Containership orders at world shipyards have fallen 49 per cent so far this year as charter rates slump, freight rates come under pressure and growth volumes shrink on major trade lanes.
Clarkson, the London shipbroker, reports that the trend has affected all sizes with only 179 ships having been ordered in the first eight months of 2008, down a near 50 per cent year on year, which follows five years of record orders, said Clarkson, adding that this contrasts sharply with 566 orders in 2005, 479 in 2006 and 530 in 2007.
The world orderbook now stands at 6.5 million TEU contracted, equal to 55 per cent of the current fleet, a large portion made up of 10,000-12,000-TEU vessels.
June stood out as the only exception to the trend when a surprise 70 contracts came in, boosted by Maersk Line orders, reported New York's Journal of Commerce.
World container trade growth has dropped below the double-digit level this year for the first time since 2001. This has simultaneously triggered a slide in ocean freight rates and a decline in ship charter rates - off 20 per cent year-to-date - as carrier demand for additional tonnage slows, reported the Journal.
A 3,500-TEU gearless panamax vessel is earning US$26,000 a day on charter, down from $29,500 in June, and more than $12,000 off of average daily earnings in 2006, said the newspaper.
A 3,500-TEU ship is being quoted at $67 million against $63 million at the end of 2007, while a 1,100-TEU vessel is unchanged at $27.5 million but still earns $5.5 million more than at the end of 2006.
But prices for second hand ships have eased with a 3,500-TEU ship fetching $46.5 million, down $3 million since the end of last year.
Clarkson, the London shipbroker, reports that the trend has affected all sizes with only 179 ships having been ordered in the first eight months of 2008, down a near 50 per cent year on year, which follows five years of record orders, said Clarkson, adding that this contrasts sharply with 566 orders in 2005, 479 in 2006 and 530 in 2007.
The world orderbook now stands at 6.5 million TEU contracted, equal to 55 per cent of the current fleet, a large portion made up of 10,000-12,000-TEU vessels.
June stood out as the only exception to the trend when a surprise 70 contracts came in, boosted by Maersk Line orders, reported New York's Journal of Commerce.
World container trade growth has dropped below the double-digit level this year for the first time since 2001. This has simultaneously triggered a slide in ocean freight rates and a decline in ship charter rates - off 20 per cent year-to-date - as carrier demand for additional tonnage slows, reported the Journal.
A 3,500-TEU gearless panamax vessel is earning US$26,000 a day on charter, down from $29,500 in June, and more than $12,000 off of average daily earnings in 2006, said the newspaper.
A 3,500-TEU ship is being quoted at $67 million against $63 million at the end of 2007, while a 1,100-TEU vessel is unchanged at $27.5 million but still earns $5.5 million more than at the end of 2006.
But prices for second hand ships have eased with a 3,500-TEU ship fetching $46.5 million, down $3 million since the end of last year.