ContainersDry CargoFinance and InsuranceGasTankers

Spending on ships hitting highs not seen since the global financial crisis

The amount of money spent on ships – both newbuilds and secondhand – could be the largest recorded since the global financial crisis of 2008.

Total spending on newbuild and secondhand tonnage combined stood at an estimated $147bn as of last Friday according to data from Clarkson Research Services. By comparison, just $74bn was spent in 2020, the first year of the pandemic.

“[W]ith 2 weeks of the year to go, and allowing for some late reporting, the final total could even be the largest total since the financial crisis,” Clarksons suggested in its latest weekly report.

Investment in newbuild tonnage this year has so far totalled $103bn, set to be the highest level seen since 2013.

Meanwhile, S&P market activity has been manic with 2,100 sales totalling 135m dwt recorded. The estimated $43bn spent on secondhand ships so far this year could yet get close to 2007’s record $46bn.

Overall, a total of 7% of the start year fleet in dwt has so far changed hands. Greeks have been the most active buyers followed by Chinese owners.

The cross-sector ClarkSea Index stands at $35,945 a day with the average in the year to date up 92% year-on-year and 109% on the 10-year trend.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button