The global shipping fleet – encompassing all sectors except the non-cargo carrying ship types, such as tugs and passenger ships, and smaller coaster vessels, such as oil tankers and bulk carriers of less than 10,000 dwt – is expected to rise by a mere 300 vessels through 2016-2020. As a result, the shortage in officer supply is forecast to reduce from 20,900 at the end of 2015 to 7,700 by the end of 2020.

The year 2015 proved to be a dreadful one for the entire shipping sector, with the exception of oil tankers. Weak demand, coupled with falling commodity prices and oversupply of tonnage in most sectors led to rates collapsing to levels unseen since the global financial meltdown in 2008-2009. Growing concerns in the global economy and depressed freight earnings have forced owners to refrain from contracting new orders, while order cancellations and vessel demolitions have become a regular feature of the market.