Drewry Publish Latest Reefer Shipping Report
Drewry Maritime Research advises that it has just published it's latest Reefer Shipping report, which has new and improved content on the containerised segment of the market, providing a balanced analysis of the whole market, both specialised and containerised.
Reefer Shipping Continues to Thrive
Despite reports stating that the specialist reefer industry continues to lose market share to the reefer container operators, cargo volumes are increasing overall and as a result the specialist reefer carriers are not suffering a reduction in cargo volume. Drewry Shipping Consultants Ltd., leading maritime consultants, has released its latest Reefer report “Annual Reefer Shipping Market Review and Forecast 2007/08”. The report outlines how world reefer trade has grown from 84.6 million tonnes in 1995 to 132.7 million tonnes in 2005, a compound annual growth (CAGR) of 4.6 per cent. Based on current economic forecasts, reefer trade should show strong growth with world trade in perishables set to increase to 199.5 million tonnes in 2015.
Trade Increase Hides Specialized Reefer Vessels Uncertainty
Drewry’s latest Reefer Shipping Market Annual Review and Forecast reports that worldwide perishable reefer trade increased by 52.1 million metric tons between 2002 and 2012, which represents by a combined annual growth rate (CAGR) of 3.6%. Seaborne perishable reefer cargo has increased by a CAGR of 3.3% (25.6 million metric tons) from 66.8 million metric tons in 2002 to 92.4 million metric tons in 2012. The highest percentage growth continues to be seen in the exotic fruit category (pineapples, kiwifruit and avocadoes). Despite its relatively small volume of 4.5 million metric tons in 2012, this sector has grown by a CAGR of 9.1% since 2002. In terms of tonnage, the highest growth has been in the meat category (comprising poultry, pork, beef/veal, offal and sheep meat).
Perishable Reefer Trade Growth to Remain Strong
Despite many adversities for the maritime sector over the last year, seaborne perishable reefer trade increased in 2015 – and is forecast to grow further still in 2016. By 2020, seaborne reefer cargo will reach a staggering 120 million tonnes – increasing by an average of 2.5% per annum, according to the latest edition of the Reefer Shipping Market Review and Forecast 2016/17, published by global shipping consultancy Drewry. While future seaborne cargo growth levels are lower than those of the last decade (3.1%)…
Specialised Reefer Container Operators can Thrive: DMR
Despite growing competition from container lines, specialised reefer operators can still thrive, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast, referred to here in an extract from DMR's latest 'Container Insight Weekly'. Specialised reefer operators peaked some years ago in terms of cargo volumes and are now having to contend with falling volumes and market shares as container lines move further into their territory. However, this does not necessarily mean they cannot survive and looking at the limited number of public companies reporting financial returns…
Chiquita Sells 12 Ships for $227m
Banana producer Chiquita Brands International will sell 12 refrigerated cargo ships for $227mto an alliance of Eastwind Maritime Inc. and NYKLauritzenCool AB. The deal will allow Chiquita to lease back 11 of the ships for at least 7 years, with an option for 5 more years and the other ship for 3 years with an option for 2 more years. The sale includes eight reefer ships and four container ships. Source: Reuters
Reefer Trade Appears Unstoppable
Despite a variety of adverse economic and climatic conditions, perishable reefer cargo growth appears unstoppable, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast. Worldwide perishable reefer trade increased by 1.8% in 2014 – reaching almost 190 million tonnes. Although this was barely half of the growth seen in 2013 it nevertheless represented a continuing growth pattern. With the exception of the citrus trades, all perishable reefer cargoes saw trade growth in 2014.
NYKLauritzenCool to be Renamed NYKCool
J. Lauritzen A/S and NYK Reefers Limited (a wholly subsidiary of NYK Line) announced that NYK Reefers Limited has acquired the 50% shares of NYKLauritzenCool AB previously held by their joint venture partner J. Lauritzen A/S, whereby NYK now controls 100% of the company. Torben Janholt, President and CEO of J. Lauritzen A/S said "Lauritzen has enjoyed a strong partnership with NYK Reefers and a very good cooperation with our Swedish colleagues. As a part of Lauritzen’s overall strategy we decided to sell our reefer fleet in 2006 and it is therefore only natural that NYK takes over our 50 % share holding of our joint marketing company.
Analysts Expect Rise in Reefer Capacity
Though specialized reefer fleet is shrinking and shows no signs of reversing in the future, the reefer containership fleet has increased by 15 percent year-on-year and is set to grow 20 percent by 2018, according to maritime research and consulting services provider Drewry’s latest Reefer Shipping Market Annual Review & Forecast. Consequently, with a capacity restricted specialized fleet, there is no alternative but for cargo to be shipped by reefer containership, a trend Drewry says is accelerating with continued cargo growth.
