Ships

The year ahead for the container shipping market will be largely driven by how carriers manage the capacity glut, with 2.56m teu of new ship capacity scheduled for delivery in 2023 against projected deletions of just 0.25m teu with overall fleet growth expected to at 8.8% compared to 4.1% in 2022. In addition, surplus tonnage is coming back from capacity rationalization and the impact of port de-congestion that would release much of the 10% of the fleet still tied down at port anchorages current

MSC is not slowing down its aggressive capacity expansion program despite the worsening market outlook. It has taken delivery of 7 more second-hand acquisitions so far this month, bringing the total number of ships acquired in the resale market to 306 units since 2020 (including units that were it had previously chartered). MSC was also linked to a package deal concluded with Costamare for 7 ships of 8,500-11,000 teu for forward delivery in 2025 for 4-5 year periods. Costamare also confirmed fo

8 ships were delivered in the last week of October bringing the total containership deliveries in October to 16 units for 130,923 teu. It was the highest monthly record for new ships delivered since 2019, but will be overshadowed by the expected surge of new ship deliveries expected in the coming 2 years. Matson announced an order for 3 LNG dual-fuel 3,620 teu ships of the Aloha class for an aggregate price of $1 Bn at Philly Shipyard, adding to 2 similar units that were delivered in 2018 and 2

Expectations of a surge in containership scrapping in the coming year is unwarranted as many of the older ships have been given extended lifespans in the last 2 years, having completed their class renewal surveys/special surveys that would push their useful lives until 2026-2027. Based on Linerlytica’s analysis of the containership fleet’s special survey due dates, there are less than 300 ships with a total container intake 700,000 teu that will have their 20 or 25 year surveys due in 2023, wit

COSCO has confirmed a new order for 12 new methanol-dual fuel ships of 24,000 teu to be built at 2 of its 50% owned shipyards – Nantong COSCO KHI and Dalian COSCO KHI. These ships cost $239.85m each and 7 units will be under OOCL’s account. It adds to 12 units of 23,000 teu that were ordered in March and October 2020 on OOCL’s account for delivery in 2023 and 2024. The earlier units will operate on conventional fuel with scrubbers and cost $156-157m each. COSCO is the second major carrier to c

Van Son Shipping has reactivated the 1,730 teu VINASHIN EXPRESS 01 on 9 October 2022 and placed the ship on its Haiphong-Cai Mep domestic service. The ship has been laid up since it was delivered June 2013 by the Bach Dang Shipyard in Haiphong. It is a sistership of the NEW VISION [/cms/ghost/#/editor/post/62f36094043625083a08cc6c] that had been re-activated at the end of July 2022 after a 10 year lay up. The VINASHIN EXPRESS 01 was launched in November 2008 but her delivery was delayed by ove

The easing port congestion and a pick up in the number of new ships being delivered has brough the active fleet back above 17m teu for the first time in 12 months. More ships have also entered drydock including ships undergoing scrubber retrofits. Further increases are forthcoming, with new deliveries picking up pace while port congestion continues to ease over the coming 3 months. The number of idle ships has increased to 42 ships for 121,031 teu without employment as at 9 September 2022. 2

Charter rates recorded sharp falls last week, with the negative sentiment in the freight markets finally filtering through to the charter market. With freight rates rapidly collapsing across all tradelanes, charter rates are belatedly catching up with further rate falls to follow given the rising number of vessels available spot and on a prompt basis. Shorter period charters of up to 6 months are no longer commanding any premiums over 12 month rates, while the gap on 24 month rates are also na

Charter rates have continued to ease on the back of lower transaction volumes, with current activity mainly focused on smaller vessel sizes on shorter periods. Rates will continue to weaken in the coming weeks with the summer peak season turning out to be much weaker than expected. The soft charter market has not dampened demand for second hand purchases, with resale volumes remaining high. Wan Hai has confirmed the purchase of 4 newbuildings of 2,800 teu that are under construction at CSBC Ka

The inactive fleet remains largely unchanged at 24 ships for 74,395 teu as at 24 July 2022,which is a historical low level for our data series dating back to 2008. 13 ships for 26,367 teu are idle or awaiting     phase in.  4 ships for 13,981 teu are Iranian owned ships. The idle ships list includes the Dioryx owned 4,398 teu MALIAKOS that have been idle since 26 April as the owners are still holding out for better charterer offers and the 9,403 teu JOSEPH SCHULTE that has been stuck at Odessa