With a staggering 58,000 active merchant vessels navigating our oceans and handling over 90% of world trade, the maritime shipping industry is the colossal and complex circulatory system of the global economy.
Key Takeaways
- The global merchant fleet totaled 2.2 billion deadweight tons (dwt) at the beginning of 2023, with a capacity growth of 3.5% year-over-year.
- Container ships accounted for 28% of the total global fleet tonnage in 2022, totaling 627 million dwt.
- The number of operational container ships worldwide reached 6,072 vessels in 2023, with an average age of 10.6 years.
- Global seaborne trade volume reached 11.0 billion tons in 2022.
- Containerized trade grew by 1.9% to 181 million TEU in 2022.
- Dry bulk cargo volumes hit 5.2 billion tons in 2022, up 2.7%.
- World’s busiest port by cargo tonnage is Ningbo-Zhoushan at 1.22 billion tons.
- Shanghai Port is the busiest container port with 47.3 million TEU in 2022.
- Port of Singapore LNG bunkering volumes reached 500,000 tons in 2022.
- Global maritime industry contributed $2.5 trillion to world GDP in 2022.
- Shipping accounts for 90% of world trade by volume, valued at $14 trillion.
- Container shipping market revenue reached $200 billion in 2022.
- Total recordable injury rate in shipping was 1.3 per 100 workers in 2022.
- IMO reported 881 ship losses worldwide from 2018-2022.
- Shipping GHG emissions totaled 1.05 billion tonnes CO2 in 2022, 2.9% of global.
Global shipping continues to grow with a modernized fleet and expanding trade volumes.
Cargo and Trade
- Global seaborne trade volume reached 11.0 billion tons in 2022.
- Containerized trade grew by 1.9% to 181 million TEU in 2022.
- Dry bulk cargo volumes hit 5.2 billion tons in 2022, up 2.7%.
- Crude oil seaborne trade totaled 1.8 billion tons in 2022.
- Iron ore shipments reached 1.4 billion tons in 2022 via sea.
- Coal seaborne trade declined 4.2% to 1.1 billion tons in 2022.
- Grain exports by sea were 510 million tons in 2021/22 season.
- LNG trade volumes grew 6.5% to 404 million tons in 2022.
- Refined products tanker cargoes totaled 1.1 billion tons in 2022.
- Bauxite/alumina seaborne trade increased 3.1% to 142 million tons.
- Container freight rates on Asia-Europe route averaged $5,346/TEU in 2022.
- Major container ports handled 807 million TEU in 2022.
- Shanghai Port throughput was 47.3 million TEU in 2022.
- Singapore handled 37.3 million TEU in 2022.
- Ningbo-Zhoushan cargo throughput reached 1.22 billion tons in 2022.
- Container ship productivity grew 4.2% to 3,000 TEU per voyage.
- Asia accounted for 62% of global container port throughput in 2022.
- World container fleet utilization rate was 93% in Q4 2022.
- The Port of Rotterdam handled 14.6 million TEU in 2022.
- Dry bulk trade share in total seaborne trade was 47% in 2022.
- Tanker trade volumes rose 4.5% excluding crude oil.
- Global port container calls totaled 142,000 in 2022.
- Top 20 ports handled 42% of global container traffic in 2022.
- Average vessel size for grain trade was 65,000 dwt in 2022.
- Shenzhen Port TEU volume was 30.4 million in 2022.
- Busan Port throughput 22.8 million TEU in 2022.
- Antwerp-Bruges handled 13.8 million TEU in 2022.
Cargo and Trade Interpretation
The planet's arteries are clogged with a staggering 11 billion tons of ambition, where every container, oil barrel, and iron ore pellet whispers the undeniable truth: global commerce, for all its digital glamour, still floats on a vast, wet, and utterly indispensable highway of ships.
Economics and Finance
- Global maritime industry contributed $2.5 trillion to world GDP in 2022.
- Shipping accounts for 90% of world trade by volume, valued at $14 trillion.
- Container shipping market revenue reached $200 billion in 2022.
- Global shipbuilding market valued at $150 billion in 2023.
- Maritime transport employs 1.9 million seafarers worldwide in 2022.
- Freight rates for dry bulk Capesize averaged $25,000/day in 2022.
- Ship finance newbuild lending totaled $70 billion in 2022.
- Global fleet operating costs reached $250 billion annually in 2022.
- China held 50% of global shipbuilding orders in 2022.
- Bunker fuel market size $140 billion in 2022.
- Seaborne trade value grew 3.5% to $14.5 trillion in 2022.
- Average tanker charter rates VLCC $40,000/day in 2022.
- Maritime services sector GDP contribution 0.7% globally.
- Ship recycling market handled 1.2 million tons in 2022.
- Global shipping insurance premiums $40 billion in 2022.
- South Korea shipbuilding deliveries 15 million GT in 2022.
- Dry bulk freight index rose 50% in 2022.
- Container line profits exceeded $200 billion in 2022.
- Japan shipowning fleet value $300 billion in 2022.
- Global port investment needs $100 billion by 2030.
- Offshore wind vessel market $15 billion in 2023.
- Crewing costs per ship averaged $8 million/year in 2022.
- Shipping R&D investment $5 billion annually.
- Global ship leasing market $50 billion in 2022.
Economics and Finance Interpretation
While the world frets over digital clouds, it's the salty, ancient business of moving physical stuff across real oceans—a $2.5 trillion economic engine employing millions and fueled by staggering daily costs—that remains the irreplaceable, greasy gear turning the global economy.
Fleet Size and Composition
- The global merchant fleet totaled 2.2 billion deadweight tons (dwt) at the beginning of 2023, with a capacity growth of 3.5% year-over-year.
