AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
BYLINE: Bruce Barnard
Idled ocean container capacity has reached a record 800,000 TEUs with 303 ships at anchor as carriers cut or consolidate services on key east-west routes amid declining traffic and freight rates.
The unemployed figure represents 6.5 percent of the world fleet, twice the 3.2 percent recorded in the depth of the 2002 bear market, according to AXS-Alphaliner, a Paris-based consultant.
The idled fleet has grown by 48 ships of 125,000 TEUs in the past two weeks and is set to increase as carriers further retrench operations, Alphaliner predicts. On Oct. 25, 2008, there were just 70 ships of 150,000 TEUs without work.