Clarkson Research’s Global Shipping Market Outlook

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Clarkson Research has recently released its six-monthly outlook for the global shipping markets in the Shipping Review & Outlook. According to Steve Gordon, Managing Director of Clarksons Research, the report highlights an extended period of positive market conditions in the shipping industry, driven by various factors such as trade volume growth, tight shipbuilding market, and geopolitical disruptions.

Market Trends and Growth Projections

    • The report indicates a robust performance in shipping markets, with the ClarkSea Index averaging $24,000/day in the first quarter of the year, reflecting a 35% increase over the 10-year trend. Seaborne trade volumes witnessed a 3% growth in 2023, with further projected growth of 2% in 2024, reaching 12.6 billion tonnes.

Impact of Disruption Events

    • Disruptions such as those in the Red Sea and Panama Canal have led to significant shifts in trade routes, impacting shipping demand. Red Sea disruptions alone are estimated to generate additional global vessel demand of 3%, with container sectors experiencing an 11% increase. Low water levels in the Panama Canal have also affected tonnage transits, highlighting the susceptibility of shipping to geographical and infrastructural challenges.

Sectoral Performance and Supply Constraints

    • The report provides insights into the performance of major shipping sectors, including tankers, bulkers, and LNG carriers, each experiencing varying degrees of growth and constraints. Despite supply-side constraints, new-build orders continue to flow, particularly in tanker segments. The report also underscores the importance of fleet renewal and green transition initiatives amidst evolving regulatory frameworks and environmental concerns.

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Source: Ship Management