028. This static trend comes despite a long-term decline in supply, which has seen a decrease of about 3.9% annually since 2002. In 2023, Belgium ranked 11th in terms of passenger ship fleet size, with Latvia leading the way at 32 units. Spain, Greece, and Italy followed in the rankings, taking the second, third, and fourth spots, respectively.
