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By Drewry Container Team The ß ood of interest in ordering new container vessels is motivated by other factors than supply and demand.The recent surge in new vessel orders at a time of industry-wide overcapacity suggests that market fundamentals are no longer the main driver. Even when the most recently ordered ships are de-livered in 2016, Europe and the U.S. are still likely to be climbing out of reces-sion, which means that capacity in the east-west trades will continue to outstrip demand.One of the factors behind the surge in orders is plummeting shipyard prices. Smaller carriers now see an opportunity to gain a competitive edge over the big three at last, and have not been slow to take advantage of it. For example, CSCL?s recent order for 5 x 18,400 teu ships, the Þ rst of which is due for de- livery in 4Q 2014, each cost $136.6 million, approximately 26% less than Maersk?s 20 x 18,000 teu vessels, which were ordered in 2011, with the Þ rst being named only two weeks ago.The comparison is not exact, as there is a difference in design speci Þ cation. Maersk?s hull is twin screw, whereas CSCL?s has only one propeller, and Maersk?s vessels also have expensive on-deck cell guides to facilitate cargo operations and improve safety. The big advantage of the 18,000 teu vessels is its fuel consumption. Com-pared to the 13,000 teu ships, they are claimed to burn around 35% less per container. As fuel accounts for well over ) O R 6 F D Q , Q V W U X P H Q W & R , Q F _ 6 H D W W O H : $ 8 6 $ _ H P D L O V D O H V # I O R V F D Q F R P I R U T X R W H V Read the Case Study Z Z Z I O R V F D Q F R P Vessel Ordering Mania ? Why? (Notes: 1Q13 includes eight ves-sels totaling 11,200 teu capacity yet to be conÞ rmed 2Q13: April and May only, but with 28 vessels totaling 69,400 teu capacity in 2Q 13 yet to be conÞ rmed)(Source: Drewry Maritime Research) Vessel Capacity Ordered (teu) (Continued on 53)www.marinelink.com 51MR #8 (50-57).indd 51MR #8 (50-57).indd 518/1/2013 10:02:45 AM8/1/2013 10:02:45 AM
