Beneath the astonishing statistics of 2.25 billion deadweight tons and over 88,000 vessels lies the immense, interconnected machinery of global trade, driven by a maritime industry of staggering scale and complexity.
Key Takeaways
- In 2023, the global merchant fleet totaled 2.25 billion deadweight tons (DWT), with a capacity growth of 3.1% year-over-year
- Container ships represented 29.3% of the global fleet's total DWT in 2023, amounting to 638 million DWT across 6,557 vessels
- Tankers comprised 26.8% of the world fleet in 2023, with 14,200 vessels carrying 603 million DWT
- Global seaborne trade reached 12.3 billion tons in 2023, up 2.4% from 2022
- Dry cargo accounted for 8.1 billion tons of seaborne trade in 2023, representing 66% of total volume
- Crude oil trade volume was 2.1 billion tons in 2023, with tankers carrying 81% of energy trade
- The top 100 container ports handled 61% of global TEU in 2023
- Ningbo-Zhoushan port achieved 35.3 million TEU in 2023, up 5.5% YoY
- Port of Rotterdam handled 14.6 million TEU in 2023, Europe's largest container port
- World shipbuilding output was 23.3 million GT in 2023, down 12% from 2022
- South Korea delivered 11.2 million GT in 2023, 48% of global output
- China built 8.1 million GT of ships in 2023, second to South Korea
- Global maritime workforce was 1.89 million seafarers in 2023
- Officers comprised 774,000 of total seafarers in 2023, with ratings at 1.12 million
- 40% of seafarers were from Philippines, 15% from India in 2023 BIMCO/ICS survey
The world's merchant fleet reached 2.25 billion deadweight tons in 2023, led by container ships and tankers.
Global Fleet
- In 2023, the global merchant fleet totaled 2.25 billion deadweight tons (DWT), with a capacity growth of 3.1% year-over-year
- Container ships represented 29.3% of the global fleet's total DWT in 2023, amounting to 638 million DWT across 6,557 vessels
- Tankers comprised 26.8% of the world fleet in 2023, with 14,200 vessels carrying 603 million DWT
- Bulk carriers made up 23.4% of the fleet tonnage in 2023, totaling 527 million DWT on 12,400 ships
- The average age of the global tanker fleet was 10.4 years in 2023, younger than the 12.2 years for bulk carriers
- LNG carriers numbered 651 vessels with 78 million cubic meters capacity in 2023, up 5.2% from 2022
- The top 10 shipowning nations controlled 46% of the world fleet DWT in 2023, led by Greece at 20.5%
- Liberia flagged 16.8% of the global fleet in 2023, with 4,200 vessels totaling 380 million DWT
- Panama's registry held 8,500 ships representing 15.9% of world tonnage in 2023
- China owned 14.1% of global fleet DWT in 2023, with Japan at 13.7% and the US at 5.2%
- Orders for new container ships reached 4.2 million TEU in 2023, 25% of existing capacity
- The global fleet grew by 4.1 million DWT from newbuildings in 2023, offsetting 3.7 million DWT scrapped
- Ro-Ro cargo carriers fleet stood at 1,050 vessels with 25 million lane meters in 2023
- Chemical tankers numbered 6,800 ships with 50 million DWT in 2023, up 2.8% YoY
- Ferry fleet globally comprised 12,000 vessels serving short-sea routes in 2023
- Offshore supply vessels totaled 2,500 units with average age of 14.2 years in 2023
- World fleet container capacity hit 25.5 million TEU in 2023, with mega-ships over 20,000 TEU at 5% of fleet
- Dry bulk carriers over 200,000 DWT numbered 1,200 in 2023, carrying 40% of bulk fleet tonnage
- VLCCs (Very Large Crude Carriers) fleet was 850 vessels with 270 million DWT in 2023
- Fleet utilization for container ships averaged 88% in 2023, down from 92% in 2022
Global Fleet Interpretation
The global merchant fleet continues to grow with youthful vigor and strategic consolidation, but like a container ship sailing at 88% capacity, the industry is navigating a more cautious and competitive sea than it did a year ago.
Maritime Trade
- Global seaborne trade reached 12.3 billion tons in 2023, up 2.4% from 2022
- Dry cargo accounted for 8.1 billion tons of seaborne trade in 2023, representing 66% of total volume
- Crude oil trade volume was 2.1 billion tons in 2023, with tankers carrying 81% of energy trade
- Containerized trade grew to 184 million TEU in 2023, a 3.2% increase YoY
- Iron ore seaborne trade hit 1.5 billion tons in 2023, led by Australia and Brazil exports
- Coal trade volume declined to 1.2 billion tons in 2023, down 4% due to energy transitions
- Grain shipments reached 610 million tons in 2023, up 5.1% driven by Black Sea exports
- LNG trade volume surged to 485 billion cubic meters in 2023, 5% growth YoY
- Container freight rates on Asia-Europe route averaged $1,200 per TEU in 2023, down 80% from 2022 peak
- Bauxite/alumina trade grew 6% to 140 million tons in 2023, mainly from Guinea
- Asia captured 63% of global container trade in 2023, with China at 30% of loaded TEU
- Tanker freight rates for VLCCs averaged 45 WS points in 2023, varying with oil demand
- Dry bulk freight rates for Capesize vessels fell 15% to $18,000/day in 2023
- World container port throughput reached 845 million TEU in 2023, up 2.5%
- Container ship productivity rose 4.2% to 3,800 TEU per voyage in 2023
- Seaborne trade share of global trade was 80% by volume but 1% by value in 2023
- Top 20 ports handled 202 million TEU in 2023, 24% of global throughput
- Shanghai port processed 49.1 million TEU in 2023, world's busiest container port
- Singapore port throughput was 39.0 million TEU in 2023, second globally
Maritime Trade Interpretation
The global economy still sails on a sea of bulk and boxes, proving that while the winds of change may rattle container rates and coal volumes, our fundamental dependence on moving mountains of stuff by ship remains as steady as a captain's hand.
