IN today's fleet there are 5,126 containerships, and charter owners account for 2,722 of them, equivalent to 53 per cent of the units and 48 per cent of the TEU capacity. Back in the early 90s the container shipping lines owned three-quarters or more of the capacity, and the charter market was embryonic.
Nowadays in the container shipping market, the presence of a group of charter owners who account for a significant part of the fleet is an accepted part of the landscape. It has taken a number of phases of investment to bolster the capacity of this important part of the boxship ownership spectrum, according to Clarksons.
A key driver of change was increased investment in containerships in Germany backed by the KG finance system, allowing shipowners and managers to access private investment, offering investors a tax break in the form of accelerated depreciation in return.
Some 285 charter owned ships in today's fleet were built in 1996-98 (phase one), 139 (49 per cent) of them owned by German companies. By 1999 charter owners accounted for 35 per cent of global TEU.
Of today's charter-owner fleet, 700 units were built in 2000-05 (phase two), 424 (61 per cent) owned by Germans. This took the charter owner share of TEU to 47 per cent by 2006. Some Greek and Japanese owners had also become established but the Germans led the way.
Phase three followed. During the great ordering boom, German owners invested even more heavily, swept along by positive sentiment and earnings, as well as the availability of easy-finance. Of today's charter owner fleet, 1,113 units were delivered 2006-10, 701 (63 per cent) of them German owned.
By 2011, 51 per cent of global TEU was charter owned. But with the credit crunch in 2008, the KG system collapsed and charter owner ordering slowed.
Of today's charter owner fleet, just 402 units were built in 2011 or since (phase four), with only 178 of them German owned (44 per cent). Although others entered the charter owner arena, including Greeks, Chinese and new shipping money, nothing as yet has quite replaced the volumes provided by the Germans.
Charter owners account for 68 per cent of capacity on order today, but the average number of charter owner ships built in the last five years is half the number built in the previous decade.
OPINION
14 May 2015 - 09:42
Number of chartered ships built in 5 years half that built in past 10
IN today's fleet there are 5,126 containerships, and charter owners account for 2,722 of them, equivalent to 53 per cent of the units and 48 per cent of the TEU capacity. Back in the early 90s the container shipping lines owned three-quarters or more of the capacity, and the charter market was embryonic.
OPINION
14 May 2015 - 09:42
Number of chartered ships built in 5 years half that built in past 10
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