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Second-hand 3,000-5,000 TEUers' value falls as idle fleet size soars
SECOND hand 3,000- to 5,000-TEU panamax value fell up to 45 per cent in a month with five-year-old vessels the worst hit, says online ship valuation analyst vesselsvalue.com.
Classic panamaxes of 4,000-5,300 TEU remain in the doldrums with 86 ships seeking employment. The number would be higher were it not for an uptick in scrapping, says Alphaliner.
The collapse in the price of panamax vessels coincides with their record high unemployment level owing to bigger ships being able to transit the expanded Panama Canal, reported IHS Media.
The value of a 4,250-TEU panamax ship built in 2009 decreased 45 per cent in September, while a 2011-built ship's price fell 39 per cent, according to vesselsvalue.com.
September also saw the first 10-year-old vessel, the 4,546-TEU Viktoria Wulff, scrapped without accident damage for the first time in three decades.
Larger post-panamax ships have seen the greatest softening in 10 years with the price of a 7,000-TEU 2005-built vessel dropping by 50 per cent in September and a 2016-built ship dropping 19 per cent.
'The combined factors of the expansion of the Panama Canal, the industry's pursuit of greater economies of scale and the depressed market, of which Hanjin is a victim, mean that the difference between panamax and postpanamax container values is growing," said vesselsvalue.com's William Bennett.
Classic panamaxes of 4,000-5,300 TEU remain in the doldrums with 86 ships seeking employment. The number would be higher were it not for an uptick in scrapping, says Alphaliner.
The collapse in the price of panamax vessels coincides with their record high unemployment level owing to bigger ships being able to transit the expanded Panama Canal, reported IHS Media.
The value of a 4,250-TEU panamax ship built in 2009 decreased 45 per cent in September, while a 2011-built ship's price fell 39 per cent, according to vesselsvalue.com.
September also saw the first 10-year-old vessel, the 4,546-TEU Viktoria Wulff, scrapped without accident damage for the first time in three decades.
Larger post-panamax ships have seen the greatest softening in 10 years with the price of a 7,000-TEU 2005-built vessel dropping by 50 per cent in September and a 2016-built ship dropping 19 per cent.
'The combined factors of the expansion of the Panama Canal, the industry's pursuit of greater economies of scale and the depressed market, of which Hanjin is a victim, mean that the difference between panamax and postpanamax container values is growing," said vesselsvalue.com's William Bennett.
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