Shipping Statistics and Market Review

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1 Statistical Publications Shipping Statistics and Market Review Volume 55 No Market Review Analytical Focus World Merchant Fleet World Tanker Market World Bulk Carrier Market World Container and General Cargo Shipping World Merchant Fleet by Ownership Patterns World Passenger and Cruise Shipping/ ISL Cruise Fleet Register World Shipbuilding and Shipbuilders Major Shipping Nations World Seaborne Trade and World Port Traffic Institute of Shipping Economics and Logistics

2 ISL Institute of Shipping Economics and Logistics Legal Form Founded in Capacity Directorate Board of Trustees Scientific Advisory Board Sponsoring Body Independent, private non-profit foundation permanent staff members Prof Dr Hans-Dietrich Haasis Prof Dr Burkhard Lemper Prof Dr Frank Arendt Decision-makers from trade, industry, science and politics Experts from trade, industry and science Companies and individual members from the maritime industry During the past 50 years the Institute of Shipping Economics and Logistics (ISL) has become one of Europe's leading research and consulting organisations in the maritime sector. More than 50 high qualified employees, equipped with state of the art technology and compatible instruments, work in trans-disciplinary teams on applied research and development projects in the departments Logistic Systems, Maritime Economics and Transport, Information Logistics and Planning/Simulation Systems. Due to its professional capability, superb reputation and exhaustive connections to politics and the industry, ISL will continuously contribute to the advancement of added value as well as to the maritime and logistics industry as to science in the future. For further Information please visit: ISL Shipping Statistics and Market Review (SSMR) Published and distributed by: ISL Universitaetsallee Bremen, Germany Price information and subscription: Phone: +49/4 21/ Fax: +49/4 21/ Internet: Webshop: /infoline /shop Subscription prices (Net prices): Shipping Statistics and Market Review 2011 Print copy: Online: Shipping Statistics Yearbook 2010 Print copy: Print copy + SSYB CD: Online: Shipping Statistics and Market Review 2011 & Shipping Statistics Yearbook 2010 Print copy: Print copy + SSYB CD: Online: Plus packing and postage. In case of inland sales plus VAT(MwSt). Cancellation 3 months before end of calendar year. Institute of Shipping Economics and Logistics (ISL), Bremen 2011 All rights reserved. No parts of this publication may be reproduced or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or any information storage or retrieval system without permission in writing from the editors. The editors do not guarantee the accuracy of the information contained in ISL Shipping Statistics and Market Review (SSMR) nor do they accept responsibility for errors or omissions of their consequences.

3 Volume 55 (2011) No ISSN (double issues Jan./Feb., May/June and Oct./Nov.) Shipping Statistics and Market Review Analytical Focus World Merchant Fleet by Ownership Patterns ISL Comment... 5 ISL InfoLine Special... 9 ISL Statistical Tables Market Review Economic Indicators... World Merchant Fleet... Freight and Charter Market... Shipping Prices and Costs... World Shipbuilding... World Port Traffic Institute of Shipping Economics and Logistics

