The world fleet is ageing: Navigating the challenges ahead

Charterers and operators are facing a growing challenge: an ageing fleet.

Currently,more than half of the global fleet, by vessel count, is over 15 years old, and the average age of ships has increased across almost all fleet segments, with container ships being the sole exception¹. This ageing fleet presents a range of concerns, from operational efficiency and safety to environmental sustainability.

The bulkcarrier segment, while relatively young with an average age of 11.1 years, faces its own challenges. Nearly 30% of the current fleet is expected to surpass 20 years of age by 2030 due to low renewal rates.

We4Sea research shows that the variance in performance is increasing with vessel age. This trend could significantly impact the future commercial performance of your chartered fleet.  

Why is the fleet ageing?

The main factor contributing to the ageing fleet is uncertainty. Shipowners and operators face uncertainty surrounding future fuel costs, carbon pricing, evolving regulations, and rapid technological advancements. This uncertainty has led many to delay investment in new ships, choosing instead to keep older vessels in service.

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The decision to delay fleet renewal has long-term consequences. The global fleet will continue to age, and the industry will not fully benefit from the operational and environmental improvements that newer, more efficient ships could provide.

Addressing the Risks

Older vessels can come with unexpected inefficiencies, especially as wear and tear accumulate over time. Based on our in-house research, the variance in performance is increasing with vessel age. So not all older vessels have a low performance, but the chance increases significantly.

As the risks of fixing a vessel with underperformance increases, making informed decisions about which vessels to hire is critical for charterers. This is where We4Sea’s innovative pre-charter service and performance monitoring comes into play.

We4Sea’s pre-charter service provides charterers with detailed assessments of a vessel’ sperformance before making a hire. By using actual, recent operational data, We4Sea helps charterers understand the real-world performance of any speed-instructed vessel. This means no more blind hiring and fewer surprises in vessel performance.

In addition to pre-charter insights, ongoing performance monitoring during a charter is crucial, particularly for older vessels. We4Sea's automated performance benchmarking can help charterers keep technical and commercial performance at high levels throughout the duration of the charter.

Navigating the Future

As the global fleet continues to age, having the right tools to make data-driven decisions becomes more important than ever. We4Sea’s pre-charter service is designed to help charterers navigate these challenges with confidence, providing actionable insights to maximize commercial gains and minimize inefficiencies.

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By leveraging performance data, charterers can stay ahead and make the most of the opportunities available—even in a world where the fleet is growing older.

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Want to know how we can help you mitigate risks? Let's talk!

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_{(1) Review of Maritime Transport 2024 | UNCTAD}