Clarkson Research Services’ latest data shows that global ship repair activity has increased by 7% this year, far exceeding the overall growth rate of the fleet.
This growth comes as the global fleet reaches critical inspection milestones due to aging, while shipowners are racing to install energy-saving technologies to meet increasingly stringent decarbonization targets.
Clarkson stated that ships built during the 2009-2010 shipbuilding boom are now reaching their 15-year mark, leading to a sharp increase in the number of vessels requiring their third, fourth, or even fifth special surveys. This has generated strong ship repair demand globally.
Although the scrubber installation boom that congested repair yards in 2019 and 2020 has long subsided, shipyards are now seeing a steady stream of decarbonization-related retrofit business. Since the beginning of this year, over 540 ships have undergone energy-saving technology retrofits, while early-stage projects for carbon capture systems and fuel conversion are also beginning to emerge.
As shipyard capacity tightens and off-hire days gradually increase, brokers warn that shipowners may soon face higher repair costs and longer waiting times for dock schedules.
It is worth noting that 17 of the world’s top 20 busiest ship repair yards are located in China.
