The world merchant fleet rose by 3.1% in tonnage terms to hit a record high of 1.3bn gt.

"While annual fleet growth has dropped from a peak of 8.6% in 2010, today's fleet still represents 50% more tonnage in the active fleet compared to 2009 and the aftermath of the financial crisis," the London-based analysts said.

Also of note in the report is the following statistic: newbuild contracting activity fell to its lowest level in more that three decades, with just 542 orders of 19.3m gt reported, down 70% on an annual basis.

Scrapping volumes jumped 25% YoY last year to 29m gt, with strong container (7.6m gt) and bulk carrier recycling (15.8m gt).