World shipping fleet, services, and freight rates
- Author: United Nations Conference on Trade and Development
- Main Title: Review of Maritime Transport 2023 , pp 27-54
- Publication Date: September 2023
- DOI: https://doi.org/10.18356/9789213584569c007
- Language: English
Wide-ranging factors are shaping global shipping markets, including the supply of ship carrying capacity and fleet patterns. In 2022 and the first half of 2023, the supply of shipping capacity and services was affected by global economic developments, which determine the demand for shipping. The supply was also impacted by market sentiment and expectations, freight rates, financial liquidity, shipbuilding capacity and ship recycling activity. In 2022, the global fleet continued to grow but was ageing amid rising uncertainty about fleet renewal timelines. In 2022, global ship carrying capacity expanded at an annual rate of 3.2 per cent with overall tonnage hitting nearly 2.3 billion dead weight tons. On average the global fleet was two years older in 2023, compared to a decade earlier.
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