Ports and Logistics
- The top 100 container ports handled 61% of global TEU in 2023
- Ningbo-Zhoushan port achieved 35.3 million TEU in 2023, up 5.5% YoY
- Port of Rotterdam handled 14.6 million TEU in 2023, Europe's largest container port
- Global port crane capacity increased by 12% to 1,200 STS cranes in 2023
- Container terminal automation covered 15% of global throughput in 2023
- Average container dwell time at ports was 3.2 days in developed markets in 2023
- World container shipping alliances controlled 82% of TEU capacity in 2023
- Port of Los Angeles processed 9.5 million TEU in 2023, US busiest port
- Global LNG bunkering ports numbered 150 in 2023, up from 100 in 2021
- Container ship port calls totaled 140,000 worldwide in 2023
- Average berth productivity at top ports reached 120 moves per crane hour in 2023
- Busan port handled 22.8 million TEU in 2023, Korea's main gateway
- Antwerp-Bruges port throughput was 13.8 million TEU in 2023
- Global port infrastructure investment hit $50 billion in 2023, focused on Asia
- Shenzhen port processed 25.2 million TEU in 2023, fourth globally
Ports and Logistics Interpretation
Despite an impressive surge in automation and crane capacity, the world's trade remains stubbornly tethered to a handful of mega-ports and powerful alliances, proving that in the global shipping game, efficiency and concentration are two sides of the same heavily leveraged coin.
Shipbuilding
- World shipbuilding output was 23.3 million GT in 2023, down 12% from 2022
- South Korea delivered 11.2 million GT in 2023, 48% of global output
- China built 8.1 million GT of ships in 2023, second to South Korea
- Japan shipyards produced 3.4 million GT in 2023, focusing on high-value vessels
- Newbuilding orders totaled 2,100 vessels worth $128 billion in 2023
- Container ship orders were 410 ships for 4.1 million TEU in 2023
- LNG carrier orders reached 271 vessels in 2023, 40% of tanker newbuilds
- Bulk carrier deliveries were 650 ships totaling 55 million DWT in 2023
- Ship repair output globally was 12 million GT in 2023, led by China at 5.5 million GT
- Average newbuilding price for 8,000 TEU container ship was $115 million in 2023
- VLCC newbuild prices averaged $105 million per vessel in 2023
- Orderbook for methanol carriers hit 150 vessels in 2023, new segment growth
- Global shipyard capacity utilization was 85% in 2023 for top builders
- Ammonia-ready vessel orders numbered 50 in 2023, early adoption phase
- World ship scrapping totaled 325 vessels, 2.9 million GT in 2023
- India scrapped 120 ships in 2023, 37% of global tonnage recycled
- Bangladesh shipbreaking yards handled 85 vessels, 1.2 million GT in 2023
- Turkish yards delivered 300 ships totaling 1.8 million GT in 2023
- Hydrogen fuel cell ship orders reached 10 units in 2023, prototype stage
Shipbuilding Interpretation
While the global shipbuilding tide receded by 12%, the industry shrewdly steered its orders toward a greener horizon, betting $128 billion on a fleet where LNG carriers and methanol ships are no longer niche concepts but a substantial part of the new armada.
Workforce and Safety
- Global maritime workforce was 1.89 million seafarers in 2023
- Officers comprised 774,000 of total seafarers in 2023, with ratings at 1.12 million
- 40% of seafarers were from Philippines, 15% from India in 2023 BIMCO/ICS survey
- Average age of seafarers was 42 years in 2023, with officer shortage of 15,000
- Women seafarers numbered 29,000 or 1.5% of total in 2023, mostly officers
- Global shipboard fatalities were 47 in 2023, down 12% from 2022 per ICS
- Lost Time Injury Frequency (LTIF) averaged 0.68 per million hours worked in 2023
- 95% of international shipping complies with ISM Code in 2023 audits
- Seafarer training centers numbered 1,200 globally in 2023, per IMO standards
- Piracy incidents fell to 120 in 2023, lowest since 1994, Gulf of Guinea 30%
- Ballast water management systems fitted on 85% of fleet over 400 GT by 2023
- Crew changes totaled 1.5 million in 2023, up from pandemic lows
- Maritime accident total losses were 28 ships in 2023, 0.0012% of fleet
- EU-registered ships had zero fatalities in 2023 EMSA report
- Global seafarer wages averaged $3,500/month for able seamen in 2023
Workforce and Safety Interpretation
While its 1.89 million seafarers show a veteran, predominantly male crew keeping global trade afloat with improving safety and environmental standards, the industry is navigating a perfect storm of a severe officer shortage, stubbornly low female participation, and the delicate task of balancing competitive wages with the demands of an essential but aging workforce.