The Relentless Law of Supply and Demand at Work
Even China's go-go shipbuilding industry is feeling the effects of the slowdown in international trade and shipping overcapacity, which shows no signs of easing in the short term. Shipping fleets will need to trim operating costs to survive in this environment.
The global fleet of capesize vessels has doubled in the last five years according to Clarkson, and three-year charter rates are around $10,000 per day, down from $55,000 five years ago.
In this economic climate, it becomes even more imperative for ship operators to reduce operating costs and improve efficiencies in ship operation. Fuel is the most immediate target, since it represents a huge percentage of operating costs, but fleets will need to put all aspects of operating costs under scrutiny.
That's the idea behind the ShippingInsight Fleet Optimization Conference, which is scheduled to take place October 9-10 in Stamford, Connecticut. More than 30 speakers have been lined up to address their areas of expertise, including ship design, hull performance, alternative fuels, bunker management, regulatory compliance, voyage management, weather routing and KPIs. Registration is now open at www.shippinginsight.com.