World Shipping Statistics 1976
1976 was a year of contrast for world bulk shipping. In the dry cargo trades some semblance of stability was i n t r o d u c e d into freight rates, which ended the year at virtually the same levels as at its beginning by the upturn in world economic activity. The ensuing growth of trade enabled some nine million dwt of newly built bulk carriers to be absorbed, with no appreciable rise in the amount of tonnage laid up.
In tankers, on the other hand, there was a net addition to the fleet of some 30 million dwt during 1976, after allowing for sales to breakers estimated at nine million dwt. The end-1976 tanker fleet of 317 million dwt was some 70 percent larger, in tonnage terms, than the fleet at the end of 1972. In view of this level of deliveries, it is not surprising that an all-time high of inactive tanker tonnage (48 million dwt in April) was experienced in 1976. However, by the end of the year, rates in the tanker market were, rather surprisingly, showing some strength, thanks to an abnormally harsh winter and "hedge" liftings of crude oil in advance of OPEC's January 1, 1977 price increase. However, also at the year end, the order book for new tankers had declined to 45 million dwt (halving from 109.5 million dwt at the start of the year), and prospects for tanker rates in the medium/long term were as dismal as at the end of 1975.
These facts exemplify the coverage of shipping contained in "World Shipping Statistics 1976," produced by H.P. Drewry (Shipping Consultants) Limited. The 1976 Annual is similar in format to the 1975 edition with 54 pages of statistical tables, 13 pages of graphs and 12 pages of comment on the world bulk shipping scene in 1976. The three sections of the Annual—tankers, dry cargo and world shipping—contain statistics of world oil production, bulk trade flows, bulk fleet developments, chartering activity, freight rates, world bulk fleet inactivity, and ordering and cancellation of newbuilding tonnage. There is also a comprehensive and detailed listing of iron ore and coal loading facilities for large bulk carriers (35,000-dwt plus), operating cost indices for specific vessel types 1972-76, and a five-year series of newbuilding prices. "World Shipping Statistics 1976" is prepared by the Research Division of H.P. Drewry (Shipping Consultants) Limited, 34 Brook Street, Mayfair, London W1Y 2LL, England, and is available at a price of £30 for U.K. orders, or U.S. $75 for all overseas orders, inclusive of airmail.