Despite a 15% dip in average annual earnings, the shipping industry displayed remarkable resilience in 2023. Strong second-hand values and a significant reduction in new building deliveries played pivotal roles, maintaining earnings at the third-highest levels since the 2008 financial crisis.
Ageing Fleet Dynamics
A notable consequence of reduced recycling and limited new building deliveries was the ageing of the product tanker fleet. The average age increased by nine months in 2023, reaching...
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