Around 100,000 TEU worth of new containerships that were due to be delivered in 2014 have been passed over to 2015, according to Drewry Shipping Consultants.
This slipping of containership deliveries is expected to add to the supply pressure for 2015, and without this so-called ‘slippage’, the global fleet would have grown by a further 0.6 points to 6.6% in 2014.
Slippage is not uncommon as ship-owners and yards re-negotiate delivery terms, and the sum for 2014 was lower than seen in recent years, however, tonnage still has to be delivered at some point and delays merely push the problem further down the road.
This year the problem is particularly acute as the overhang in 2014 deliveries will be in addition to the huge 1.85 million TEU already due to be added to the fleet.
The scrapping of old ships along with further slippage of new builds into 2016 will lower the net addition to the fleet to around 1.35 million TEU, but this would still represent the largest spike in annual capacity since 2007.
Drewry still sees the global fleet growth exceeding demand at 7.2% versus 5.3%.
For individual carriers the rationale for ordering bigger, more technologically advanced and fuel efficient ships is that it lowers their slot costs, but it does present the wider industry with a huge problem in how to absorb the extra capacity.
Ship Orders to Intensify Pressure. (Source: Virahaber)
