Global Tonnage Continues to Grow
2015 saw further growth in total Group entered tonnage, which increased from 1,047 billion GT as at August 2014 to 1,088 billion GT as at August 2015, says annual review of International Group P&I Clubs (IGP&I) published by Gard on July 14, 2016.
The global order book has fallen 12% by vessel numbers and 8% by GT since the beginning of 2016.
World fleet growth over the past year has remained broadly static and, according to Clarksons in 2015, it was just under 4%, down from the highs of between 7% and 9% annual growth in the 2000s.
In addition, new building deliveries over the past year show a marked reduction in all vessel sectors. After a significant decline in demolition activity in the second half of 2015, scrapping has now resumed to around same levels as it was a year ago.
World seaborne trade is projected to continue to expand by around 2% during 2016, roughly half the year-on-year expansion in the period 2011-2014.
Testing times continue for shipowners in the global freight markets, particularly in the dry bulk and container sectors. The ClarkSea Index, which peaked at over US$18,000 per day in May 2015, has fallen to just over US$9,000 per day in May 2016.
The strengths of the Group system, in delivering for shipowners needs, was again emonstrated during 2015/16.
In particular, in the work being undertaken to provide a workable solution for shipowners’ financial security obligations under the Maritime Labour Convention, when the new requirements for financial security for back wages enter into force at the beginning of 2017.
2016/17 will undoubtedly present new challenges for Clubs in meeting shipowners’ liability insurance needs.
The Group Clubs, individually and collectively, are however, robust, financially sound and well-equipped to meet these new challenges, and will continue to work and innovate to develop new solutions for shipowners’ liability insurance requirements.
