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In 2023, 2.3 million TEU of container ship capacity was delivered, beating the former all-time high by 37%. Year-to-date another record has been set as more than 1 million TEU has already been delivered during the first four months of the year, an increase of nearly 80% compared to the previous record.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
US manufacturing of durable goods, which has been lagging the wider recovery of the US economy, hit an all-time high in June when USD 270.5 billion worth of goods was produced.
UNCTAD and IMO issue joint-statement calling for action by government states to facilitate crew changes.
BIMCO has started work on standard arrest clauses for use in charter parties.
Brazil’s soybean harvest is behind schedule due to heavy rain with exports down 31% y/y in the first two months of 2023. But despite the slow start, Brazil is headed for a record harvest and a sharp increase in exports during the coming month.
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can ensure the charterers’ uninterrupted use of a ship if the owner defaults under the financing facility.
At the start of October, the capesize order book was at 20 million DWT, a mere 5% of the capesize fleet. The contracting of newbuild capesize ships has gradually decreased since its peak in 2013 and only 5 million DWT were contracted so far in 2023, down 4% y/y. Low freight rates paired with a young fleet are keeping the order book small.
