Global container volumes down 1.7% in first 11 months of 2020
07 January 2021The shipping number of the week provides members with a brief analysis of relevant developments in the shipping markets.
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The shipping number of the week provides members with a brief analysis of relevant developments in the shipping markets.
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).
Demand drivers and freight rates Driven by the pandemic and stimulus-induced consumer spending on retail goods, container shipping has been a great place to be for carriers and tonnage providers, while proving a headache for those with cargoes needing to be moved in a timely manner.
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).
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.
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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