This report estimates the demand and supply for seafarers over the next ten years. It then compares the demand and supply forecasts to estimate the ‘gap’ between supply and demand for officers and ratings at sea as well as former seafarers employed in roles onshore. This gap is known as the ‘excess demand’ which exists where the industry’s requirement for seafarers is greater than the number of seafarers available to fill such roles. Where the supply of seafarers exceeds industry’s demand for such seafarers there is ‘excess supply’.
We identify a shortage (or ‘excess demand’) of around 3,000 to 4,000 deck and engine officers in most years of our forecast period. Excess demand for deck and engine ratings is estimated to increase throughout the forecast period to reach a shortage of around 2,000 by 2026. If we instead assume that the supply of non-UK seafarers continues to grow in line with historic rates, then excess demand is eliminated.
Click here to read the full report.
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
To find out more about our capabilities, contact:
+1 (646) 503 3052
+65 6850 0110
+44 (0)203 910 8054
Experian / Oxford Economics Main Street Report
Experian/Oxford Economics’ Main Street Report brings deep insight into the overall financial well-being of the small-business landscape, as well as provides commentary on what specific trends mean for credit grantors and the small-business community.Find Out More
The Economics of Reduced-Risk Products: Global policy landscape and principles for policy treatment
In this study, Oxford Economics assesses the policy landscape for ‘Reduced-Risk Products’ in the tobacco market, and explores the potential health and economics consequences of taking a precautionary policy stance against them.Find Out More
The Economic Impact of China PNTR Repeal
This study provides rigorous analysis to inform policymakers on the potential impact of an escalation in US-China tariffs. We examine how removing China's Permanent Normalized Trade Relations (PNTR) status would affect the US economy, finding that tariffs would cause substantial output and job losses.Find Out More