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Boxship values plunge further after Hanjin's bankruptcy filing

VALUATION provider VesselsValue has said that the value of a 2016-built panamax of 4,250 TEU tumbled 49.5 per cent during the past year while the value of a 2016-built ship with 7,000 TEU of capacity fell 32.2 per cent.

Boxship values plunge further after Hanjin's bankruptcy filing

VALUATION provider VesselsValue has said that the value of a 2016-built panamax of 4,250 TEU tumbled 49.5 per cent during the past year while the value of a 2016-built ship with 7,000 TEU of capacity fell 32.2 per cent.

Boxship values plunge further after Hanjin's bankruptcy filing
16 October 2016 - 22:28

Boxship values plunge further after Hanjin's bankruptcy filing
VALUATION provider VesselsValue has said that the value of a 2016-built panamax of 4,250 TEU tumbled 49.5 per cent during the past year while the value of a 2016-built ship with 7,000 TEU of capacity fell 32.2 per cent.
Containership values are plunging and other liner companies could write down the value of their container shipping businesses as Japan's largest carrier NYK did recently, reports to American Shipper.
NYK said it is projecting a JPY100 billion (US$957 million) impairment on its container business, as well as an impairment of JPY85 billion for bulk carriers, and JPY10 billion for cargo aircraft.
The containership write down "exceeds previous impairments recorded by other container carriers by a large margin," Alphaliner said in its Weekly Review, adding the write down "represents almost a quarter of the total assets of NYK's liner shipping business, which stood at JPY419 billion at the end of March 2016."
Alphaliner said it estimates "the top 18 carriers may need to write off some $35 billion, assuming they were to take a 25 per cent impairment loss on the value of their total assets." However, Alphaliner said, "total impairment losses would vary depending on the individual carrier's fleet composition and accounting policies."
"The numbers for containerships are pretty enormous and paint a very bleak picture," said William Bennett senior cargo shipping analyst at VesselValue. "Oversupply is the primary cause here of which liners like Hanjin are a victim.
"Values have been affected by the long-term effects of the new Panama Canal marginally, but we see this effect taking hold most in the discount applied to panamax vessels as they become more obsolete," he said.
However, even the value of "new panamax" ships of 13,000 TEU and ultra large containers vessels (ULCVs) of 18,000 TEU of capacity are affected. The values of both classes of ships built in 2016 are off more than 13 per cent from where they were a year ago.
To put things into perspective, Mr Bennett pointed out that in the ULCV sector, there are currently about 160 vessels on the water with a combined capacity of around 2.7 million TEU, and the ULCV orderbook up to 2018 delivery has 123 vessels inked with a combined capacity just shy of 2.1 million TEU.
"This means the fleet size will almost double in two years," he said. "This kind of growth can only have an adverse effect on the current supply situation."

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