Specialised reefer sector continues to contract

Nearly three quarters of perishable reefer cargo will be carried by containerships in the next three years despite the specialised reefer industry expecting to end strong in 2011, according to a report published by Drewry Maritime Research. The report said the 74% of perishable reefer cargo that will be carried by containerships in three years’ time will provide up to 95% of overall reefer capacity. “As the burgeoning containerised reefer market continues unabated, the specialist reefer fleet is feeling the strain,” said Drewry Maritime Research. “With 12-month charter rates forecast to continue sliding, scrapping levels gaining pace and for the first time an empty newbuild orderbook, the industry is changing quickly.” Overall year-end forecast rates are still on course to be higher than those in 2010 but charter rates will continue to fall, having already lost 10% in 2010. However, it noted that with strong competition from containership operators, the financial outlook is a “cautious one”. The news comes despite worldwide trade in perishable products increasing in 2010, with seaborne trade following suit.