4 Abbreviations/Symbols Abbreviations ARA Antwerp/Rotterdam/Amsterdam range AWES Association of West European Shipbuilders b/d Barrels per day BHP Brake horsepower cgt Compensated gross tonnage cif Cost, insurance, freight CIS Commonwealth of Independent States COD Country of Domicile CPE Centrally-planned Economies CPI Consumer price index cst Centi Stokes cu.m Cubic metres (also m3) DB Double bottom DC Developing Countries DH Double hull DIS Danish International Ship Register DME Developed market economies DS Double sides dwt Deadweight tons d/y Day/year ECB European Central Bank EMEs Emerging Market Economies EU European Union FY Fiscal year FAO Food and Agriculture Organization of the United Nations fio Free in and out fob Free on board FT Freight tons ft Foot GATT General Agreement on Tariffs and Trade gt Gross tonnage HP Horsepower HT Harbour ton ibf Intermediate bunker fuel IEA International Energy Agency IMF International Monetary Fund IMO International Maritime Organization in. Inch ITF International Transport Workers Federation km Kilometre loa Length overall lbs Pounds LDT Light displacement tons LDC Less Developed Countries LNG Liquefied Natural Gas LPG Liquefied Petroleum Gas LT Long ton m Metre mbd Million barrel per day mdo Marine diesel oil MED Mediterranean MfA Marine fishing area mill Million M/T Motor tanker MT Metric tons mtd per ton fob delivered mth Month mtw Per ton ex wharf n.a. Not available NDRF n.e.c. neg. NIS no NODC nrt nt NWE,NW o.a. OBO OECD O/O OPEC OR P/C Pr/OBO r Ro/ro RT SAR SBT SDR SSMR ST t TB TEU TKB T/S T/T ULCC USAC USD VLCC VLOC WS WTO YR, YRS Symbols National Defence Reserve Fleet Not elsewhere classified Negligible Norwegian International Ship Register Number Non-oil Producing Developing Countries Net register tonnage Net tonnage Northwest Europe Over all Ore/bulk/oil carrier Organization for Economic Cooperation and Development Ore/oil carrier Organization of Petroleum Exporting Countries Ordinary Register Products carrier Product/ore-bulk-oil carrier Revised Roll-on/roll-off Revenue ton Special administration region Ship segregated ballast tanks Special drawing rights ISL Shipping Statistics and Market Review Short ton Ton/tonne Tug/barge Twenty feet equivalent unit Tanker barge Tanker/steam Tanker/turbine Ultra large crude carrier United States Atlantic Coast US Dollar Very large crude carrier Very large ore carrier Worldscale World Trade Organization Year, Years... Data not available - Nil 0/0.0 Less than half of unit employed From 1995 to 2004 inclusive 2002/03 Crop year, fiscal year etc., beginning in 2002 and terminating in 2003 Billions means a thousand million Detailed items in tables do not necessarily add to totals because of rounding For further explanation (e.g. Glossary) please visit: /infoline 2 SSMR July 2011

5 Contents World Merchant Fleet by Ownership Patterns ISL Comment Page 5-10 (1) TOTAL WORLD MERCHANT FLEET 1.1 National and foreign Flag distribution The major Open Registry Flags... 6 (2) OWNERSHIP PATTERNS OF LEADING SHIPPING NATIONS... 8 COMMENT - SUMMARY TABLES Tab. 1 World merchant Fleet by Ship Type and according to national and foreign Flag... 5 Tab. 2 Additions to the World merchant Fleet by national and foreign Flag distribution according to Ship Types During 2006 and 2010 (in mill dwt)... 6 Tab. 3 Newbuilding additions During 2010 of the Top 5 Countries of Domicile by national and foreign Flag (in mill dwt)... 6 Tab. 4 OECD Fleet by national and foreign Flag... 6 Tab. 5 EU Fleet by national and foreign Flag... 6 Tab. 6 Total merchant Fleet (Controlled Fleet) by Region and national/foreign Flag share... 7 Tab. 7 Development of major Open Registry Flags... 7 Tab. 8 World merchant Fleet Registered for Panama and Liberia according to Countries of Domicile 8 Tab. 9 Controlled Fleet of the Top Ten Countries of Domicile by national/foreign Flag... 9 Tab. 10 Top-Ranking shipping nations Flagged-out tonnage Registered under Open Registry Flags COMMENT - FIGURES Fig. 1 World merchant Fleet by national and foreign Flag... 5 Fig. 2 Ships registered under foreign and national Flag by division of Age and major types... 5 Fig. 3 World merchant Fleet tonnage by national and Top Ten Open Registries as of January 1 st, (in mill dwt)... 7 Fig. 4 Tonnage development of major Open Registry Flags as of January 1 st, Fig. 5 Open Registry Flags by Ship Type as of January 1 st, Fig. 6 Controlled-fleet development of major shipping nations ISL InfoLine Special 9-15 (1) ONLINE INFORMATION COMPILED FROM LEADING INDUSTRY SOURCES (2) ISL SEABASE NEW LITERATURE ISL Statistical Tables (1) WORLD MERCHANT FLEET 1.1 Total World Merchant Fleet by National and Foreign Flag and Ship Type World Merchant Fleet by Country of Domicile World Tanker Fleet by Country of Domicile World Bulk Carrier Fleet by Country of Domicile World Fully Cellular Container Fleet by Country of Domicile World General Cargo Fleet by Country of Domicile World Passenger and Passenger Cargo Fleet by Country of Domicile (2) MAJOR OPEN REGISTRY FLEETS 2.1 Key Figures on Fleet Development Major Open Registry Fleet s %-Share in World Fleet Top Ten Open Registry Flags by Ship Type Number of Open Registry Ships by Division of Age and Ship Type Top Ten Open Registry Flags' Average Age by Ship Type Open Registry Flags by Country of Domicile (3) OECD FLEETS 3.1 Key Figures on Fleet Development OECD Registred Fleet s %-Share on World Fleet Number of OECD Registered Ships by Division of Age and Ship Type OECD Fleet by Registered Flag and Country of Domicile According to Ship Types OECD Controlled Fleet s %-share in World Fleet OECD Controlled Fleet by Countries of Domicile Foreign Flag Registered Tonnage of OECD Countries of Domicile by Top Ten Open Registers OECD Fleet Additions for Top Ranking Countries of Domicile SSMR July 2011