- Container ships accounted for 28% of the total global fleet tonnage in 2022, totaling 627 million dwt.
- The number of operational container ships worldwide reached 6,072 vessels in 2023, with an average age of 10.6 years.
- Tanker fleet capacity grew by 2.1% to 558 million dwt in 2022, driven by VLCC and Suezmax orders.
- Bulk carrier fleet expanded to 957 million dwt in 2023, representing 44% of the total merchant fleet.
- LNG carrier fleet numbered 649 vessels in mid-2023, with orders for 401 more on orderbook.
- Average age of the global tanker fleet stood at 10.2 years in 2022.
- Dry bulk carriers comprised 12,400 vessels globally in 2023, with Capesize ships making up 15%.
- Ro-Ro fleet totaled 874 vessels in 2022, carrying 144 million lane meters of capacity.
- Chemical tanker fleet reached 6,200 vessels in 2023, with 40% under 10 years old.
- Global containership fleet capacity hit 25.2 million TEU in 2023.
- LPG carrier fleet grew to 318 vessels in 2022, with average size of 45,000 cbm.
- Ferry fleet worldwide numbered over 12,000 vessels in 2023.
- Offshore supply vessels totaled 2,500 active units in 2022.
- Car carrier fleet capacity was 5.6 million CEU in 2023.
- Total active merchant vessels exceeded 58,000 in 2022.
- VLCC fleet numbered 810 vessels with 257 million dwt in 2023.
- Panamax bulkers accounted for 22% of dry bulk fleet in 2022.
- World's largest containerships over 20,000 TEU numbered 380 in 2023.
- Average containership size increased to 4,100 TEU in 2022.
Fleet Size and Composition Interpretation
The statistics paint a picture of a vast and vital circulatory system for the planet—a 2.2-billion-ton armada of specialized organs, from elderly tankers to infant LNG carriers, all expanding methodically to keep the lifeblood of global trade flowing without bursting a single container seam.
Ports and Terminals
- World’s busiest port by cargo tonnage is Ningbo-Zhoushan at 1.22 billion tons.
- Shanghai Port is the busiest container port with 47.3 million TEU in 2022.
- Port of Singapore LNG bunkering volumes reached 500,000 tons in 2022.
- Global port crane capacity increased by 5% to 1,200 STS cranes in 2023.
- Rotterdam Port LNG import capacity 25 million tons per year.
- Number of ports handling over 10 million TEU rose to 55 in 2022.
- Dubai Jebel Ali Port throughput 13.7 million TEU in 2022.
- Average port dwell time for containers was 3.5 days globally in 2022.
- Port Klang, Malaysia, handled 13.2 million TEU in 2022.
- Global container terminal berth length totaled 1,200 km in 2022.
- Houston Port cargo tonnage 281 million tons in 2022.
- Container port performance index leader Los Angeles/Long Beach scored 50.1 in 2022.
- Tanjung Pelepas, Malaysia, 10.5 million TEU in 2022.
- Global LNG terminal capacity 850 million tons per annum in 2023.
- Port of Hamburg TEU volume 8.7 million in 2022.
- Average container terminal productivity 28 moves per hour in top ports 2022.
- New York/New Jersey Port 9.5 million TEU in 2022.
- Global bulk terminal capacity 4.5 billion tons annually.
- Qingdao Port 23.7 million TEU in 2022.
- Port of Felixstowe berth deepening to 16m draft in 2023.
Ports and Terminals Interpretation
The world's ports are engaged in a relentless, titanic ballet of moving mountains of stuff ever faster, where efficiency is a prized virtue, LNG is the new darling, and the only thing growing faster than the cranes is our collective appetite to ship absolutely everything.
Safety, Environment, and Regulation
- Total recordable injury rate in shipping was 1.3 per 100 workers in 2022.
- IMO reported 881 ship losses worldwide from 2018-2022.
- Shipping GHG emissions totaled 1.05 billion tonnes CO2 in 2022, 2.9% of global.
- EEDI compliance rate for new ships reached 95% in 2022.
- Ballast water management systems installed on 80% of fleet by 2023.
- Pirate attacks fell to 115 incidents in 2022.
- Global sulfur cap compliance 99.5% post-2020 IMO regulation.
- Ship detentions for safety 1.2% of inspections in 2022.
- CII rating distribution: 15% A/B in first year 2023.
- Scrubber installations totaled 4,300 ships by end 2022.
- Global fleet biofuel usage 0.5 million tons in 2022.
- PSC inspections numbered 65,000 globally in 2022.
- MEPC approved GHG strategy targeting 20-30% reduction by 2030.
- Shipboard oil spills decreased 90% since 1970s to 150,000 tons 2022.
- Alternative fuel newbuild orders 25% of fleet in 2023.
- Seafarer abandonment cases 163 in 2022.
- EU ETS for shipping covers 50% of emissions from 2024.
- Global ship energy efficiency index improved 1.2% in 2022.
- Cyber incidents on ships rose 20% to 45 cases in 2022.
- Wind-assisted propulsion retrofits on 50 vessels by 2023.
- NOx emissions reduced 15% in ECAs since 2016.
- Global average ship speed fell to 13.5 knots in 2022.
- Crew fatality rate 1 in 100,000 per year in 2022.
- Ammonia as fuel safety guidelines issued by IMO in 2023.
- Port reception facilities for waste covered 95% of calls in 2022.
Safety, Environment, and Regulation Interpretation
It’s a story of high-seas progress, where our ships are getting cleaner and safer, but also a stubborn reminder that the journey to true safety and sustainability remains a slow and stormy passage.
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