Ocean-going merchant ships are moving slower than ever.
Average speeds across the deep sea cargo fleet in the first quarter this year are at a new low, according to data from Clarksons Research.
Certain sectors that have been struggling commercially in the opening months of the year are going especially sedately across the world.
In the LNG space, for instance, a sector that has suffered its worst rates in history this year, speeds have dropped 2% versus the 2024 average to 14.6 knots this year, while bulk carriers have slowed 1.7% compared to last year to move at just 10.7 knots, while product tankers are moving 1.7% slower at 11.2 knots – all record slow speeds.
As well as cutting speed to soak up capacity in a tough rates environment, owners have been slowing down to meet green goals and comply with regulations such as the Carbon Intensity Indicator.
“By far the most effective way to reduce ship climate impacts is to slow ships down. A 10% speed reduction can lower the emissions of an individual ship’s journey by almost 20%,” John Maggs from the Clean Shipping Coalition stated in an article for Splash last month.
“Vessel speeds have been on a long- term downwards trajectory, with speeds now down by ~20-30% since 2008 in most shipping sectors,” Clarksons pointed out in its most recent weekly report.