The value of the global merchant fleet has surpassed $1trn this month on the back of surging secondhand prices in the containership and dry bulk segments, according to new research from Clarkson Research Services.
Clarksons’ overall secondhand price index has risen by 33% since September last year to a seven-year high. As of this morning, the global merchant fleet trading today is valued at $1.042trn, according to the world’s largest shipbroker.
It is in the container sector where the most spectacular asset price gains have been seen. The red hot market, commanding record high charter and freight rates, has seen the overall containership secondhand price index increase by 47% since June last year. The price of a 10-year-old 6,600 teu unit has increased by 138% ($29m) to $50m over the same period, whilst the price of a 10-year-old 4,500 teu unit has risen by 268% ($25.5m) to $35m (see chart below).
In the same June to April timeframe, the bulk carrier secondhand price index has increased by 31%. The price of a 10-year-old capesize has increased by 40% to $27.25m and the price of a 10-year-old supramax has increased by 35% to $14.5m. A new report out today from Cleaves Securities in Oslo suggests dry bulk asset prices could appreciate considerably further in the next two years.
The direction has not all been one way in secondhand ship prices with tanker pricing noticeably cooling over the past 10 months.