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26 September 2020 The on-line newspaper devoted to the world of transports 03:40 GMT+2



September 14, 2020

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Original news
The brilliant latest quarterly results from shipping containerized? I am credited with reducing capacity decided by the covenants

S&P Global Platts supports this, highlighting the unanimous industry's response to the crisis

The British analytics and information company S&P Global Platts tried to explain why at a time critical to global economic activities such as that of the second quarter of this year, when the need to contain the the Covid-19 pandemic has led many governments to to force the shutdown of companies and social activities, the main global shipping companies operating in the containers have recorded economic performance for this period positive if not even excellent.

If all of these shipping carriers charged success to its ability to keep costs down and rationalize services, others felt that the excellent results were the result of a growth in the number attributed by some - such as the European Association of Shipping companies and LOGISTICS CLECAT - to an unlawful agreement between the companies to keep prices high or to raise rates shipping and others - such as S&P Global Platts - effective action by the shipowner consortia made up of the major shipping carriers, during the critical period, to limit the supply of hold capacity and thus support the noli.

Who knows how it has evolved over time containerized shipping sector will not be able to S&P Global Platts 2017 the start of the shipping consolidation phase containerized, a phenomenon that has begun years, indeed decades London-based analytics firm considers more the result of accidental circumstances. It is true that such a evolution has accelerated in recent years, bringing more than 80% of this market - as S&P Global has seen Platts - under the control of three main shipping alliances: 2M made up of market leaders Maersk and MSC, Ocean Alliance formed by CMA CGM, COSCO, Evergreen and OOCL and THE Alliance formed by Hapag-Lloyd, HMM, ONE and Yang Ming.

S&P Global Platts noted that when the pandemic has started to have an impact on world trade, three alliances reacted quickly by reducing the capacity offer to prevent a sudden drop in the noli, erasing over 400 departures and thereby removing 10% of the market nominal transport capacity in terms of container teu. For example, the London-based company has brought about what is happened in relation to the primary trans-Pacific route that connects North Asia with the west coast of North America, for which the average value of the rental has grown by 450 dollars between January 3 and June 3 last year, rising to 2,050 dollars per 40' container (feu) transported.

S&P Global Platts also noted that, with the progressive return of demand, the walnuts recorded a growth and the shipowner's consortia have begun to put previously inactive ship service, also using units to pick up cargo left on port docks from other carriers that could not board more goods, and that this is happening at a time when oil demand is low and as a result the cost of naval fuel is much lower than at the beginning of the year when it was IMO Regulation 2020, which imposed the use of low sulfur fuels.

Beyond the motivations given to explain positive results recorded by shipping companies in the second quarter of 2020, competition between shipping carriers or between commercial companies operating in other sectors normally puts pressure on prices. If some, such as CLECAT, believe that the pressure on sea freight is not there it was simply because the shipping companies that they are part of alliances that do not operate in a competitive regime, others, such as S&P Global Platts, judge that during this period shipping companies just as simply have reacted with the main, if not the only, weapon at their disposal: reduce transport capacity. Hence a reaction virtually in unison that, according to S&P Global Platts, is was also possible thanks to the more recent consolidation of containerized shipping, which has enabled reduce supply without interrupting or compromising regular transport flow neither on major world routes nor intra-regional ones.

Noting that the risks of a sharpening of the crisis S&P Global Platts has shown that if you will spread a second wave of the pandemic or if the contrasts trade between the US and China will again threaten trade world,' shipping companies will have to show their same unit that has paid off this year." One reaction that, however - noted the British company - will have to deal with the increase in the capacity of containerized fleets that have been in place over the past decade, specified S&P Global Platts - which turned out to be be a real obsession with the transportation industry containerized shipping.

S&P Global Platts noted that, as it is the world economy is unlikely to return to full health in time "The container industry is likely to the next decade will have to work closely with strategies to cope with overcapacity.' The London society recalled, in fact, that, according to Bimco, only in three of the last ten years the demand has exceeded the capacity of the fleet, resulting in a much greater increase in the capacity offered higher than the growth in demand. In particular, fleet capacity in terms of 20' container (teu) is increased by 75.6%, while demand measured by volume increased grew by only 46.1%. "This imbalance," he noted. S&P Global Platts - Left the Shipping Market containerized in worse condition at the end of the decade compared to the beginning of the period.' So for S&P Global Platts, the test faced this year by the industry should instill the confidence and conviction needed to instill the trust and conviction of shipowners problems of fleet overcapacity.




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