Global shipping fleet value hits all-time high of $1.2 trillion

Transport ships docked in Singapore (Image: Shuttlestock)

According to Clarkson Research Services, the value of the global shipping fleet has grown 26% so far in 2021. Over the course of the last decade, the figure has ranged between $850 billion and $1 trillion. It was at $700 billion at the beginning of 2010. The merchant fleet is now 65% larger by gross tonnage (GT) than it was at the beginning of 2010.

Greece is among the leaders in the expansion and has an active fleet of 4,546 ships with a total value of $117.59 billion and if $14.99 billion has contracted for 187 Ships are under construction, total value up to 132.58 billion USD. The increase in the value of the Greek fleet is mainly due to the high price of dry cargo and container ships. But even for tankers - whose prices haven't increased much - there has been a significant increase in value.

Not only has the value of Greece's fleet increased, but its structure and size have also changed. The number of ships may not have changed much - in service plus ships under construction is at 4,833 from 4,574 in 2018 - but average tonnage per vessel has increased, the Hyderabad Transportation Cooperation Commission London-based Lap said.

VesselsValue research revealed that in 2018, tankers accounted for the highest value among Greek-owned vessels, followed by dry cargo and LNG carriers. Container ships ranked fourth. By 2021, dry bulk carriers have surpassed oil tankers in value and container ships climb to third place.

Currently, the dry bulk carriers, both operational and under construction, are worth $46.7 billion, while the tanker fleet is worth $39.1 billion. And, the container fleet is worth $23.46 billion. The Greeks owned 2,326 dry cargo ships, 1,458 oil tankers and 441 container ships.

Container ships have the highest increase in the number of ships. Over the past year or so, the freight rate for a 20-foot container (TEU) has increased from $1,000 to $12,000, and this increase has also revalued the ships. For example, a 10-year-old panamax container ship with a capacity of 4,500 TEU was valued at $9.5 million in June 2020, but in July 2021 was valued at $60 million, according to Clarkson Research data in August.

The Baltic Dry Index - an index for global shipping for dry cargo ships - is up 178% year-on-year and up 203% since the start of 2021.

Read more:

• COSCO accepts to pay the highest charter rates when hunting for container ships
• Container shortages, port congestion and ship delays have pushed freight rates sky-high

• Shipping demand hasn't exploded globally, so why are freight rates so high?

Source: Phaata.com (According to SeatradeMaritime)

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