More than USD 1 trillion
The latest development in the maritime shipping industry must be like a balm for many a melancholy shipowner, after years and years of operational losses. The margins earned for goods transported as well as the value of ships have both risen distinctly.
The next record has already been set again. According to Clarksons Research the value of the global commercial fleet crossed the USD 1 trillion mark for the first time in April, mainly on account of the rise in prices for used vessels – especially in the container and dry or liquid bulk segments.
Prices rose by 33% to 265%
Clarksons’ used vessels index has augmented by 33% since September last year, and thus reached its highest point for seven years. Clarksons’ figures have estimated that the precise value of the global commercial fleet comes to USD 1.042 trillion. The containership sector registered the largest price rise for used units. The volume upsurge in this sector since June 2020 has resulted in the value of the containership fleet rising by 47%.
Some individual examples speak a volumes. A ten-year-old 6,600 teu ship is currently worth USD 50 million, which represents a price rise of 138% since September. The prices for ten-year-old 4,500 teu ships have risen by an incredible 268%, to approximately USD 35 million.
In the same period the index calculated for used dry or liquid bulk freighters rose by 31%. The price for a ten-year-old capesize ship has risen by approximately 40% to USD 27.3 million, whilst a supramax unit of the same age has become around 35% more expensive, now costing approximately USD 14.5 million. Furthermore, the price for dry or liquid bulk freighters could be set for a further substantial rise by 2023, according to the latest report published by the Norwegian financial services provider Cleaves Securities.
There is no sign of any imminent end to the ongoing boom. Market observers expect it to be closely linked to freight margins and ship values – in both directions.