Older vessels built before the enforcement of EEDI criteria in 2013 have experienced a noticeable reduction in speed compared to newer vessels.

In our previous report, How are CII and EEXI efficiency regulations influencing a strong bulk market, we identified a trend of declining average speed in the Bulk Carrier fleet, suggesting that the enforcement of efficiency regulations such as, Carbon Intensity Indicator (CII) and Energy Efficiency Existing Ship Index (EEXI), have had an important influence on this.

In this report, Senior Valuation Analyst Oliver Kirkham investigates this assumption further by analyzing average speed data all the way back since 2012 to build a detailed picture of how efficiency criteria is affecting average speeds and tonnage supply in the Bulker market.

In this Market Insights report, we explore:

• The impact of speed and transport effectiveness between aging and modern vessels
• Historical newbuilding trends, including the legacy of the Chinese Tiger
• Developments in engine power specifications, DWT, and estimated EEXI figures

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“Now that operational efficiency measures such as CII have entered into force, this ageing majority of vessels are having a crucial impact on supply dynamics within the fleet”

Oliver Kirkham, Senior Valuation Analyst, Veson Nautical