Tuesday, June 30, 2009

Containerships scrapped at record levels

From the Journal of Commerce

Ship owners assigned 94 fully cellular containerships totaling 184,700 TEUs for scrapping in the first half of the year, Alphaliner said. This is nearly as much as the total tonnage scrapped in the past five years.

Mediterranean Shipping Co., the world's second largest ocean carrier, and Mitsui OSK Lines, the Japanese ship-owner, feature heavily in recent demolition contracts, according to Clarkson, the leading London shipbroker. While MSC has disposed of a number of aging vessels, MOL is demolishing some of the youngest ships to be scrapped since the market downturn, Clarkson said.

Ocean carriers and charter owners are expected to at least maintain current scrapping rates into 2010 when the oversupply of box ship capacity is forecast to peak at around 3.5 million TEUs.

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