Drewry, a global navigation consultancy, predicted that in more than ten years, shipping will face its largest shortage of officers by 2026.
Rhett Harris, Drewry's head of manning research said, " Covid-19 pandemic pulled the unfavourable effects of shipping life as such some seafarers may plan their retirement, while others may switch to work ashore."
Drewry analysed the case over several years that the recruitment and retention of quality officers were challenging and forecasted that the condition would worsen, as the supply-demand imbalance would expand over the coming five years.
The primary explanation Drewry cited for the deceleration in officers is the decreasing interest in shipping careers. It is reported, over the recent five years, the growth rate of seafarers available for the global merchant fleet has shrunk from 2.7 per cent annually to 0.5percent annually. The expanding scarcity of officers is anticipated to influence the quality more than the quantity of service.
According to Drewry, aggregate manning expenses are expected to increase fairly by 2021, eliminating the adverse effect of Covid-19. The increase is estimated at under half a per cent over the year, similar to last year's pace. Crewing costs will be driven up by glancing forward, tightening labour market conditions, and providing better affordability. But the increase will continue to remain below the current rate of client price inflation.