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SHIPPING NUMBER OF THE WEEK
Year-to-date, Guyana’s oil exports have jumped to 598 thousand barrels per day (kbpd), a 58% year-on-year increase, adding to the growth achieved in previous years. Over the past three years, the average annual growth rate has hit 76%.
January 2024
Product tanker recycling drops 82% year-on-year to lowest on record
In 2023, only seven product tankers with combined deadweight tonnes (DWT) capacity of 265,000 were recycled. This was a year-on-year drop of 82% compared to 1.5 million DWT (27 product tankers) recycled in 2022. It was also the lowest level of recycling seen since records began in 1996.
Record deliveries could push container fleet above 30 million TEU in 2024
In 2023, shipyards delivered 350 new container ships with a total capacity of 2.2 million TEU, beating the previous record from 2015 when 1.7 million TEU was delivered. The 2023 record is now likely to be beaten already in 2024.
Argentina’s grain exports could jump 40% due to favourable weather
Argentina is on track to boost grain exports by 40% in 2024, recovering from last year’s drought which afflicted crops, but still below the 2019-2022 average. Climate patterns and government policy are shaping the outlook.
December 2023
Shipping gears up to meet 5-10% low carbon fuel target, but will fuels be available?
The International Maritime Organization’s (IMO) targets for the use of zero or near-zero fuels in 2030 can be met using sustainable biofuels. Many different sectors will compete for those fuels, so shipping is focusing on transitioning to alternative green and blue fuels. Today, only 1% of bulk, container, and tanker ships are prepared for using these fuels and fuel availability is low.
New solutions needed as waiting times at Brazilian ports reach 15 days
Congestion for ships loading grain cargoes at Brazilian ports has surged this year due to large harvests and low water levels in the Amazon River. Between January and November, the average waiting time reached 15 days, up from nine days average between 2018 and 2022 and well above the global average of five days for grain loadings in 2023.
Container freight rates fall to 2019 levels while costs remain high
So far this year, container volumes have fallen nearly 2% year-on-year while average freight rates have declined, reaching 2019 levels in September. Since then, they have continued to fall. However, the cost to charter a ship remains 25% higher than in 2019.
November 2023
Coal shipments to advanced economies down 17% so far in 2023
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electricity produced using renewable energy rose. Also slowed economic activity and high energy prices affected electricity demand.
Greek and Chinese companies own 34% of the global fleet’s cargo capacity
The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships owned by Greek and Chinese shipping companies contribute 34% of the total fleet’s deadweight tonne capacity.
Black Sea dry bulk exports up 13% y/y as Russian wheat exports rise
Between January and October, dry bulk exports out of the Black Sea increased by 13% y/y, driven by Russian wheat exports. After two strong consecutive wheat harvests in Russia, the country’s exports are now on track to reach a new record in 2023. However, Black Sea export volumes are 20% lower than in 2021 due to the loss of Ukrainian cargoes following Russia’s invasion of the country.
October 2023
Container ships reach highest average age on record of 14.2 years
Container ships have reached their highest average age yet at 14.2 years, the highest average age of the three main shipping sectors. The dry bulk fleet has an average age of 11.9 years whereas tankers on average are 12.8 years old.
