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The shipping number of the week provides members with a brief analysis of relevant developments in the shipping markets.
Despite lower demand because of the pandemic, carriers have achieved high freight rates and profitability in the first half of the year through large-scale capacity reductions and low bunker prices.
During the first half of 2021, a total of 277 container ships have changed hands, a 103.7% jump from 136 ships bought and sold in the same period of 2020 (source: Vessels Value).
For almost three months now, the spot freight rate for containerised goods shipped by sea from North Europe to the US East Coast has been 210% higher than last year (1 July – 23 Sept).
The coronavirus pandemic has shutdown much of the US economy for months and even as parts of it reopen, the data is beginning to reveal the extent of the damage that has been done and a slow recovery is taking a tentative shape.
With fleet growth of 3.7%, compared to global container shipping demand growth of only 1%, even blanked sailings have been unable to lift freight rates.
As the Chinese Lunar New Year draws to an end, the container lines have already prepared themselves for a strong rebound. In fact they must have been
BIMCO’s Chief Shipping Analyst Peter Sand will be speaking at the Bloomberg Intelligence (BI) Webinar on 29 June 2017 at 16:00 CEST.
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