Members of INTERCARGO, a global dry bulk shipping association, have voiced their concerns regarding ship vetting platform RightShip’s decision this week to reduce the age limit of bulk carriers eligible for vetting inspections from 14 to 10 years.
INTERCARGO said it was disappointed RightShip had not consulted with the organisation prior to announcing the age changes.
INTERCARGO asked RightShip to reconsider the timeline for implementing this decision, particularly as the current vetting inspection regime was only introduced two years ago.
“A delay in applying the new age limit would allow ship operators and seafarers sufficient time to adjust to the evolving requirements, while upholding the high standards of safety and efficiency that are essential to our industry,” INTERCARGO stated in a release.
From the end of March next year, RightShip’s age trigger for the inspection of dry bulk and general cargo vessels will change from 14 to 12 years, moving to 10 years a year later.
“Our decision to lower the inspection age from 14 to 10 years, in a phased approach, reflects the desire from stakeholders for more physical inspections of vessels to counter challenges the dry sector faces in achieving operational excellence. This change reflects our commitment to raising safety standards globally and comes at a critical time as the global dry bulk fleet now averages 14.7 years in age and will continue to rise,” explained Christopher Saunders, chief maritime officer at RightShip.
RightShip data reveals that the dry bulk sector lags in critical safety metrics compared to other sectors, with bulk carriers experiencing the highest incident ratio at 1.49%, followed by oil (0.96%) and LNG (0.89%). Fatalities are significantly more prevalent in dry bulk, showing a 0.42% fatality ratio, surpassing LNG and LPG vessels (0.14%). Additionally, bulk carriers have a Port State Control detention ratio of 4.69%, which is four times higher than that of oil tankers.
RightShip analysis indicates a strong correlation between the age of bulk carriers and general cargo vessels and increased safety risks, particularly after vessels exceed 10 years.
“As we navigate the challenges associated with an ageing fleet, we must collectively strive for safety and transparency across the shipping industry,” said Steen Lund, CEO of RightShip.
In the bulker segment, nearly 30% of the current fleet, both in terms of vessels and deadweight tonnage, will be over 20 years old by 2030, data from Greece’s Xclusiv Shipbrokers shows with larger ships showing the greatest ageing.
Longevity proved to be the overarching theme at last month’s Maritime CEO Forum held at the Fullerton Hotel in Singapore with many panellists agreeing that charterers will have to relax their restrictions on chartering older units.
As the 2020s progress, there is a clear bottleneck emerging for certain ageing shipping sectors that need to renew their fleets but are faced with busy Asian shipyards full of container and gas carrier orders.
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