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A large number of idle ships are returning, and the shipping market is expected to recover
Since the global outbreak of the epidemic in March 2020, the shipping market demand has been hit unprecedentedly. A large number of ships have been idle, 1,000, 2,000, 3,000... and finally reached a record peak to 6,000 in April and May! The shipping market is depressed... 0
Recently, however, we are delighted to see that more and more idle ships are "going home"! Especially container ships performed most prominently.
Is the shipping market finally going to be proud?
Welcome to the rejoining members!
The capacity was activated and 149 box ships returned to the team!
According to relevant data, in May of this year, the world's idle container ships reached a record level of 524, with an idle capacity of 2.65 million TEU, equivalent to 11.3% of the world's 23.35 million TEU container ships. The idle capacity a year ago was about 4%.
With the improvement of the epidemic situation in some areas and the rebound of market demand, the idle capacity of ships has begun to be slowly activated, and the idle capacity is becoming less and less.
Two weeks ago, there were 453 idle container ships with a total capacity of 2.32 million TEU.
The latest data tracked by Alphaliner shows that the current number of idle container ships has been reduced to 375, a decrease of 78 from two weeks ago; the idle capacity is 1.85 million TEU, which is equivalent to 7.9% of the world's 23.35 million TEU container ship capacity—— This is the first time since February this year that the capacity of idle container ships has fallen below 2 million TEU.
It can be seen that compared to May, the current idle capacity of 149 ships and 800,000 TEU has been reactivated, and the idle container ship capacity has dropped by 30% compared with that in May.
Due to the lag in the activation of capacity, during this period, due to the surge in market demand, the capacity failed to keep up with the increase in freight rates. For example, the chartering rates of Panamax vessels have risen by approximately US$2,000 per day to approximately US$9,000 in the past two weeks. Other ship types also show strong growth in demand, which is reflected in the increase in daily rental rates and the improvement of shipowners’ conditions. aspect.
Only reduced by 4.7%, and air-lift navigation is reduced!
After the new crown epidemic hit market demand, shipping companies artificially cancelled an unprecedented number of voyages, and now, this situation is improving.
Looking at the Asia-Europe route
Data show that in the second quarter, 21% of Asia-Europe routes were cancelled, while shipping companies cancelled 15.3% of routes in the third quarter.
Looking at the Asia-North America route
Compared with European demand, shipping companies are more optimistic about North American market demand. In the second quarter, the shipping company’s Asia-North America route was cut by 14.7%. According to data updated by eeSea.com last Thursday, the third quarter’s Asia-North America route was only cut by 4.7%.
It can be seen that shipping companies are more pessimistic about European imports and more confident about Asia-Europe routes.
Of course, there are two aspects to everything. The recovery and increase of capacity will also be accompanied by downward pressure on freight rates in the short term. In fact, there are signs of a decline in freight rates.
The China-US West Coast route (SONAR: FBXD.CNAW) on July 8 and the China-US East Coast route (SONAR: FBXD.CNAE) peaked on July 7. The freight rate from China to the West Coast reached a maximum of US$2,855 per FEU.
However, with the gradual recovery of idle capacity and the gradual increase of capacity in the market, the freight rate fell 4% on Wednesday to US$2,753 per FEU.
The stability of freight rates still awaits the overall recovery of the global shipping market in the post-epidemic era.
However, the idle capacity is finally returning to the team, indicating that the shipping market has finally regrouped and regained the battlefield after several months of retreat on the battlefield of the epidemic and the collapse of its troops.
Shipping market, come on.
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