The global nominal container fleet grew 3.1% in the second quarter of 2020 and stood at 23.4 million TEU at the end of the period, according to the shipping company Maersk.

Deliveries amounted to 220,000 TEU (26 vessels) during the second quarter, while 104,000 TEU (43 vessels) were scrapped.

Above all, the slowdown in demand driven by Covid-19 and increased uncertainty continued to cause suspensions of container services and travel blocking.

Consequently, according to the company, the idle fleet remained high at 7.9% of the fleet (1.8 million TEU) at the end of the second quarter, and the effective capacity of the second quarter fleet decreased 9.4% compared to the second quarter. of 2019.

During the second quarter, only 12,000 TEU (8 vessels) were ordered, resulting in an order book to fleet ratio of 9.4% at the end of the second quarter.

Container fleet

Freight rates, measured by the China Composite Freight Index (CCFI), increased 6.2% in the second quarter compared to the second quarter of 2019.

On the Asia to Northern Europe route, freight rates climbed 3.4% and Asian rates to Mediterranean Europe increased 13 percent.

Freight rates from Asia to the West Coast of the United States rose 9.7% and freight rates from Asia to the East Coast of the United States increased 6.2 percent.

Market demand growth

Bunker fuel prices fell in the second quarter compared to the first quarter, this, together with the impact of declining demand resulting from the Covid-19 pandemic, caused the prices of HSFO, VLSFO and LSMGO to fall from the first. to the second quarter by 32-45% and 28-44% in Singapore and Rotterdam, respectively, according to Ship & Bunker prices.