6 Contents World Merchant Fleet by Ownership Patterns Page ISL Statistical Tables (continued) (4) EU FLEETS 4.1 Key Figures on Fleet development EU Registered Fleet s %-Share in World Fleet Number of EU Flag Registered Ships by Division of Age and Ship Type EU Fleet by Registered Flag and Country of Domicile According to Ship Types Development of EU Controlled Fleet and %-Share on World Fleet EU Controlled Fleet by Countries of Domicile Foreign Flag Registered Tonnage of EU Countries of Domicile by Top Ten Open Registers EU Fleet Additions for Top Ranking Countries of Domicile (5) BROKEN-UP TONNAGE 5 Broken-up Ships by Type and Country Group of Registration during (6) FUTURE TONNAGE DECELOPMENTS FOR OPEN REGISTRY, OECD AND EU COUNTRIES 6.1 Ships in the World Order Book for Open Registry Flags by Ship Types Ships in the World Order Book for OECD Flags by Ship Types Ships in the World Order Book for EU Flags by Ship Types (7) WORLD SHIPBUILDING 7 Ships Completed for OECD and EU Countries of Domicile during ISL Market Review SSMR July 2011

7 Comment - World merchant fleet b ownership patterns This short comment is an excerpt from the Analytical Comment published in the ISL Shipping Statistics and Market Review (SSMR) No The SSMR includes detailed statistical information concerning the analytical focus and provides approx. 30 monthly/quarterly market indicators (Market Review). For more information compare attached contents If you are interested in the complete publication covering all details (tables & figures), please contact our subscription department subscription@isl.org or you can order it via our webshop /shop All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, photocopying, recording or otherwise, without prior permission of the editors. ISL does not guarantee the accuracy of the information contained in "ISL Shipping Statistics and Market Review (SSMR)" (this is also true for the Short Comment ) nor does it accept responsibility for errors or omissions or their consequences. SSMR July

