The world fleet is 22.2 years old and 12.6 years old, and the gap between those two numbers is the whole problem
UNCTAD puts the average age of the world fleet at 22.2 years measured by vessel count and 12.6 years measured by gross tonnage. ClassNK's detention ratio runs at 1.4 per cent for ships up to five years and 16.2 per cent for ships over twenty-five — a factor of nearly twelve. Panama has closed its register to tankers and bulkers over fifteen years on the strength of its own detention data.
Read briefing →