Norway in fifth place among the world’s shipping nations

The value of the total world fleet in 2022 is estimated at USD 1.530 billion, of which the ten largest shipping nations hold 70 percent. Norway is fifth on the list. China, Japan and Greece are the three largest nations by far, followed by Germany and Norway. In the Norwegian fleet, the gas tanker and offshore segments have the highest market value.  s

The corona pandemic has over the last two years led to major economic challenges for the international supply chain in freight transport. These challenges range from inefficient port operations to a shortage of raw materials.

Changes in world trade have led to a significant increase in freight rates for container and dry bulk carriers. Freight rates for container ships have over the last couple of years been up to seven times higher compared to 2019, while dry bulk has seen fright rates more than double. These price changes have had a major impact on fleet value.

Until this year, data from IHS Markit has been used to calculate the size and composition of individual countries’ fleets, while price data has mainly been taken from Clarksons Platou. As of 2022, the data basis for calculating the composition and size of the fleets is taken from Clarksons World Fleet Register. These two data sources are not identical, meaning that the results in this year’s valuation are somewhat different from previous years.

The biggest difference in the database is that Clarksons has broader coverage of vessels across nations. IHS Markit had around 11,000 vessels with unknown ownership nationality, while Clarksons has just over 1,000 vessels with unknown nationality.

Changes in the data source and the degree of coverage, in combination with more precise ownership information and updating of the valuation basis, lead to strong increases in the fleet value for some nations within certain segments. The sharp increase in value in the gas and dry bulk segment in the Norwegian fleet in particular are examples of this. Nevertheless, this year’s analyses are based on a stronger database than previously, with fewer uncertainties.

Read more

The Norwegian controlled foreign-going fleet