AXS-Alphaliner calculates the amount of idle tonnage at equivalent to 3.5% of the total cellular fleet, the same in percentage terms as that reached during the last downturn of 2002, when the fleet was much smaller.
So in percentage terms, this really isn't so bad. The fleet has grown at an astounding rate.
The downturn comes at a time when the fleet is growing at record speed, with total capacity passing the 13m teu level just before Christmas.
That represents growth of more than 100% since mid-2001 when the fleet stood at 6m teu.
It then took 21 months to climb by another 1m teu, whereas this year, the fleet gained 1m teu in the space of just nine months, and is on course to grow to 14m teu by August 2009.
This is just part of the cyclical business of international shipping. Overbuild, lay-up. The German shipowners are old hands at this problem. During the last downturn they formed the Containership Association.
German owners of container vessels has started a mutual fund for economic compensation to vessels laid-up. Initially the fund has gathered one-vessel owners with a total of 140 ships, writes Lloyd’s List. According to the latest estimates, there are around 150 container vessels laid up around the world, a more is to come. Members can expect a cover of about 70 per cent of the going charter rate.
German Containership Association was established in 2002, but was not activated until now. One reason was uncertainty whether the scheme was in breach of EU regulations. The association now claims that this is not the case as support will only be given for two-three months, and the vessels must be ready to resume service.
No comments:
Post a Comment