In theory, environmental regulation should be accelerating the renewal of the world fleet towards a new age of super-efficient low-carbon emitting ships.

But, the exact opposite seems to be happening, and over the past few years, the lack of investment in newbuildings has seen orders decline and the world fleet rapidly age.

Clarksons research analyst Sarah Holden recently crunched the numbers and found that the average age of the world fleet has risen from 9.7