The world merchant fleet

Magazine Issue:

Insurers up against the challenges of marine transport [3]

Magazine date:

Jun 2023

It's worth recalling that the world merchant fleet is made up of different types of vessels, which can be grouped into the following categories: general cargo ships, container ships, barge carriers, bulk carriers, oil tankers and chemical tankers.

container ship Today, sea freight is the main means of transporting raw materials (oil, coal, grain, etc.) over very long distances.

Today, sea freight accounts for 90% of international merchandise trade. At the end of March 2022, more than 57 000 merchant ships had been sailing around the world, over 50% of them carrying oil and related products.

The world's fleet of ships (March 2022)

Vessel type	Number
Oil tankers	2 206
Tanker ships	9 809
Chemical carriers	3 991
Bulk carriers	12 766
LPG carriers	1 532
LNG carriers	685
Container ships	5 606
Multipurpose freighters	3 188
General cargo ships	16 112
RoRo ships	1 586
Total cargo ships	57 481
Offshore vessels	8 926
Services	2 112
Tugs	21 288
Passenger ships	8 938
Other non-cargo vessels	4 259
Total	45 523
Grand total	103 004

Source: International Underwriting Association

Read also | Ranking of major ports in 2022 [4]

Breakdown of the world merchant fleet by region (March 2022)

	Europe ⁽¹⁾	Far East ⁽²⁾	Other
Container ships	54%	36%	10%
Oil tankers	42%	26%	32%
LPG LNG	33%	36%	31%
Bulk containers	32%	53%	15%
Total	37%	40%	23%

⁽¹⁾ Europe : EU, GB, Norway, Switzerland
⁽²⁾ Far East : China, Japan, Korea, Taiwan, Hong Kong, Singapore

Breakdown of world merchant fleet by country/region (March 2022)

Country/region	Shares
Greece	17%
Germany	4%
Other European countries	20%
China	15%
Japan	12%
South Korea	4%
Other countries in Asia/Oceania	12%
United States	4%
Other countries in the Americas	3%
Other countries	9%
Total	100%

Source: IUMI/Clarksons Research

World merchant fleet breakdown by country of registration (January 2021)

As shown in the table below, on 1 January 2021, there were 53 973 merchant ships over 1 000 ums (Universal Measurement System), carrying all types of cargo. This fleet is registered under more than 150 different flags. More than a million seafarers of all nationalities are employed in marine freight activities.

The merchant navy is the key to the global economy without which the trade of raw materials and finished products at reasonable cost from one continent to another would simply be impossible.

Countries of registration of the world merchant fleet (January 2021)

Figures in number of vessels

Shipowner countries	Country of registration								Total
Shipowner countries	Panama	China	Liberia	Marshall Islands	Singapore	Hong Kong	Indonesia	Others	Total
China	655	4 887	152	103	62	935	8	7 318	14 120
Greece	465	0	1 101	1 055	28	20	2	4 705	7 376
Japan	2 066	0	252	234	169	54	7	4 029	6 811
Singapore	282	4	242	137	1 459	134	95	2 843	5 196
Germany	34	0	580	96	74	18	0	2 395	3 197
Indonesia	16	2	7	9	8	1	2 232	2 321	4 596
Norway	48	0	89	132	81	50	4	2 042	2 446
United States	67	0	95	318	8	37	1	1 813	2 339
Russia	34	0	117	0	2	1	0	1 786	1 940
Hong Kong	324	20	53	69	51	886	3	1 764	3 170
Total	3 991	4 913	2 688	2 153	1 942	2 136	2 352	NA	51 191
Rest of the world	6 653	4 933	3 909	3 732	2 541	2 440	2 398	NA	53 973

Situation in January 2021
Source: UNCTAD

Catastrophic risks in marine transport can be linked to the sea and its hazards (foreseeable or unforeseeable), to the condition of the vessels and the skills of the crew, to the dangerousness of the products transported, to wars and acts of maritime piracy [5].

The risks increase in straits, in certain canals and on the freeways of the sea, where numerous wrecks run aground, a source of collisions and accidents for other vessels. New risks are emerging with the transport of hazardous chemicals. This is why issues pertaining to liability, guarantees and risk coverage are particularly crucial.