Ship spending to hit the highest level since the global financial crisis

The total amount of money spent on ships – both newbuild 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, December the 17h, according to data from Clarkson Research Services. By comparison, just $74bn was spent in 2020, the first year of the pandemic.

“With 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 newly-built tonnage this year has so far totaled $103bn, set to be the highest level seen since 2013.

Meanwhile, S&P market activity has been manic with 2,100 sales totaling 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.

Source: Splash247

To read the full original article, visit the link: https://splash247.com/spending-on-ships-hitting-highs-not-seen-since-the-global-financial-crisis/

Sharing is caring!