GLOBAL container leasing grew 7.3 per cent in last year, surpassing the two per cent growth in carrier-owned containers because of continuing weakness of liner shipping financials, according to Drewry Maritime Research.
"Carriers have been forced to turn to the leasing sector to renew their container equipment fleets" said Andrew Foxcroft, author of Drewry's Container Leasing report.
"The leasing sector's fleet growth has outpaced that of owner operators for each of the four years since the worldwide recession of 2009," Mr Foxcroft said.
"This is because the changed financial climate has left the container shipping industry heavily in debt and unable to easily access capital for investment," he said.
But the Drewry report also notes that returns from the leasing of new equipment fell to a new low in 2013 with returns lower than they were in 2009.
"The recent rate erosion has been due to the expansion of top leasing firms still chasing market share to maintain investor interest and draw in further capital," said Mr Foxcroft.
Today's situation contrasts with the preceding five years (2004-08) when operators" fleet growth fast outpaced that of the lessors, said the report.
While most of last year's acceleration in the leased fleet was achieved through investment in new container equipment, there was also strong growth in the used container sector.
"Purchase of used equipment from cash-strapped shipping lines, by way of sale and lease-back, also helped propel the leasing sector,¡¨ Mr Foxcroft said.
"This action, together with operators' more limited investment in new equipment, explains why shipping lines" more recent rate of fleet growth has been so small," he said.
Lessors are gaining most ground with reefers. Drewry estimates that the leased reefer fleet doubled in the four years to 2013 and grew its share of the overall fleet from 30 per cent to 40 per cent.
Drewry forecasts that growth in the container leasing fleet will continue to outpace that of the owner operator sector. But the gap between the two is expected to narrow as carrier finances improve.
CONTAINER
06 August 2014 - 20:53
Lessor box fleet rises 7.3pc versus 2pc carrier-owned container growth
GLOBAL container leasing grew 7.3 per cent in last year, surpassing the two per cent growth in carrier-owned containers because of continuing weakness of liner shipping financials, according to Drewry Maritime Research.
CONTAINER
06 August 2014 - 20:53
Lessor box fleet rises 7.3pc versus 2pc carrier-owned container growth
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