Ocean-Going Merchant Ships Are Moving Slower Than Ever
Average speeds across the deep sea cargo fleet in the first quarter of this year have reached a new low, as reported by data from Clarksons Research.
Certain sectors that have been facing commercial challenges in the beginning of this year are experiencing notably slow speeds worldwide.
In the LNG sector, which has seen historically low rates this year, speeds have dropped by 2% compared to the 2024 average, moving at 14.6 knots. Bulk carriers have slowed down by 1.7% from last year, operating at just 10.7 knots, while product tankers are moving 1.7% slower at 11.2 knots – all recording record slow speeds.
“A 10% speed reduction can lower the emissions of an individual ship’s journey by almost 20%”
Owners have been reducing speed not only to adjust to the capacity in a challenging rate environment but also to meet environmental goals and comply with regulations like the Carbon Intensity Indicator.
According to John Maggs from the Clean Shipping Coalition, “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%.” This aligns with the long-term trend of vessel speeds decreasing by approximately 20-30% since 2008 in most shipping sectors as highlighted in Clarksons’ recent weekly report.