Stocznia/Latreefers Dispute Settles
Terms of settlement have been reached in the protracted legal dispute between Polish shipyard Stocznia Gdanska, Latreefers and the Latvian Shipping Company (Latco). end a long-running legal battle which has been fought out in the English and French courts over a period of years. The Latvian interests were represented throughout by Lawrence Graham. Ince & Co represented the Polish yard. The dispute centered on the shipyard's claimed entitlement to damages arising from the failure of Latreefers, a wholly owned subsidiary of the Latvian Shipping Company, to meet contractual payments under a 170 million-dollar, six-reefership order placed with the Gdansk yard in 1992 and subsequently cancelled.
Settlement reached in Stocznia/Latreefers dispute
Shipping Company ("Latco"). fought out in the English and French courts over a period of years. Latvian interests were represented throughout by Lawrence Graham. Co represented the Polish yard. cancelled. Shipping Company. and the "TAGANROGA", have now been released.
Settlement Reached in Stocznia/Latreefers Dispute
Shipping Company ("Latco"). The settlement, the terms of which remain confidential, brings to an end a long-running legal battle which has been fought out in the English and French courts over a period of years. The Latvian interests were represented throughout by Lawrence Graham. Ince & Co represented the Polish yard. The dispute centered on the shipyard's claimed entitlement to damages arising from the failure of Latreefers, a wholly owned subsidiary of the Latvian Shipping Company, to meet contractual payments under a $170 million, six reefership order placed with the Gdansk yard in 1992 and subsequently cancelled. Stocznia Gdanska arrested in France several vessels belonging to Latco or subsidiary companies in an attempt to enforce its claims against Latvian Shipping Company.
Drewry Maritime Research: Reefer Charter Rates Thaw
Reefer market dynamics continue to change. Drewry Maritime Research have just published their latest Reefer Shipping Market Annual Review and Forecast 2011/12, analysing the industries make-up including; leading operators’ profiles and fleets, perishable commodities, specialised reefer and freezer fleet capacity, containerised reefer vessels, ship economics and forecasts for the future. As the burgeoning containerised reefer market continues unabated, the specialist reefer fleet is feeling the strain. With twelve-month charter rates forecasted to continue sliding, scrapping levels gaining pace and for the first time an empty newbuild orderbook , the industry is changing quickly.
A & P Falmouth Has Good Outlook With Reefer Market
The reefer market has proved successful for A&P Falmouth throughout recent months with a total of six bookings for reefer ships from two separate owners. Falmouth is ideally located for the reefer trades on the ballast route from Northern Europe to loading ports in South Africa, Canary Islands and the Caribbean. Amer Shipping's 13,312 grt vessel the Amer Choapa was the first to enter the shipyard during July. Work completed during the 9 day docking included blasting and painting, steelwork repairs, hatch cover repairs, main engine survey and overhauls to the rudder and tailshaft. Following the successful completion of the Amer Choapa, the 9,070 grt Amer Whitney arrived during early August for similar works covering a 10-day period.
Drewry: Reefer Box Capacity to Grow 22%
Reefer capacity on the containership fleet is expected to increase by 22% over the next five years, at the expense of a declining specialized reefer fleet, according to Drewry's latest Reefer Shipping Market Annual Review & Forecast. Reefer box capacity is expected to grow from 1.6 million 40ft slots in 2013 to 1.9 million slots in 2018. However, this fleet growth is not expected to adversely impact vessel utilization levels thanks to strong cargo growth. Reefer container volumes are forecast to rise by 20.5 million tonnes over this period…
‘Cool’ Reefer Merger is Full Speed Ahead
Commission to merge their reefer activities. owned on a 50/50 basis by NYK Reefers and J. various sizes, in all major reefer trades. year when J. agreement launched in January 2004. companies’ activities match each other as pieces in a jigsaw puzzle. J. Lauritzen and Mr. office. customers as earlier. adjustments as the merger progresses. merged operations up and running at an optimum”, says Jansson. Mr. Jansson affirms. modern treatment facilities such as controlled atmosphere, CA. and to develop new logistics and transport concepts. belief in the future of this business. strength such as NYK LauritzenCool,” Mr. Jansson concludes.
