By Mike Wackett (The Loadstar) –
A new survey by VesselsValue has found a “significant increase” in the average speed of containerships.
The maritime valuation and market intelligence service said average laden containership speeds had increased by 5.5% since last June to 14.76 knots, and by 8.5% in the larger sectors.
Report author Olivia Watkins said there was a direct correlation between increased speeds and charter hire rates, which, for 8,500 teu ships, had increased by 350% during the same period, as fuel had become a much lower percentage of operating costs.
It follows that charterers are more concerned about paying for an extra day’s hire at highly elevated levels than conserving fuel, and are instructing masters to make the best possible speed rather than economic speed.