Orderbook reaches 9-year low

   The current containership order book is 23 percent of the existing global fleet, the lowest ratio since April 2003, the maritime analyst Alphaliner said this week.
   “If the current lull in containership orders continues, the vessel order book could fall below 3 million TEUs, or less than 20 percent, of the fleet by the end of 2012,” Alphaliner said. “Although the current low new-building prices have attracted owners’ interest, the difficulty in raising funds has limited firm orders (excluding options and letters of intent) for the first five months of the year to a total capacity of only 15,700 TEUs.”
   That excludes an order by Evergreen Line for 10 13,800-TEU ships, as Alphaliner said the deal has not been finalized, though a letter of intent was penned in April.
   The ratio of ordered to existing capacity hit a high of around 65 percent in late 2007. The current ratio (below 25 percent) has traditionally been a benchmark for lines to begin ordering fresh capacity, but financing constraints and hesitancy over global container shipping demand growth have led to a lull in recent months.
   Despite the ratio of ordered to existing capacity dropping, the actual amount of capacity on order is still quite significant. Yet it’s also lower than at any point since mid-2003.
   Alphaliner said deliveries will hit a peak in the third quarter of 2013, but then fall off from 2014 if the level of orders stays depressed.