Tuesday, August 19, 2014
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Drewry: Container ship capacity grows with fewer ships afloat
Container ship capacity is continuing to grow with fewer vessels on the seas, according to this week's issue of Container Insight from Drewry Maritime Research.
The first half of 2014 saw the number of container carriers afloat declining for the first time in two decades, analysts report.
The nominal TEU growth capacity of the global fleet continues to increase by about 6 percent per year, Drewry says, derived solely from the boost in average ship size, not from having more ships.
During the 12 months ending March 2014, 192 ships with average capacities of 2,600 TEUs were scrapped, which amounts to the demolition of about 55 ships per quarter, according to Drewry's Container Forecaster.
The researchers note the number of ships leaving the market so far closely aligns with the number being introduced to the market. Approximately 230 new ships of various sizes will be delivered in 2014, they say, and the number of new deliveries will drop to about 180 in 2015.
As ships are getting bigger, the absolute number and the relative market share of smaller ships are falling. Of 2014's 230 new vessels, most will be larger than 5,000 TEUs, and the majority of the demolitions involve smaller ships of 5,000 TEUs or less.
These trends have significant implications for the industry, Drewry says. For ports, it means that volume will be concentrated on fewer port calls or less frequent joint services. For shipyards, the demand appears to be shifting toward bigger and bigger ships. The researchers say smaller vessels will likely be harder to find on the charter market.
Drewry concludes that diminishing fleet of smaller vessels will create investment opportunities for certain types and sizes of smaller vessels of less than 5,000 TEUs.
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