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In October 2020, the order book for new container ships bottomed out at 8.4% of the combined trading fleet. For ships smaller than 8,000 TEU, the order book bottomed out one month later at 3.7% of the trading fleet, and only accounted for 18.2% of the total container order book. Interest in the smaller segments, however, is bouncing back after months of hibernation.
The bad news for liner operators appears to have no end. In a normal year, the weeks leading up to Chinese New Year (CNY) bring an increase in volumes and freight rates. So far, however, the lead-up to CNY in 2023 has been the worst in 13 years.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) have approved a voyage charter party, ASBAGASVOY, for publication to serve the growing gas tanker industry. Work will now begin to revise ASBATANKVOY, one of the most used tanker charter parties in the world.
Many container operators use charter party trade limits as a sanctions management tool when operating liner services between non-sanctioned countries. To provide an alternative contractual solution and to proactively address the current trend to impose sanctions on the shipping industry, BIMCO is currently developing a sanctions clause specifically designed for time chartering container ships.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
Initially, the COVID-19 pandemic and mobility restrictions across the world led to much lower transport demand in the container sector. In the 3rd quarter of 2020, however, demand jumped as consumers converted spending on services to higher spending on goods. Freight and time charter rates have since reached historically high levels as congestion has increased the strain on supply. Now, the size of the container fleet has, however, caught up with transport demand.
