Photo: © Eq Roy
Excluding ships caught up in the fracas in the Persian Gulf, the container shipping sector’s scheme for full employment appears to be working, with virtually none of the rest of the world’s 33m teu cellular fleet idle.
In its latest round-up, Alphaliner counted just 59 (representing 189,285 teu) vessels out of action, meaning carriers had found opportunities for 22 ships to get back in the game since April’s update, supported by continuing strength in the charter market.
“Despite the situation in the Middle East, demand for tonnage remains sustained across the board, which, given the persistent shortage of ships especially above 3,000 teu, supports continuously healthy charter rates,” Alphaliner noted.
“Rates are even firming up further, especially for modern, energy-efficient tonnage. Most fixing activity, unsurprisingly, took place in the smaller sizes below 2,000 teu, where tonnage liquidity is a little higher than in the bigger sizes, where the volume of fixing remains low.”
For those seeking capacity, part of the aim appears to be chasing fuel-efficient tonnage – “not surprising considering current oil prices”, Alphaliner noted – with momentum building in the forward fixing of smaller, modern vessels.
Those in the 1,700-1,900 teu range, otherwise known as Bangkokmaxes, are being locked in for third and fourth quarter deliveries, with some charterers even looking to get ahead of the game and making bookings for the start of next year.
Forward deliveries notwithstanding, non-operating owners are finding “very healthy” deals on the market, Alphaliner quoting rates of $25,000 a month for a two-year period or $30,000 for a year-long deal being “commonly agreed”.
Source: Alphaliner – idle container fleet 26 May
All of which is good news for those keen to get capacity back in the game, although a caveat comes in the shape of the Iran war, which has taken some 280,000 teu out of action – around 0.8% of global capacity.
And Alphaliner noted that “at least” 57 box ships had been put out of action by the conflict, by either having been diverted or sheltered, and suggested the actual number could be a lot higher.
It noted: “With widespread AIS transponder deactivation and contingency plans still in the making, the actual number could be higher. Since these ships are not ‘available’ on the market, this forced inactivity further drains tonnage supply.”
Then, of course, there is the capacity tied up for conversion, maintenance, repair, or retrofit, which, while remaining stable over the closing weeks of May, amounts to 164 vessels, or 682,000 teu, equating to 2% of the global container fleet.