Falling boxship newbuilding values are resulting in a slowdown in large projects.
A planned order by Canadian owner Seaspan for a series of 14,000-teu ships has been knocked back.
It reflects the fact that prices for large containerships are falling sharply and the difficulties in obtaining financing are growing.
Seaspan signed a letter of intent (LOI) in April 2011 for 10 vessels of 14,000 teu to be built at South Korea’s STX Offshore & Shipbuilding. Yet, with prices at that time hovering around $140m per vessel — a premium of around $25m apiece — these orders have become economically unviable.
As for the Evergreen order, an LOI was signed in April for 10 ships of 13,800 teu at Hyundai Heavy Industries, which Korea Infrastructure Investments Asset Management (Kiamco) would charter to Evergreen.
The ships are costing a low $115m each but no deal has yet been finalised.
Speaking on a conference call recently, Seaspan boss Gerry Wang said Seaspan has also been mulling over ships of 18,000 teu, as well as a series of 10,000 teu at China’s Jiangsu Yangzijiang Shipbuilding.
At present, however, it remains with just three 10,000-teu ships for delivery from Yangzijiang in 2014 for long-term charter to Hanjin Shipping.
The difficulty that some lines are having in raising funds has limited the number of firm orders for the first five months of the year to just 15,700 teu, according to Alphaliner figures.