Fleet Profile
During the year under review, owned entered tonnage increased by almost 5m gt with the addition (net) of 70 ships. As in previous years, most of the growth in owned tonnage came from existing Members. Chartered tonnage reduced during the year largely as a result of one Member significantly reducing its chartering activity.
The number of Members entered in the Association remained stable during the year with five new Members joining and four withdrawing, one having sold all its ships.
Of the newly entered vessels, around 200 were new buildings, and this has helped to maintain the favourable age profile of the Association's entered tonnage, with 66% having been built in the last 10 years (compared to 57% for the world fleet). The composition of entered tonnage by type of vessel has changed a little with crude oil tankers now representing 25% of the Association's tonnage (down from 28% last year). Conversely the percentage of bulk carrier tonnage has increased from 27% to 31%. This was the result of the disposal by Members of older VLCCs and the entry of a number of Capesize bulkers and VLOCs.
The geographical spread of the Association’s business has changed little over recent years with fleets from the Asian region still representing the largest proportion, at almost 50% of total entered tonnage.
The renewal at 20 February 2011 produced an increase of just under 1m gt in the Association's entered tonnage.
Three new Members were welcomed to the Association and the same number withdrew. At the beginning of the 2011/12 policy year, the Association's total entered tonnage amounted to approximately 139m gt, comprising 103mt gt owned and 36m gt chartered tonnage.