8 Comment - World merchant fleet by ownership patterns 1 TOTAL WORLD MERCHANT FLEET Today, nearly 70 per cent of the world merchant fleet s tonnage is flagged out, e.g. not registered in the country of domicile of the owner. Almost half of this tonnage is registered in the two major open registries, namely Panama and Liberia. As regards ship owning countries, the top ten shipping nations control about 70 per cent of the world merchant fleet deadweight tonnage. According to the ranking as of January 1 st, 2011, Greece, Japan, Germany, PR of China, Rep. of Korea, Norway, the United States, Hong Kong, Denmark and Taiwan are the top ten countries of domicile. The country of domicile information included in the ISL survey indicates where the controlling interest of the fleet is located, i.e. the parent company. As of January 1 st, 2011, the country of domicile information was available for 33,070 merchant ships of 1,000 gt and over with a total deadweight of 1,224 million dwt, whereas for 5,363 ships with 117 million dwt this information was unknown. World merchant fleet by country of domicile as of Jan. 1 st, (Ships of 1,000 gt and over; in mill dwt) Country of domicile Country unknown World total As already mentioned, a large share of the foreign-flag tonnage is sailing under open registers. Based on the dwtranking as of January 2011, there are ten major open registry flags, namely Panama, Liberia, Marshall Islands, the Bahamas, Malta, Cyprus, Antigua & Barbuda, Bermuda, Saint Vincent, and the Cayman Islands. 1.1 National and foreign flag distribution The foreign flag registration is prominent in all leading shipping nations: 69.7 per cent of the merchant fleet tonnage currently sails under a flag of convenience. At the beginning of 2011, 19,590 merchant ships with 854 million dwt were not registered in the country of domicile of the owner. For comparison, the foreign flag share stood at 65.1 per cent in 2005 and 51.3 per cent in The foreign-flag registered tonnage is largely attributable to the major open registry flags (78.7 per cent). Major ship types All shipping sectors tend to use open registry flags increasingly, although the foreign flag shares differ between major ship types. Bulk carriers show the highest foreign flag share with 73.7 per cent (based on dwt), followed by container vessels (69.6 per cent), tankers (67.6 per cent), general cargo ships (61.6 per cent) and passenger vessels/ferries/general cargo-passenger vessels (48.8 per cent). Fleet additions In 2010, 2,744 ships totalling 147 million dwt were added to the world merchant fleet. Almost three quarters of the total tonnage additions for which the country of domicile was known flew foreign flags (74.5 per cent). All top-ranking shipping nations register large shares of their fleet additions under foreign flags. In 2010, this was Fig. 1: World merchant fleet by national and foreign flag as of January 1 st, (dwt-index: 1995 = 100) National flag Foreign flag Total fleet Tab. 1: World merchant fleet by ship type and according to national and foreign flag as of January 1 st, 2007, 2010 and 2011 (dwt %-share, mill dwt) National flag mill Foreign flag mill dwt %-share dwt dwt %-share dwt Ship type Tankers Bulk carriers Container General cargo Passenger Total mill dwt Fig. 2: National and foreign flag registered ships by division of age and major types as of January 1 st, 2011 mill dwt mill dwt National Foreign Tankers Container ships Bulk carrier Other ship types Sources: If not otherwise mentioned, the source for tables and figures concerning the world merchant fleet, special ship type features and order book information is ISL based on IHS Fairplay, please quote accordingly. Country of registration and country of domicile Country of registration indicates the country of the port of registry of a country (flag). The country of domicile indicates where the controlling interest of the fleet is located in terms of the parent company. This information is applicable to merchant fleet vessels of 1000 gt and above. SSMR July

