Idled ocean container capacity hit a new high of 1.41 million TEUs, or 11.3 percent of the world fleet on March 16, with 484 ships lying at anchor as carriers continued to retrench amid declining cargo volumes on most liner trade routes.
But the rate of lay-up is slowing for the first time in three months, with only 31 ships of 60,000 TEUs joining the jobless ranks in the past two weeks, according to AXS-Alphaliner, a Paris-based consultant.
The 11.3 percent unemployment rate is more than three times the 3.2 percent jobless figure in the depth of the 2002 bear market. The laid-up fleet totalled 70 ships of 150,000 TEUs in late October and reached 550,000 TEUs on January 5.
The Australian fruit shipping season has capped the laid-up figure by providing work for an additional 20 ships totalling 35,000-40,000 TEUs. There has been a slowdown in lay-ups of ships above 3,000 TEUs and vessels of 500-1,000 TEUs capacity, AXS-Alphaliner notes. But there has been a sharp rise in the number of idled 1,000-3,000 TEUs ships as they come off charter.
Carrriers are deploying their own 3,500-4,000 TEUs ships on merged services, replacing chartered vessels of 2,000-3,000 TEUs used previously.
As a result, the number of chartered ships idled after coming off hire has risen, accounting for 243 of the 484 laid-up vessels with an aggregate capacity of 370,000 TEUs. Ocean carriers account for the remaining 214 idled ships of 1.04 million TEUs.
The laid-up fleet includes 24 ships of 7,500-10,000 TEUs and 58 of 5,000-7,500 TEUs.
AXS-Alphaliner says carriers and charter owners can gauge whether the market has turned in the next peak shipping season "which should kick off in May or June".
But the rate of lay-up is slowing for the first time in three months, with only 31 ships of 60,000 TEUs joining the jobless ranks in the past two weeks, according to AXS-Alphaliner, a Paris-based consultant.
The 11.3 percent unemployment rate is more than three times the 3.2 percent jobless figure in the depth of the 2002 bear market. The laid-up fleet totalled 70 ships of 150,000 TEUs in late October and reached 550,000 TEUs on January 5.
The Australian fruit shipping season has capped the laid-up figure by providing work for an additional 20 ships totalling 35,000-40,000 TEUs. There has been a slowdown in lay-ups of ships above 3,000 TEUs and vessels of 500-1,000 TEUs capacity, AXS-Alphaliner notes. But there has been a sharp rise in the number of idled 1,000-3,000 TEUs ships as they come off charter.
Carrriers are deploying their own 3,500-4,000 TEUs ships on merged services, replacing chartered vessels of 2,000-3,000 TEUs used previously.
As a result, the number of chartered ships idled after coming off hire has risen, accounting for 243 of the 484 laid-up vessels with an aggregate capacity of 370,000 TEUs. Ocean carriers account for the remaining 214 idled ships of 1.04 million TEUs.
The laid-up fleet includes 24 ships of 7,500-10,000 TEUs and 58 of 5,000-7,500 TEUs.
AXS-Alphaliner says carriers and charter owners can gauge whether the market has turned in the next peak shipping season "which should kick off in May or June".