Drewry has announced that the Asia-Mediterranean trade is still “over-tonnaged”, as deadhaul ship utilisation is below other major east-west markets, reported loadstar.
The data from Drewry reveals that the deadhaul slot of the Asia-Mediterranean market had grown 12% every year, but the actual container traffic expansion had only grown by an average of 3%.
Although the collapse of Hanjin Shipping did something to relieve over-supply in the current market, Drewry has stated that the new alliances being formed and their new schedules for the coming year are not going to do “nothing to address this issue”
Westbound supply in September was 515,000 TEU of capacity against demand of 405,000 TEU, resulting in an average load factor per vessel of 79%.
Drewry expects he Ocean Three’s Adriatic (PHOEX) and Black Sea (BEX) temporary merger will “no doubt improve load factors” for the industry.
Earlier this month, Drewry released a report stating that high scheduled deliveries and low demolition prospects will drive unwanted fleet growth of very large gas carriers (VLGC) in 2017 putting additional pressure on freight rates.