9 Comment - World merchant fleet by ownership patterns especially true for Japanese and German owners per cent of the tonnage additions for Japanese owners (21 million dwt) and 91.5 per cent of the new German tonnage (14 million dwt) were registered under foreign flags. 1.2 The major open registry flags The flag-related ownership analysis shows an increasing concentration on open registry flags. At the beginning of 2011, 854 million dwt equal to 69.7 per cent of the total merchant fleet tonnage were registered under foreign flags mainly open registry flags and only 371 million dwt under national registers (ships of 1,000 gt and over). The top 10 open registries at the beginning of 2011 comprised the same flags as in At the start of 2011, tonnage registered under the top ten open registry flags totalled 751 million dwt (compare table 3). The largest flag of registration continues to be Panama with 304 million dwt (22.5 per cent of the world tonnage), followed by Liberia (163 million dwt, 12.1 per cent) and at a distance the Marshall Islands with 96 million dwt (7.1 per cent). During the last five years, the average tonnage growth of open registries reached 8.5 per cent per year. Table 3 reflects that especially the Marshall Islands, Liberia and Malta experienced gained market shares during the past years. These flags realised average growth rates of 15.7 per cent, 12.1 per cent and 10.9 per cent, respectively. Panama is still the largest flag of registration. During the period , its tonnage grew on average by 7.2 per cent yearly. Especially Asian countries like Japan, Korea, China, and Taiwan register large shares of their tonnage under Panamanian flag. The second largest ship register Liberia is used mostly for ships owned by German and Greek companies. Since the beginning of 2009, the Marshall Islands are the third most important country of registration. In the period , the Marshall Islands tonnage potential showed the strongest growth of the top open registry flags. Mainly Greek, German and US ship owners use the flag of the Marshall Islands. The largest group of owners for the Maltese registry is from Greece (46 per cent) whereas the client base of the Bahamas is relatively broadly spread. Favoured open registers by ship type For most open registries, a specialization on certain ship types and countries of ownership can be observed. Looking at the specialties of the top-ranking open registry flags, the following observations are worth noting: Liberia and Panama have a strong position in the tanker market. Panama is in the lead as open registry for bulk carriers and general cargo vessels. The flag of Liberia is mainly used for container ships. Flagged-out general cargo ships were mainly attributable to Panama, the Bahamas and Antigua & Barbuda. The Bahamas are in lead as open registry for passenger/cruise ships. Fig. 3: World merchant fleet tonnage by national and top ten open registries as of January 1 st, (in mill dwt) mill dwt Note: Ships of 1000 gt and over Fig. 4: Tonnage development of major open registry flags as of January 1 st, (in mill dwt) mill dwt Note: Ships of 1000 gt and over Fig. 5: Open registry flags by ship type as of January 1 st, 2011 (dwt %-shares) Note: Ships of 1000 gt and over Open registry flags National Registries Others 28.7% Marshall Islands 19.6% Panama 35.6% Panama Tankers Panama 26.5% Liberia 25.2% Container ships Others 18.6% Marshall Islands 6.8% Liberia Liberia 39.0% Marshall Isl. Marshall Islands 3.4% Bahamas Bulk carriers Others 21.0% Panama 54.1% Marshall Islands 10.0% Malta General cargo ships Others 45.0% Liberia 10.1% Liberia 14.8% Panama 41.5% OECD Countries as per January 1 st, 2011 Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Rep. of Korea, Iceland, Israel, Italy, Ireland, Japan, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovenia, Slovakia, Spain, Sweden, Switzerland, Turkey, UK and US. EU Countries as per January 1 st, 2011 Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK Major Open Registries Countries permitting the registration of ships owned by non-residents. In general, ISL figures on open registry flags are restricted to the top ten major flags: Panama, Liberia, the Bahamas, Marshall Islands, Malta, Cyprus, Antigua & Barbuda, Saint Vincent, Bermuda and Cayman Islands. ( ). 6 SSMR July 2011

