- Xclusiv Shipbrokers reports aging trends in bulk carrier and tanker fleets, with notable increases in older vessels.
- Bulk carriers aged 21+ years now form 13% of the fleet, and tankers in the same category make up 18%.
- China dominates shipbuilding, holding a significant share of the existing fleet and new orders, amid potential geopolitical challenges.
As of January 2025, the bulk carrier fleet of 14,109 vessels (≥ 10,000 DWT) has seen notable aging, according to Safety4Sea. Vessels aged 21 years or older now account for 13% of the fleet, a 12% rise from 2024. Similarly, the 16-20-year-old group grew by 29%, with 2,269 vessels in this category.
The Handysize sector is particularly aged, averaging 13.5 years. Among its 2,844 vessels, 426 (15%) are over 21 years old, with a modest order book of 260 ships.
Tanker Fleet Age Dynamics
The tanker fleet, consisting of 7,674 vessels (≥ 10,000 DWT), also reflects aging trends. Ships 21 years or older comprise 18% of the fleet, a 12% increase from 2024.
Key sectors like MR1, Panamax/LR1, and Aframax/LR2 are significantly aged. The MR1 sector averages 17.1 years, with 34% of its fleet over 21 years old. The Panamax/LR1 and Aframax/LR2 sectors average 15.8 and 13.6 years, respectively, with notable portions of their fleets aged 21+ years.
China’s Dominance in Global Shipbuilding
Chinese shipyards currently possess a substantial share of the existing global fleet above 10,000 DWT, encompassing 47% of cargo ships, 24% of tankers, 35% of container ships, and 14% of gas carriers. This dominance is further amplified by order book statistics. Chinese yards have secured a commanding 70% of cargo ship orders, 68% of tanker orders, and 75% of container ship orders, pointing toward a continued consolidation of their market position.
Challenges to China’s Shipping Dominance
Potential U.S. efforts to curtail China’s shipbuilding dominance through sanctions face significant hurdles. Restrictions on Chinese-built vessels could disrupt global shipping markets and raise freight rates, affecting U.S. exports. Furthermore, Western ownership of many Chinese-built ships complicates the feasibility of such measures.
The maritime industry’s need for shipyard capacity, particularly for retrofitting and environmentally compliant ships, further limits the practicality of aggressive actions against Chinese yards.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: safety4sea
