Ships

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

June was a bumper month for new ship deliveries with 19 ships delivered for 124,931 teu in total. 6 ships were delivered in the last week alone, including 3 neo-panamax units that were delivered to CMA CGM, MSC and ONE respectively.

The containership orderbook has reached 29.2% of the existing fleet following the latest series of new ship orders by MSC, CMA CGM and ONE over the past month. This is the highest orderbook ratio since 2010...

The active containership fleet increased slightly over the past week due to the reduction in port congestion, with about 400,000 teu coming out of the congestion queue.

Active fleet steady in past week. More ships entered yards for retrofits, after 2-year delay on the extraordinary earning up cycle.

The active containership fleet rebounded to 15.8m teu, 61% of total fleet, as at 1 May due to the improvement in the port congestion situation in China and the US over the past week, with less ships waiting at anchorages.

PIL has confirmed an order for 4 new ships of 14,400 teu at Jiangnan Shipyard Group on 4 March 2022, its first new ship order since 2015. The 4 ships will be quipped with dual-fuel engines to run on both LNG and low sulphur fuel oil and will be delivered from the 2nd half of 2024 to 1st half 2025. PIL's last ship order was made in 2015 when it ordered 12 ships of 11,923 teu at Yangzijiang. They sold 8 of these ships in 2020 due to financial difficulties, but it has since recovered from its de