The navigation of ships and their speed is crucial for managing fuel consumption and related costs. This speed can be affected by factors such as freight rates or recent efforts to reduce emissions. According to research by Clarksons, since 2000, the average speed of ships has decreased, with drops of up to 30% in specific segments. These speeds have also fluctuated year by year due to market conditions.
During 2023, this trend has continued. With the recent implementation of regulations from the International Maritime Organization (IMO) related to energy efficiency and carbon emissions, many operators are expected to opt for “slow steaming” to comply. According to Clarksons, while some vessels have recorded minimum speeds, others have seen slight increases due to favorable market conditions.
Specifically, both container ships and bulk carriers have experienced lower speeds this year. For instance, container ships saw a 3% reduction in their average speed during the first eight months, hitting a low of 13.7 knots in February. Although it rose slightly in the third quarter, it remains low compared to previous years. Bulk carriers also saw a 2% drop in speed during the same period. Tankers, despite reasonable freight prices, reduced their speed by 1%.
In contrast, oil tankers saw an increase in their speeds. Due to favorable market conditions, the crude sector increased its average speed by 2%, and the products sector by 0.4%. However, these increases are modest compared to past periods.
A detailed examination of the data provided by Clarksons shows that older vessels have reduced their speed more significantly. For example, in the sector of large gas carriers, despite a strong market, older ships reduced their speeds by 2%, while more modern and eco-friendly ones increased their speed by 1%. Methane carriers with steam turbines saw a 2% drop in speed. In other segments, the decrease has been milder, with diesel-electric ships reducing their average speed by 0.9% and two-stroke ones by 0.7%.