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Foundry Daily News

02. June 2009

Slowdown signs - Shippers may double laid up container vessels

Bloomberg quoted Mr Philip Clausius CEO of First Ship Lease Trust as saying that the world's shipping lines may double the number of idled container carriers to 20% of the global fleet amid a surge in new vessels and as the recession saps demand. He added that "It's the start of the crisis. There are too many container ships coming on line and not enough demand."

Lloyd’s List said that AP Moller Maersk AS, the world’s largest container line, and other shipping companies have anchored vessels as demand to move electronics, furniture and building supplies slumps. There are 910 container ships on order or 11% of the total fleet.

Mr Lucas Chong manager at Wilhelmsen Ship Management Singapore Pte said that "We've been getting reservation for lay ups as we only have a limited number of slots. The lay ups we're managing will probably double in the next couple of months." Lloyd’s List, citing Mitsui OSK Lines Limited, said that global container lines could rack up losses totaling USD 10 billion this year.

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