For the last two months the number of idle container carriers increased 2.2 times up to total capacity of 800,000 TEU which accounts for 6.5% of the entire fleet’s container capacity. This is twice as much as total capacity of unemployed ships in notorious March of 2002 (3.2%) and even larger than the 5% reached in 1986. Such large-scale laying up of vessels is caused by continuing decrease of container services due to overcapacity in the current market against trivial lack of cargo
2009 February 24
Container tonnage market: crisis on the march
For the last two months the number of idle container carriers increased 2.2 times up to total capacity of 800,000 TEU which accounts for 6.5% of the entire fleet’s container capacity. This is twice as much as total capacity of unemployed ships in notorious March of 2002 (3.2%) and even larger than the 5% reached in 1986. Such large-scale laying up of vessels is caused by continuing decrease of container services due to overcapacity in the current market against trivial lack of cargo