Construction orders for containerships have set new records during March 2021, according to a report in Maritime Executive. The Baltic and International Maritime Council (BIMCO) reports that orders for 45 Ultra-large containerships were placed, more than for the previous six years. An additional 27 smaller sized ships were also ordered.
The article says the booming order books highlight the confidence of the shipping industry, which continues to thrive despite the disruption caused by the global pandemic. Ultra-large containerships are classed as 15,000 and above TEU capacity.
TEU refers to a twenty-foot equivalent unit, meaning that the internal dimensions of the container are 20ft long, 8ft wide, and 8ft tall. For the whole of 2020, a total of 995,000 TEU container shipping capacity was ordered. During the first quarter of 2021 alone, capacity ordered has reached a record 1,398,000 TEU.
BIMCO’s chief shipping analyst Peter Sand commented: “The industry is keen on benefitting from the economies of scale that ultra-large containerships have to offer if you carry payloads close to its cargo carrying capacity.”
Sand also responded to concerns about the desirability of operating giant shipping vessels, after the Suez Canal was blocked for six days in March by the 400m long Ever Given. The cargo ship was carrying 18,300 containers when it became lodged sideways in the global route. Over 300 ships were held in a tailback, and ports are expected to become logjammed.
Commentators expressed fears that Ultra-sized vessels compromised supply chain reliability, navigational ability, and safety. Sand pointed out that the increased profitability of the container shipping industry relied on the deployment of larger vessels.
Sand also draws attention to the fact that although there has been a marked increase in orders for the construction of containerships in 2021, the most common line of investment still remains the mid-sized ship, which range between 12,000 and 15,000 TEU.
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