Container Lines Speed up Their Assault on Reefer Cargo
Container shipping lines are increasing their share of the seaborne reefer market and are forecast to accelerate their assault over the coming years, according to the latest edition of the Reefer Shipping Market Review and Forecast 2017/18 published by global shipping consultancy Drewry. In 2016, the estimated perishable reefer cargo split was 79% in reefer containerships and 21% in specialised reefers. By 2021 this modal split is forecast to have changed to nearer 85% and 15% in reefer containerships and specialised reefers respectively.
China Orders First Wärtsilä RT-flex35
Wärtsilä has received the first order for its new Wärtsilä RT-flex35 two-stroke engine. The Wärtsilä licensee, Yichang Marine Diesel Engine Co. (YMD), manufacturing low-speed marine engines in China, has signed a contract with Ningbo Donghai Shipping Co. Ltd to deliver five Wärtsilä RT-flex35 engines for a series of five chemical tankers. "Among low-speed engines with smaller bores, the biggest advantages of Wärtsilä RT-flex35 are its low fuel consumption and its compliance with environmental regulations, both of which fully meet our customer's expectations.
Wärtsilä Logs More Orders For Innovative Sulzer Engine
Wärtsilä Corporation has received the second order for Sulzer RT-flex diesel engines, which are powerplants that apply common-rail fuel injection with full electronic control to Sulzer RTA-series low-speed marine diesel engines. The units are reported to deliver benefits such as lower exhaust emissions, or lower fuel consumption at part load. Two seven-cylinder Sulzer RT-flex60C engines have been ordered to propel two 13,200 dwt containerized reefer ships contracted at Estaleiros Navais de Viana do Castelo in Portugal. Each 7RT-flex60C engine will have a maximum continuous output of 16,520 kW (22,470 bhp) at 114 rpm. The engines will be built at Wärtsilä's Trieste, Itlay facility. The ships have been contracted by the Agricultural Export Co.
New Ship Orders Slow Through 2012
The world fleet of dry bulk and general cargo vessels is expected to continue growing through 2012, in spite of weak freight rates and general overcapacity of tonnage, as new ships on order are delivered from shipyards, according to the latest Shipbuilding Market Forecast from Lloyd’s Register - Fairplay Research. While scrapping of existing ships will also increase, it will not be sufficient to offset the massive influx of new ships, resulting in a net growth of tonnage in most segments of this market, which includes dry bulk carriers, general cargo ships, refrigerated cargo ships and dry cargo barges. The report notes that much of the current capacity consists of relatively new tonnage with plenty of years left in their service life, thereby slowing the removals to the scrap yards.
First Sulzer RT-flex50 Engines Ordered
Wärtsilä Corporation has been awarded a contract to supply the first Sulzer RT-flex50 low-speed marine diesel engines. The RT-flex50 is the latest in the Sulzer RT-flex engine series which, with their electronically-controlled common-rail systems, are the most advanced low-speed engines for ship propulsion. Four six-cylinder Sulzer RT-flex50 engines have been ordered from Wärtsilä by Fujian Mawei Shipbuilding Ltd in the People's Republic of China and will be installed in four 53,800 tdw Handymax bulk carriers contracted by the Greek shipowner Enterprises Shipping & Trading.
MHI, Wärtsilä Agree on Engine Development
Mitsubishi Heavy Industries, Ltd. (MHI) and Wärtsilä Corporation of Finland have signed a joint development agreement on May 15, 2008 to design and develop new small, low-speed marine diesel engines of less than 450 mm cylinder bore. The two companies see good business potential in pooling their resources and experience to develop new small marine engines of less than 450 millimetre (mm) cylinder bore. Such engines are suitable for a wide variety of small ship types, including bulk carriers, product tankers, chemical tankers, container feeder vessels, and reefer ships. Such ships are employed in worldwide trades but with the smaller types being specifically employed in short-sea and coastal services.
Hamburg Süd Acquires Costa Container Lines and Calmedia Liner Activites
Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (Hamburg Süd), and GF Group s.p.a. announced that a Sale and Purchase Agreement has been entered into by Hamburg Süd, GF Group, Costa Container Lines S.p.A. (CCL), and Calmedia Agenzia Marittima s.r.l., on the take over of the CCL liner services by Hamburg Süd in the following trades: Western Mediterranean / East Coast South America; East Coast South America / Caribbean and Mexico; Western Mediterranean / North Coast of South America and Caribbean; Italy / Turkey and Greece; Italy / Algeria; Italy / Syria, Lebanon and Egypt. With a carryings volume of approx. 360,000 TEU CCL generated a turnover of some $646m in the year 2006.