×

POLICY QUOTATION FORM

Please fill out this form and we will get back to you as soon as possible!

SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

CREATE AN ACCOUNT FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

CREATE ACCOUNT

ALREADY HAVE AN ACCOUNT?
QUESTIONS? CALL: +1-888-3698790
  • LOGIN
  • GET A QUOTE

IciCoverage New Site

  • HOME
  • ABOUT US
  • PRODUCTS & SERVICES
  • FAQ
  • BLOG
  • CONTACT US
  • Home
  • Blog
  • Reefer market is recovering from 2015 dip
26 February, 2021

BLOG & Gossip

Reefer market is recovering from 2015 dip

by Luis Gondelles / Monday, 12 March 2018 / Published in Blog

Reefer market has seen a recovery in the last couple of years. In 2015, worldwide international refrigerated perishables trade volumes dipped by 2% of an estimated 144.4 million tons.

The reefer market grew in 2016 by 3.5% and in 2017 it was expected to improve by 4% as trade in both conventional reefer ships and refrigerated boxes is estimated to have reached 110 million tons, which equals some 9,100 laden conventional reefer ships of 500,000-cft average, or 3.71 million full 40-foot high cube reefer containers.

Carrier Consolidation

Carriers were forced to scale their operations through consolidation because of huge losses: CSAV and Hapag-Lloyd – CCNI and Hamburg Süd – China Shipping and Coscon – APL and CMA CGM – Hapag-Lloyd and UASC – Hamburg Süd and Maersk Line – and soon to happen: “K” Line, MOL, NYK as ONE and OOCL and Cosco Shipping Line.

Come April, the container ship fleets of the five consolidated container carriers plus loners MSC and Evergreen will range between 1.1 million TEU and 4.3 million TEU. These seven carrier have a combined reefer box fleet of 1,780,000 TEU, while their ships have place for 3,320,000 TEU, nearly 1.9 times the number refrigerated containers.

Carrier’s interest in Logistics

Even though the reefer market enjoyed a relatively peaceful 2017 with no new mergers or takeovers of substance, carriers have shown a growing interest in logistics. Eimskip took 80% and 90% shares in Belgian Mareco and Dutch Extraco, respectively. Italian GF Group, owner of conventional carrier Cosiarma, and Glenalta Food merged as Orsero, which acquired reefer logistics companies Hermanos Fernández López (Spain), Frutital Firenze and Galandi (Italy). Samskip of Rotterdam bought Nor Lines after Norwegian regulators refused the same to Samskip’s major competitor Eimskip.

The European Commission cleared the takeover of (Irish) Fyffes by Japanese Sumitomo Corporation. Toei Reefer Line (Japan) is facing a management buyout of around around $30 million by five leading executives who formed Ocean Co.

Belgian Greenyard, with a market value $1 billion and handling two million tons of fresh food worldwide, expressed its interest in taking over 2013 Dole Food Company.

Containers and reefer market

Around 160,000 TEU reefer containers were built in 2017, which equals to 84,000 units. China International Marine Containers (CIMC) and Maersk Container Industry (MCI) are the main manufacturers.

Hapag-Lloyd placed the largest known orders for refrigerated boxes, 21,600 TEU/11,400 units, and by MOL, 4,200 TEU/2,200 units, each including 1,000 and 2,000 with controlled atmosphere technology.

With an average age of nearly 30 years and limited newbuilding activity, the conventional reefer ship fleet is doomed to decline further and steadily. Dynamar expects the fleet to number some 400 ships with a combined reefer capacity of 132 million cubic feet.

With information from: maritime-executive.

0

About Luis Gondelles

What you can read next

Intermodal South America 2018. Why assist?
aplicaciones seguridad maritima
5 FREE Maritime Safety Apps
Hanjin insurance losses could be half the size of Tianjin’s

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Cargo Insurance

    Cargo insurance basics: What is it? Do you need it?

    Every day, cargo valued in billions of dollars ...
  • Allianz starts ambitious climate change protection plan

    The Allianz Group is significantly expanding it...
  • Why is cargo insurance important: The Maersk Honam case

    By law, all shipping carriers are forced to off...
  • Robotics in the insurance industry: The Brightside case

    Robotics in the insurance industry is starting ...
  • Allianz Lanka is created after Allianz’ acquisition of Sri Lankan general insurance unit

    Allianz announced the creation of Allianz Insur...

ICI Twitter
icicoverageInternational Container Insurance@icicoverage·
2h

Norwegian car carrier operator Wallenius Wilhelmsen has decided to reactivate another three vessels that are currently in cold layup.
By @Splash_247
https://t.co/uFw3k3Tp0B

Reply on TwitterRetweet on Twitter1Like on TwitterTwitter
icicoverageInternational Container Insurance@icicoverage·
16h

Simulation and training solutions specialist Wärtsilä Voyage has teamed up with rapidly growing Ocean Technologies Group (OTG) to offer a new level of smart learning technologies.
By @Splash_247
https://t.co/cGuvRoxd0P

Reply on TwitterRetweet on Twitter1Like on TwitterTwitter
icicoverageInternational Container Insurance@icicoverage·
16h

Cosco Shipping Specialized Carriers, a unit of Cosco Shipping Group, has announced plans to set up a joint venture with SAIC Anji Logistics, the shipping subsidiary of car maker SAIC Motor.
By @Splash_247
https://t.co/a0PYIN72cR

Reply on TwitterRetweet on Twitter1Like on TwitterTwitter
icicoverageInternational Container Insurance@icicoverage·
20h

Supramax rates have sky rocketed by more than 40% in the last week, crossing the $20,000 a day mark for the first time in a decade while handysizes have recorded 31 consecutive days of improving rates.
By @Splash_247
https://t.co/8B1vl40QZs

Reply on TwitterRetweet on Twitter2Like on Twitter2Twitter
icicoverageInternational Container Insurance@icicoverage·
22h

Sales efforts by industry heavyweight Cido Shipping are filling broker reports across the globe as it cuts its exposure to dry in two.
By @Splash_247
https://t.co/QzXf6n0e8B

Reply on TwitterRetweet on Twitter2Like on Twitter1Twitter
Load More...

ICI Facebook

Unable to display Facebook posts.
Show error

Error: The user must be an administrator, editor, or moderator of the page in order to impersonate it. If the page business requires Two Factor Authentication, the user also needs to enable Two Factor Authentication.
Type: OAuthException
Code: 190
Subcode: 492
Please refer to our Error Message Reference.

Navigation

  • Home
  • About Us
  • Products & Services
  • FAQ
  • Press
  • Blog
  • Contact Us

NEWSLETTER SIGNUP

By subscribing to our mailing list you will always be update with the latest news from us.

INTERNATIONAL CONTAINER INSURANCE

Fidelis Management Inc., P.O. Box 711 Juris Building
Main Street, Charlestown, Nevis.

PHONE NUMBERS

  • +1-888-3698790
  • Home
  • About Us
  • Products & Services
  • FAQ
  • Press
  • Blog
  • Contact Us
  • GET SOCIAL
IciCoverage New Site

© 2017 All rights reserved. International Container Insurance.

TOP