Russia’s invasion of Ukraine will impact seafarer availability to crew the world’s merchant fleet, particularly for officers where supply has tightened, leading to rising wage inflation and higher vessel operating costs. Both Russia and Ukraine have historically provided large numbers of officers and ratings to the global merchant fleet. Drewry estimates the current supply numbers .
Diminishing attractiveness of a career at sea, coupled with rising man-berth ratios and continued fleet growth will lead to the highest shortfall of officers to crew the world’s merchant fleet in over a decade by 2026, with important implications for both hiring and future manning cost inflation, according to the latest Manning Annual Review and .