Post by HardTimeTrucker on Mar 7, 2009 7:31:00 GMT -5
Record unused capacity with 453 ships jobless as volume tumbles
LONDON
- Idled ocean container capacity on March 2 reached a record 1.35 million TEUs with 453 ships without work as carriers continue to axe services in the face of collapsing cargo volumes and tumbling freight rates across all trade routes.
The jobless figure, up from 392 vessels of 1.1 million TEUs two weeks ago, is equivalent to 10.7 percent of the world cellular container ship fleet in capacity terms, according to AXS-Alphaliner, the Paris-based consultant.
This is the highest unemployment rate in the history of container shipping and is three times the 3.5 percent jobless figure in the depth of the 2002 bear market.
The idled fleet has nearly tripled since the beginning of the year when it stood at 210 ships of 550,000 TEUs. In late October the jobless fleet totaled 70 ships of 150,000 TEUs.
The laid-up fleet includes 220 charter market vessels which are off hire and awaiting employment, AXS-Alphaliner said. Most have a capacity of less than 3,000 TEUs and aggregate 320,000 TEUs. The remaining 233 idled vessels, totaling 1.03 million TEUs, are controlled by ocean carriers -- either owned or chartered.
The jobless fleet includes 23 ships of 7,500 TEUS - 10,000 TEUs capacity, 58 of 5,000 TEUS - 7,500 TEUs and 89 of 3,000 TEUS - 5,000 TEUs.The feeder sector is hardest hit with 123 ships of 1,000 TEUS - 2,000 TEUs without work.