Page 60 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΟΚΤΩΒΡΙΟΣ 2024
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ON THE SEAFRONT
data-driven perspective shows is that policy and Sanctions on Russian coal and rerouting away
clarity are key. This report tracks our industry’s 9% of bulk from the Red Sea and the Panama Canal all con-
progress through recent gains in confidence, carriers capacity tributed to increased sailing distances, keeping
while also noting key pressure points — such as is 20 years old ships at sea for longer.
the availability of public funding for green initia- or above. On the supply side, the dry bulk sector has seen
tives and the impact of market-based measures low deliveries and a small orderbook amid lim-
– which continue to require greater collabora- ited newbuild contracting, high newbuilding
tive effort across industry leaders, government prices, and uncertainty regarding new fuels.
bodies, and international partners to address”. Since 2021, competition for slots in shipyards
Protectionism was also seen as a growing has overall increased, first due to a boom in con-
risk, driven by geopolitical instability, national tainer and LNG orders and, since 2023, a rise
energy security concerns, global and regional in contracting for crude and product tankers.
economic crises, and government-led manu- “In the short term, fleet renewal will not be a
facturing incentives favouring local production. significant challenge for the sector. The fleet is
Given the impacts on trade relationships and at its oldest since 2011, but only 9% of capacity
routes, this year’s ICS Barometer Report fea- is 20 years old or above. Furthermore, that is
tures a special focus on reshoring, nearshoring, still younger than both the tanker and container
friendshoring, and offshoring – assessing the fleets”, says Filipe Gouveia, Shipping Analyst
perceived impact on shipping’s current oper- at BIMCO.
ations, as well as the factors likely to influence Bulk carriers are typically designed to operate
decision-makers to shift their own operations. for around 25 years, and only 3% of capacity
Findings from the 2023-2024 report indicate is currently 25 years old or above. These older
the continued significance and high impact ships are particularly prevalent in the Handysize
of global and regional regulations on business segment, accounting for 8% of the segment’s
operations. The availability of trained crew and capacity, while ships in the Capesize segment
personnel for certain roles remains an ongoing seldom reach the age of 25 before recycling.
concern, with the potential to further impact More ships will be replaced in the future to com-
operations, as increased geopolitical instabil- ply with future climate regulations since energy
ity affects recruitment and retention efforts and fuel efficiency will be key to decarbonising.
over the coming years. The report also draws Although ship design has not radically changed
attention to the alternative fuels market, where over the past twenty years, younger ships are
methanol and nuclear power have seen a sig- marginally more efficient and make for better
nificant rise in interest from industry respon- investment candidates for fuel-saving technol-
dents. The emergence of extreme weather risks ogy due to their longer lifespan.
is identified as a – one to watch – area for the “Over the coming years, ship recycling is antic-
industry. ipated to gradually rebound when transits
The ICS Barometer Survey features a regional through the Panama Canal and the Red Sea
focus on the country with the highest number of return to normal at some point, and the mar-
survey respondents, which is the United King- ket adapts to other demand shocks. In a weaker
dom for the second year in a row. market, older and less competitive ships that
would have been recycled over the last three
STRONG DRY BULK MARKET FUELS 42% years will likely be phased out. In the medium
DROP IN SHIP RECYCLING term, stricter climate policy will further encour-
Between January and August 2024, the number age recycling”, says Gouveia.
of recycled ships dropped by 42% year-on-year,
as the market has seen high freight rates and 40% OF WORLD CONTAINER FLEET NOW
strong demand, delaying the recycling of older SCRUBBER-FITTED
ships, according to an analysis by BIMCO. As of early September, Alphaliner counted 1,353
So far this year, only 45 ships - the second low- fully cellular ships of 12.4 Mteu with the exhaust
est level in 16 years - have been recycled, adding gas machinery installed, equivalent to 41.1%
up to 2.5 million deadweight tonnes (DWT) or of the current fleet, its highest proportion to
0.2% of the fleet. Recycling declined in all seg- date. The increase comes despite the promise
ments, with Capesizes and Supramaxes expe- of a new generation of vessels that will run on
riencing the steepest fall, at almost half of last alternative green fuels, as part of the push to
year’s figures. decarbonise liner shipping.
Over the past three years, demand shocks con- The pace of scrubber uptake has accelerated
tributed to stronger than anticipated demand. this year with the surge in vessel deliveries.
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