Seafarer wage rates are set to accelerate in the face of worsening officer supply and demand imbalances.
According to global shipping consultancy Drewry, by 2027 sustained fleet growth will lead to the highest shortfall of officers to crew the world’s merchant fleet in over a decade.
The current officer supply shortfall is estimated to equate to around 5% of the global pool, which is broadly manageable in practical terms for vessel operators. But there is heightened risk with regard to the Russia/Ukraine conflict, potentially further limiting the supply of a large number of officers.
In a statement Drewry said looking ahead to 2027 the supply/demand gap was expected to widen to a deficit equating to more than 8% of the global officer pool.
“This is despite a slight anticipated uptick in the rate of growth in supply as training rates increase now that Covid restrictions are much less significant. While ratings supply has also been slowing, this poses less concern to employers as it remains broadly elastic to increases in demand as the global fleet expands,” reads the statement. “Recruiting and retaining quality officers with experience on sophisticated vessel types is likely to be the first pressure point in a tightening supply pool. Employers need to ensure that a career at sea is an attractive career option for ambitious and well-educated people.”
