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Containership capacity squeeze looms on non-mainline services

12/25/2012 10:15:46 AM

CONTAINER shipping companies potentially face a shortage of small- and medium-sized ships in future despite the glut of newbuild ordering in the mega-sized range, warns Clarksons in its latest Container Intelligence Monthly report.

The buying frenzy of recent years has fizzled out and left a bad taste in the mouth as cargo volumes remain weak and the number of idle vessels remains high. New orders for smaller-sized vessels have dried up, and there are concerns the capacity squeeze will slow trade development in some parts of the world, unless ordering resumes.

Clarksons highlights that relatively few ships of 3,000 TEU or smaller have been built since 2009 and activity in the mid-range vessels of up to 7,999 TEU has also been light, with ordering constrained by lack of finance.

"Since trade growth in the coming years is expected to be rosier on non-mainline routes, the lack of ordering in the small and medium sizes could eventually create a supply deficit of such tonnage," Clarksons said.

A report by Irish Trucker News noted that the looming capacity squeeze comes regardless of shipyards slashing the price of new containerships to near record lows. The report highlighted a 2,750-TEU gearless vessel would cost around US$30.5 million, down from $38 million at the end of last year and $53 million in 2007. A larger 4,300-TEU ship that would have cost $57 million in late 2011 can now be ordered for $14 million or less.

Clarksons' newbuilding price index stands at 73, based on December 1996 prices equalling 100, compared with 91 a year ago and almost 130 in mid-2008 before the banking crisis.

The data also shows that $5.3 billion has been invested in new box ships this year, against $27 billion in 2011 and $55 billion in 2007 before the market collapsed and orders shrank to $1.1 billion in 2009.

Eight ships were ordered in November with combined capacity of 64,600 TEU, including five 9,200-TEU vessels. This brings the total for 2012 to 68 vessels with an aggregate tonnage of 423,464 TEU, down sharply from the 1.8 million TEU ordered in 2011 when there was a brief investment surge.

 

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