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BIMCO: Global container fleet will grow by 7.9 percent in 2012

The recycling of container ships cannot relieve the pressure of overcapacity that still exists in the global fleet, says a new report by Bimco. The fleet is expected to grow by 7.9 percent throughout 2012.

The rate increases of the charter market, ticking in almost every day now, have had a positive effect on the finances of the shipping companies, says a new analysis by the international shipping organization, Bimco. Increased rates and the extensive application of slow steaming are the means helping the shipping companies, all of which are struggling with the ever increasing bunker prices.

However, Bimco stresses that the market is still suffering from overcapacity, and that the active fleet has grown by 1.9 percent this year. The global container fleet is expected to grow by 7.9 percent for the full year.  The recycling of older ships (with an average age of 26 years) has helped to keep this number down. Container ships with a total capacity of 54,727 teu have left the fleet. Bimco does point out that all but one of the vessels demolished were small container ships of less than 3,000 teu.

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