Volume 3, issue #21 - 31-08-1998

June 23, 1998 Panama has stretched its lead as the world's largest shipping register.
Lloyd's Register's latest World Fleet Statistics show that Panama's fleet grew almost 11 % to 91.1 mm gt, representing 6,188 vessels.
Panama now claims 17 % of the world fleet and has a comfortable lead of 31.1 mm gt over its nearest rival, Liberia.
Overall, Lloyd's Register's figures show that the world fleet increased by 14.3 mm gt - 2.8 % - to 522.2 mm gt (85,494 vessels).
Thus, Panama's growth was the equivalent of 62.9 % of the world fleet's expansion.
Liberia experienced only marginal growth to 60.05 mm gt (1,697 vessels) from 59.98 mm gt (1,684 vessels), although its tonnage continued to be substantially more than double the third largest register - the Bahamas, which overtook Greece.
The Bahamas' registered fleet rose 4.5 % to 25.52 mm gt (1,221 vessels) from 24.4 mm gt (1,186 vessels), while Greece's slipped to 25.28 mm gt (1,641 vessels) from 27.5 mm gt (1,743 vessels).
Of course, the Greek register's decline is not indicative of a fall in the Greek-controlled fleet, which has continued to grow. However, it does support the view that Greek owners are disenchanted with the costs of operating on the national register. Although Malta's ranking is unchanged at 6, its register experienced the most impressive tonnage growth.
Malta's fleet jumped 3.5 mm gt or 18 % to 22.98 mm gt (1,378 vessels) from 19.47 mm gt (1,247 vessels).
Other notable gains were notched up by Singapore and Germany.
Singapore moved up to eighth position from tenth with a rise in its fleet of 14.7 % to 18.87 mm gt (1,656 vessels) from 16.44 mm gt (1,480).
Germany re-entered the top 20 at number 16 with an 18.9 % increase to 6.95 mm gt (1,125 vessels) from 5.84 mm gt (1,101 vessels).
Hong Kong was one of the registers which suffered the worst tonnage declines.
It dropped out of the leading 20 registers following a 26.5 % fall to 5.77 mm gt (375 vessels) from 7.86 mm gt (398 vessels). In 1995 and 1996, Hong Kong ranked 13th and 14th, respectively.
The UK fleet also continued to decline. It suffered a 10 % fall to 3.48 mm gt (1,424 vessels) from 3.87 m gt (1,429 vessels).
Lloyd's Register said the average age of the world fleet was unchanged at 19 years. Containerships had the youngest average age at 10 years.
The ship type with the oldest average age is passenger/ general cargo at 30 years, although this is a very small category with just 600,000 gt (342 ships).
The average age of oil tankers is 18 years.
In terms of cargo carrying vessels, the world fleet grew 2.4 % to 757.84 mm dwt (45,830 vessels) from 739.72 mm dwt (45,097 vessels). The average age remained 18 years.
Ships completed during 1997 totalled 25.2 mm gt (1,820 vessels), down 2.5 % from the previous year. Japan and South Korea were responsible for more 71 % of this tonnage.