Review of Maritime Transport 2010 - Unctad

2
STRUCTURE,
OWNERSHIP
aNd REgISTRaTION
OF THE WORLd FLEET
CHAPTER 2
At the beginning of 2010, the world merchant fleet reached 1,276 million deadweight
tons (dwt), an increase of 84 million dwt (7 per cent) over 2009. This growth resulted from
record new deliveries of 117 million dwt, as against demolitions and other withdrawals
from the market of approximately 33 million dwt. In spite of the economic crisis, new
deliveries in 2009 grew by 42 per cent over 2008 as a result of ships having been ordered
prior to the downturn in demand. The resulting oversupply of tonnage then led to a surge
in demolitions of older tonnage by more than 300 per cent.
In 2009, China overtook Germany as the third-largest shipowning country, surpassed
Japan as the second-biggest shipbuilding country, and replaced India as the busiest
ship-recycling country. China has also emerged as an important provider of ship finance,
supporting owners and shipyards in avoiding the cancellation of ship orders.
This chapter presents the supply-side dynamics of the world maritime industry. It covers
the vessel types, age profile, ownership and registration of the world fleet. It also reviews
deliveries of ships, tonnage on order, newbuilding prices, and the markets for secondhand
tonnage. Particular focus is placed on ship recycling, as the current oversupply of
tonnage has led to a surge of tonnage sold for demolition.