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Tuesday, October 23, 2018

Fearnleys Review –2004, a fantastic year for shipping

We have now received the Fearnleys Review for 2004 published February 2005. This comprehensive and useful 92-page publication reviews the shipping markets and seaborne trade for tanker, gas carrier and drybulk markets. The following is a brief summary of the tanker market information. 

As has been reviewed and commented upon in the shipping and even the financial press lately, 2004 was an exceptional year for the shipping markets. 2004 was in fact the best year since 1973 for tankers and the best ever for most other vessel types. Rates and values soared to almost unbelievable levels for new and even for old ships. Fearnleys notes, however, that in this fantastic shipping year many shipyards lost money fulfilling contracts that were fixed when prices were much lower than they are today, whilst facing much higher steel prices and various bottlenecks on the equipment side. 

In 2004, the tanker fleet increased by 5.7% to 305.7 m dwt, whereas the combined carrier fleet decreased by 3.3% to 11.6 m dwt. As in 2003, no new orders were placed for combination carriers. 27.6 million dwt of tankers were delivered in 2004, 10.6 million dwt were deleted and 34.7 m dwt were contracted. The tanker orderbook stood at 81.7 m dwt at the end of 2004, which was equivalent to 26.7% of the existing fleet.

What is unique about the Fearnley Review is its compilation and analysis of world seaborne trade. The volume of world seaborne oil trade increased 7.2% in 2004 to 2,265 million tonnes after an increase of 5.5% in 2003. Crude oil shipments increased by 7.6% to 1,800 million tonnes while oil products shipments increased by 5.7% to 465 million tonnes. OPEC’s market share again increased somewhat and Russia and West Africa saw continued significant export increases. Measured in tonne-miles, crude oil shipments increased 6.2% to 8,910 million tonne-miles and oil products shipments were up by 6.2% to 2,325 million tonne-miles.

The 2004 Fearnley Review is available from Fearnleys at  

Contact: Jan Svenne or Erik Ranheim