10 Comment - World merchant fleet by ownership patterns 2 OWNERSHIP PATTERNS OF LEADING SHIPPING NATIONSOECD and EU countries As of January 1 st, 2011, 20,520 ships (1,000 gt and over) with a total of 824 million dwt were controlled by OECD countries representing a dwt share of 67.3 per cent of the world merchant fleet, a further increase from the 760 million dwt one year earlier. Tonnage figures for 2011 indicate that OECD countries controlled large shares of the world deadweight tonnage in the container, bulk, and tanker segments (80.3, 68.1, and 62.9 per cent, respectively). At the start of 2011, the foreign flag share of OECD countries was 75.0 per cent, 617 million dwt were registered under foreign flags. In the period the foreign flag tonnage for OECD countries increased in absolute terms by 124 million dwt, whereas the national flag tonnage increased by only 39 million dwt. At the beginning of 2011, the EU-27 countries controlled 460 million dwt equal to 37.6 per cent of the world merchant fleet. The foreign flag tonnage share for the total EU fleet was 69.1 per cent. Compared with 2007, the fleet controlled by EU member states increased on average by 5.7 per cent per year. 2.2 Top ten nations engagement in specific shipping markets The average yearly tonnage growth of major shipping nations differs significantly (compare figure 6). Among the top five leading shipping nations the highest tonnage growth was attributable to China. In the period , the tonnage controlled by Chinese ship owners increased on average by 11.3 per cent yearly (+37 million dwt). Expressed in absolute terms, Japan showed the highest fleet growth with 48 million dwt in the above mentioned period (7.3 per cent p.a.). Korea s and Denmark s fleet expansions were also remarkable with average growth rates of 12.8 per cent and 12.5 per cent, respectively. Differences can also be ascertained with respect to ship types. Fleet figures indicate that approximately 54 per cent of the German and 42 per cent of the Danish controlled deadweight tonnage were container ships, whereas the tonnage controlled by Chinese, South Korean, and Japanese ship owners were mostly concentrated on bulk carriers (61, 59, and 55 per cent, respectively). The total Greek fleet traditionally consist to a larger extend of bulk carriers (47 per cent) and tankers (46 per cent, compare table 3.4 on page 30). Fig. 6: Controlled fleet development of major shipping nations as of January 1 st, (dwt yearly average growth rate) mill dwt Greece Japan Germany China, PR of average annual dwt growth in % Note: Ships of 1000 gt and over Korea, Rep. of Statistical details Ownership patterns World merchant fleet by national and foreign flag p. 16 World merchant fleet by country of domicile p Major open registry fleets p. 23 OECD fleet key figures p. 28 OECD registered flag and country of domicile according to ship types p EU fleet key figures p. 33 EU registered flag and country of domicile according to ship types p Statistical details Future tonnage developments Ships in the world order book for open registry, OECD and EU countries p 39/40 Ships completed for OECD and EU countries of domicile p. 40 Ships on order for OECD and EU countries of domicile by major ship types and delivery schedule p. 41/42 New orders for top ranking OECD and EU countries of domicile by major ship types and major countries of build p. 43/44 SSMR July

11 Publications & Databases Orders /shop Phone: +49/4 21/ Enquiries Fleet Databases Phone: +49/4 21/ ISL Port Database Phone: +49/4 21/ Information Centre/Library The total stock of our Reference library amounts to approx. 125,000 volumes, 31,000 monographs, 250 specialist journals and newspapers (total stock approx. 61,000 volumes) Enquiries by Phone: +49/4 21/ /46 Hours of business Mo - Th Fr 9:00-16:30 CET 9:00-14:30 CET ISL InfoLine is your resource of up-to-date market information Publication services ISL Shipping Statistics and Market Review ISL Shipping Statistics Yearbook ISL Monthly Container Port Monitor ISL Book Series/Textbooks ISL Lectures/Contributions and Presentations Studien aus dem ISL (in German Language) Databases Numerous databases used for market analyses, statistical publications, information services and customers' enquiries. World Merchant Fleet Data Bases ISL Port Database We advise and inform fast, comprehensively and professionally about markets, industries and businesses. ISL Information Centre/Library is the leading centre for maritime information and documentation. As a central information spot, it has international literature and economic data at its disposal. Subjects - Shipping and Ports - Transport, Logistics - Shipbuilding and Supply Industry - Information and - Trade and Industry Communication - Systems within Logistics Literature data base ISL-SEABASE The literature database ISL-SEABASE serves the public with more than 100,000 bibliographic records (state 01/2011) as an important pool of knowledge for the industry, research and science. Services - Short Information - Special Client Profiles - Investigations about Literature - Complete Text Service and Facts (within the scope of copyright) Online searches at /library

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