Seafarer Labor Market Tightest on Record -Drewry
Officer supply shortfall has reached a record high and is not expected to improve, leading to manning cost inflation, according to the latest Manning Annual Review and Forecast report published by global shipping consultancy Drewry.The 2023 officer availability gap has widened to a deficit equating to about 9% of the global pool, which represents a marked rise from last year’s 5% shortfall and the highest level since Drewry first started analysing the seafarer market 17 years ago. Similar deficit levels are forecast for 2023-2028 based on the limits of new seafarer supply becoming available in
Slowing Shipping Fleet Growth to Ease Officer Shortage - Drewry
Slowing growth in the size of the shipping fleet will reduce the shortage of officers over the coming years, according to the latest Manning report published by global shipping consultancy Drewry. The global shipping fleet – encompassing all sectors except the non-cargo carrying ship types, such as tugs and passenger ships, and smaller coaster vessels, such as oil tankers and bulk carriers of less than 10,000 dwt – is expected to rise by a mere 300 vessels through 2016-2020. As a result, the shortage in officer supply is forecast to reduce from 20,900 at the end of 2015 to 7,700 by the
Maersk Fights to Stay on top as Containership Downturn Deepens
($6.9 billion) allocated in bonds and equities, has shunned the shipping industry. "We see major challenges for the industry in setting the market price at the moment, and that is one of the reasons we're not investing in Maersk," said Friedrichsen. Analysts Rahul Kapoor and Nilesh Tiwary at Drewry Financial Research Services said the structural change would be negative for A.P. Moller-Maersk's earnings. "The traditional container shipping model seems broken," they wrote in a note this month, maintaining the "unattractive" rating for the group's stock which they first gave
Officer Shortage in Shipping
The international shipping industry will require an additional 42,500 officers by the end of 2019 to cope with the expected growth in the main cargo carrying fleet, according to the latest manning report published by global shipping consultancy Drewry. The analysis was made according to the expected growth in the main cargo carrying fleet, which is equivalent to 7 percent over the five year period. The analysts say that the large number of officers have needed to satisfy the expected growth in shipping. Current officer supply is in the order of 615,000 and a nominal
IMUA Awards Drewry Lifetime Achievement Award
James Drewry, Treaty/Program Property Underwriter at Munich Reinsurance America, Inc., as well as a former Inland Marine Underwriters Association (IMUA) Chairperson, was presented with a Lifetime Achievement Award by the Association at its 84th Annual Meeting. Drewry was one of three individuals recognized by the IMUA. The others included John A. Tutera, Senior Vice President-Construction & Completed Civil Works, Hiscox, USA for Excellence in Education; and Anne Marie Elder, Senior Vice President & Chief Underwriting Officer, Inland Marine, XL Insurance – 2012 Outstanding Committee
Global Seafarer Supply & Demand Questions: New Report
How has the seafarer supply changed in relation to the wider changes in the size of the world merchant fleet? Drewry's latest Manning report tackles the question, and also provides forecasts up to 2018 in a new publication on sale now. Contents Supply - Where is the global supply coming from and how has this changed from 1990? Demand - Fleet sector changes 2004 -2014 for 6 vessel types, projected officer requirements. Crew wages and employment terms - Master wages 2001 - 2014, ITF uniform "TCC" collective agreement 2012, 2013 & 2014, calculating crew budget, terms
