Zencargo Market Update: 16th October 2023
Oct 16, 2023
Scroll to find out more
Oct 16, 2023
Scroll to find out more
Carriers have continued to place orders for new container tonnage, adding 187 vessels to the global new building pipeline in the first nine months of 2023. These vessels represent an additional fleet capacity of 1.75 million TEUs, bringing the global vessel orderbook to a record high of 7.88 million TEUs, equivalent to almost 29% of the current fleet capacity.
The primary reasons for this massive scale of ordering are carriers’ cash reserves from profits after the COVID-19 pandemic and a strong desire to decarbonise liner shipping.
Methanol-powered ships account for 52% of the new capacity ordered in 2023, while LNG-powered newbuildings make up 31% of the orders, collectively forming 83% of ‘green’ ships. The container ship orderbook is transitioning to ‘green’ with 28% of it being LNG-powered and 19% consisting of methanol dual fuel units as of September.
Some of the non-‘green’ ships ordered in 2023 have the potential to become ‘green’ in the future, with retrofits and alternative fuel capabilities. With 76 methanol dual fuel vessels ordered in 2023, the focus is shifting from decarbonising the vessels to procuring sustainable fuels, including ammonia as the next ‘green’ fuel.
If you’re interested in sustainability in the shipping industry, have a listen to our recent episode of Freight to the Point. We’ve featured David de Picciotto, CEO and Co-founder of Pledge to get his insights on how sustainable regulations impact shippers and businesses and the consequences of not being compliant.
Listen to it here.
Ocean
Air
Central China to USA and Europe
North China to USA and Europe:
South China to USA and Europe:
Ocean
Ocean
Road
European Bank Holidays
We anticipate a shortage of availability and the occurrence of delays around the bank holiday periods. Plan ahead and allow extra time for your products to be delivered.
Oct 23 – Hungary
Oct 26 – Austria
Oct 28 – Cyprus, Czech Republic, Greece
Oct 30 – Ireland (Eire)
Oct 31 – Germany*, Slovenia
Nov 1 – Austria, Belgium, Croatia, France, Germany*, Hungary, Italy, Lithuania, Luxembourg, Poland, Portugal, Slovakia, Slovenia, Spain
Nov 2 – Belgium*, Lithuania
Nov 4 – Finland, Sweden
Nov 9 – Spain*
Nov 11 – Austria*, Belgium, France, Poland
Nov 15 – Austria*, Belgium*
Nov 17 Friday Czech Republic, Slovakia
Nov 18 – Croatia, Latvia
Nov 20 – Latvia
Nov 22 – Germany*
Nov 30 – Romania
*Not in all regions
The information that is available in the Weekly Market Update comes from a variety of online sources, partners and our own teams. Click below to learn more about how Zencargo can help make your supply chain your competitive advantage.
In Focus: ILA strikes suspended as contract extends until January The averted...
In Focus: What’s the latest on the potential ILA strike? With the possibility o...
An update from the Premier Alliance Previously named "THE Alliance", Yang Ming,...