Full year 2022 data points for the international shipping industry have been released by Clarksons Research. Reviewing the data, Steve Gordon, Managing Director of Clarksons Research commented:
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Container: The container sector began the year at record levels (with freight and charter rates peaking at around 5-6 times start 2020 levels) but experienced a sharp correction in 2H as trade volumes and congestion unwound. Although charter rates remain well above 2020 levels for the moment, freight rates have returned to start 2020 levels.
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Bulkers: Rates generally eased back in 2022 amid pressure on demand and easing congestion, with average bulkcarrier earnings falling 24% y-o-y to $20,478/day. Rates were generally more resilient in the smaller sizes where rate levels remained fairly ‘healthy’ for much of the year; average Supramax trip earnings fell 14% to $23,467/day in 2022, whilst Capesize earnings, influenced by soft Chinese demand, dropped 58% y-o-y to $11,877/day.
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Tankers: The market saw significant improvement through 2022, benefitting from the redistribution of Russian exports / European imports as a result of the Ukraine conflict and the impact of direct sanctions on tonnage, as well as improved global oil demand and supply ‘post-Covid’. Tanker earnings averaged $40,766/day, more than four times the 30-year low of $7,127/day recorded in 2021. Trends were especially strong in the mid-sized crude and products segments, with VLCC earnings averaging $23,885/day (up from c.$3,000/day in 2021), Aframax earnings averaging a record $55,967/day (up 579% on 2021) and MR earnings averaging a record $31,775/day (up 371%).
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LNG: Dayrates reached all-time highs, with short term spot rates and 1 yr TC rates both averaging around $130,000/day in 2022 for a 160k cbm unit (spot rates peaking at c.$450,000/day in November), amid a focus on energy security (particularly in Europe). Newbuild investment also rose to reach a new record, with 186 vessels of an estimated $39bn ordered in 2022, more than double the previous annual record set in 2021.
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LPG: VLGC spot earnings rose 53% to $54,088/day, on the back of improving exports from key supplier regions and impacts from vessel delays in some regions.
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Chemical Tankers: Term rates rose firmly through 2022, benefitting from reduced competition from swing tonnage amid the very strong clean products market. The 1yr TC for a 19,999 dwt ship reached $21,500/day by end year, up from $13,250/day at the start of the year.
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Car Carriers: Rates have hit all time highs, on the back of a ‘post-Covid’ rebound in car trade, a boost to vessel demand from shifting trade flows and ongoing congestion (see our recent review). By end 2022 the 1yr TC rate for a 6,500 ceu PCTC stood at $105,000/day, up from c.$20,000/day in early 2021.
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Offshore Oil & Gas: Dayrates for offshore oil and gas rigs and OSVs recovered to post-2014 highs and seem “well set”, whilst offshore wind continued its exciting growth.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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