Maintaining Fleet Performance: Dry Docking and Newbuilding Activity in 2024 and 2025
Across 2024 and 2025, we are entering one of the busiest dry docking periods in recent years, with more than 60 vessels scheduled for shipyard maintenance.
Efficient Dry Docking and Regulatory Upgrades
This increase is linked to the significant round of retrofits in 2019–2020, when many of our vessels were equipped with Exhaust Gas Cleaning Systems (scrubbers) and Ballast Water Treatment Systems (BWTS) in response to new environmental regulations. These installations marked an important step toward regulatory compliance and environmental performance, and as a result, many vessels shifted from their original dry docking timelines.
In 2024, our vessels have waited less than half a day on average before entering shipyards, with voyage deviations averaging just over one day per vessel. These results remain well below typical industry levels, helping us maintain operational continuity and minimise off-hire time.
Once docked, vessels undergo essential technical maintenance, including machinery inspections, compliance-related upgrades, and hull treatment. With the ship lifted out of the water, hull cleaning and repainting are carried out to prepare it for another five years of continuous operation. A key focus in recent dockings has been the application of silicone-based coating, which reduces friction between the hull and the water, leading to improved fuel consumption, and overall hydrodynamic efficiency.
The majority of our dry dockings take place in Asia, where we work closely with a network of shipyards across various regions to ensure flexibility in scheduling and reduce voyage deviations.
Long-Term Partnerships with Asian Shipyards
We have a long track record of shipbuilding in Asia, beginning in the mid-1980s, when we acquired Handysize resales for prompt delivery.
Since then, we have consistently collaborated with shipyards across the region to develop and renew our fleet.
Our current newbuilding program includes 13 Kamsarmax bulk carriers, scheduled for delivery between mid-2025 and early 2027.
Over the four decades since 1985, we will have taken delivery of 173 newbuildings or newbuilding resales from 31 different shipyards in Asia, broken down as follows:
- 37 Capesize bulkers
- 49 Panamax to Post-Panamax bulkers
- 32 Handymax to Ultramax bulkers
- 54 Handysize bulkers
This long-standing investment reflects our commitment to a technically advanced and fuel-efficient fleet, capable of meeting both current and future operational demands.
