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World shipping fleet grows by 10.1% in deadweight tonnage during 2010

According to a new research from N.Cotzias Shipping Group, the world’s shipping fleet in service has grown by 10.1% in terms of carrying capacity, and amounts 1.39 billion tones compared to 1.26 billion tones in 2009. The largest year on year increase was evidenced in the dry bulk sector with a 15.6% increase which has pushed the dry bulk carrying capacity to 623mil tons compared to 539 million tons in 2009.

The Tanker sector increased by 6% and has 514mil tons compared to 484mil tons in 2009. The Container sector increased by 7.4% & sums 186mil dwt, 160mil GT, 14.2mil TEU, compared to 174mil dwt, 148mil GT & 13.3mil TEU in 2009. These ships on order compared to the 6727 ships that construed the orderbook one year ago, are 14.2% in terms of ships and 7% in terms of carrying capacity dwt.
“The active and in service World Shipping Fleet of all major sectors, as at end of 2010, consists of 45,092 ships, divided in Bulkers, Tankers, Containers, Gas Carriers, RoRo, Reefers and Car Carriers. At the same time the same group of vessels in Jan 2010 amounted to slightly less total of 44,293 units, and the deliveries of new ships from the vast orderbook, minus some serious scrapping, and the phase out process of tankers, have increased the world active fleet by 799 ships or 127.5 million tons. The world active fleet in all shiptypes has increased by nearly 10.1% in terms of carrying capacity. This is a serious annual increase in the supply of ships, always considering that despite a vast number of deliveries the orderbook has remained practically unchanged!!!” said the report.
Meanwhile, the total carrying capacity of the orderbook amounts to 416 million tons, and that is 32 million tons less than last year's total that exceeded 448 million tons. The Newbuilding orderbook has decreased overall in 2010. There are 5771 ships/units on order and these are scheduled to be delivered by 2014.
The World Bulk Carrier Fleet has increased its carrying capacity on a year to year comparison by a strong 15.6% percent and has in December 2010 a total accumulated dwt capacity of 623 million tons compared to 539 of last January 2010. “The newbuilding orderbook in the Bulker sector decreased by 7% in terms of ships or 4.6% in terms of dwt and we have a total of 255mil tons of extra carrying capacity that will join the active fleet from today until 2014” said Cotzias. He went on to mention that the Dry Bulk Newbuilding orderbook has released more than 1000 vessels during the 12 month period of our analysis, meaning all of 2010 that has lapsed. During the same timeframe, 929 cancellations have been removed from the existing orderbook that contained a massive number of nearly 4000 Dry Bulk Carriers (3873 units). Presently there are 3453 dry bulk vessels that are scheduled to be delivered until 2014 and the number would have been seriously lower had there not been just about 350 new orders placed during these past 12 months. Obviously the picture looks slightly better than one year ago but still the overcapacity issue is haunting the industry's future, and more 2011 is under challenge when the mass is expected to be delivered (more than 1800 units of 125mil tons). 2011 pending and scheduled.
The Capesize sector has increased its total ships by 129 units. In DEC 2010 it now amounts to 1046 units compared to 917 in JAN 2010. This increase is 14.1% on a yearly comparison. In terms of total carrying capacity the Capes have a slightly larger annual increase of 15.4% as the sector sums up to 183.2mil dwt tons compared to 158.7mil tons in JAN 2010.
Elsewise the age distribution of the Cape sector is quite evenly distributed, with the eldest Cape being built in 1981 and there is no units built exceeding 30 years of age. Since 2004, 49 Capesize vessels have been scrapped. A total of 7.6mil tons of carrying capacity has been withdrawn during this 6 year period from the active fleet. The average age of these 41 Capes scrapped is 28.6years with the eldest being built in 1975 and the youngest in 1997.
The Capesize newbuilding orders still amount a further 415 ships waiting to be constructed. In JAN 2010 there were 578 units of which 150 were actually delivered during these past 12 months. In addition cancellations have remained unchanged with 93 units which are still important and can seriously help the sector breathe. It is worth mentioning that cancellations amount to nearly 17 milion tones and this as mentioned above has helped the overcapacity issue to fall below 42% as it was standing at a staggering 83% some 16 months ago.
“We see the great inflow of new fresh units from late 2005 onwards that started accelerating during 2009 and has drastically increased in 2010 and the deliveries are expected to spike in 2011 when most NB deliveries are actually pushed/delayed, as a result of slippage and renegotiations of contracts. In general we feel that the Capesize sector is overcapacitated on a yearly comparison by 15.4% and has the potential threat of existing active fleet vs new orders
pending of 41.8% which is rather alarming. This ratio in terms of units/ships is slightly less 39.7%. The sector had nearly one NB vessel delivered every 2 days and it is worth mentioning that deliveries accelerated during the second half of the yearly analysis with further orders being inked.
The Tanker ships on order have decreased by 24.8% in terms of units and 9% in terms of carrying capacity. There are 1208 ships of 113mil tons scheduled to be delivered until 2014 compared to 16000 ships and 124mil tons in 2009. The Containers on order decreased by 29.3% in terms of ships/units and 16% In terms of carrying capacity. The ships on order amount to 560 units & these total 42mil DWT, 38mil GT, 3.65mil TEU compared to 792 ships of 50.3mil DWT, 47.5mil GT, 4.2mil TEU.
The newbuilds that were delivered in 2010 were in total 3900 ships of 149.5mil tons dwt, while in 2009 we had more ships, 4100 of less dwt 119mil tons dwt. The 3900 ships delivered this year only were, 940 Bulkers of 73mil tons, 340 General Cargo ships of 4mil dwt and 15 Ore Carriers of 4mil tons dwt. 690 Tankers of 43.5mil tons were delivered this year, while, 85 LNG/LPG ships of 3.2mil tons were also delivered in 2010. 260 Containers of 16.3mil dwt 14.5mil GT and 1.4mil TEU were also delivered during 2010.

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