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Shipping lines continue to invest heavily in new container ships but invest less than their leasing company counterparts in new containers, according to Drewry’s recent Container Census 2015 annual report.
In 2014, despite some revival of the shipping lines’ investment in new box equipment, the majority was acquired by leasing companies. The rental container fleet grew by almost 9 percent during 2014, compared to 4 percent for those owned (or financed) by the lines and other transport operators so that leasing companies now (just) have the majority of the total container count.
In recent years shipping lines have been consolidating their box fleet rather than expanding, with many still opting to transfer older containers into leasing company ownership by way of sale and lease-back.
Drewry says that in 2014, approximately $10 billion was spent (by shipping lines and non-operating companies) on new containership orders totaling 1.06 million TEUs of capacity. That figure will be higher in 2015, researchers say, since in the first half of the year, total investment on 1.14 million TEUs had reached $9.5 billion.
In contrast, shipping lines invested about $4.2
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billion in new containers in 2014; a 17 percent rise from 2013 but still some 35 percent short of the 2011 outlay. In addition, shipping lines have received about $1 billion back for used equipment through sale and lease-back, thereby reducing the total net spend, Drewry reports.
The lease industry remains better positioned to raise competitive finance for fleet expansion, analysts say. This applies particularly to the top ranking companies, which already control the lion’s share of all leased box equipment, and are predicted to continue as the dominant buyers for the foreseeable future.
In conclusion, Drewry says that while shipping lines are in better financial shape now, it predicts that carriers will limit their container CAPEX and instead rely on leasing firms for much of their container requirements.
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