Uncertainty, volatility and rising costs: a recipe for global shipping activities exposed to stormy seas, as emphasised by a recent authoritative report. The world’s seaborne trade, merchant ship fleet and ports are all under strain amid a range of disruptive influences.

The Review of Maritime Transport 2025 with a sub-title of Staying the course in turbulent waters is the latest edition of a report prepared by UNCTAD (United Nations Conference on Trade and Development), published a few weeks ago. This series of annual reports has a long half-century pedigree, having started in the late nineteen-sixties. In the new 2025 edition a thorough analysis includes chapters about international maritime trade; world shipping fleet and services; freight rates and maritime transport costs; port performance and maritime trade facilitation; and legal issues and regulatory developments.

Among some of the most dynamic observations, the report’s authors conclude that “seaborne trade is expected to stall in 2025” and “freight rates have become more volatile”. Ports are under pressure from disruptions. The global fleet renewal pushed by decarbonisation needs “clear regulatory signals, greater investment and cooperation” to drive the transition. Also highlighted is “the human side of shipping” and in particular the need to protect seafarers’ rights, update skills, and adequately recognise their contribution.

Fleet changes

One of the maritime aspects analysed in detail in the latest RMT, and in previous editions, is the composition of the world merchant ship fleet – including bulk carriers, tankers, container ships, gas carriers and other ship types – as revealed by ownership patterns. These emphasise how much the nationality of shipowners differs from patterns based on countries of registry, or flags.

Statistics in the report, based on deadweight tonnes data at the beginning of 2025, show that Greece has maintained its top position in the shipowning countries league table, with a fleet of all vessel types totalling 397.6 million dwt, amounting to 16% of the world fleet’s capacity. In the number two position is China, with a 347.2m dwt fleet equivalent to a 14% share, while Japan is in the number three slot with 240.7m dwt, a 10% proportion.

When the list of individual shipowning countries is extended to include the next two largest fleets, those of Singapore (6% share) and Hong Kong, China (also 6%), another feature is revealed. These top 5 owning countries together comprise over half (52.8%) of the entire world fleet, a remarkable concentration of influence on, and provision of carrying capacity for, global seaborne cargo movements.

Many other countries, as is widely known, also have sizeable ownership involvement. But, outside the top five, only two have 3% or more shares: South Korea – 4%, and Germany – 3%. A further seven countries have 2-3% proportions, including the United Kingdom plus Isle of Man with 2.4%. The remaining 21 countries listed individually each contribute under 2%, including a majority contributing 1% or less.

The figures emphasise how widely diffused is the profession of shipowning, albeit with a high proportion owned by companies in a small number of dominant countries. Another aspect, revealed by the UNCTAD data, is the extent of foreign flag registration used by the owning countries’ fleets.

For Greece, 88% of the owned fleet is registered under foreign flags, and for Japan a similar proportion of 84% is recorded. In the other three of the top 5 owning countries, fleet proportions registered under a foreign flag are lower, at 61% of China’s total, 53% of Singapore’s and 41% of Hong Kong, China’s. As an average this group of five together registered 70% of their tonnage in external ship registries. The reasons for this pattern of registration are generally known by many industry professionals, although not specifically discussed by UNCTAD analysts.

Seafarers’ contribution

A robust growth trend in the world merchant ship fleet is another focus of attention in the latest report, and there is potential for this trend to continue over the years ahead. But according to UNCTAD’s analysis, a shortage of seafarers is a growing challenge which has been on the horizon for years. A need has been identified to “invest in maritime graduates and professionals, promote inclusive recruitment, tap the talent pool represented by women, promote digital upskilling, and safeguard seafarers’ rights and well-being”. This need affects shipowners and stakeholders, especially in leading countries supplying seafarers.

The RMT adds that “there is a clear need for sustained efforts to improve gender diversity in the maritime

workforce, including on board ships and in port. Survey results indicated that in 2024 women accounted for just 16% of the total surveyed maritime workforce. Among seafarers, women remain “vastly underrepresented”, comprising only 1% of the active seafarers total reported in the survey.

The Review is designed to provide more than data and analysis, offering “a framework for action” according to Rebeca Grynspan, secretary-general of UNCTAD.