There will be close to three million TEUs of excess capacity by the end of next year, according to experts. They predict excess box capacity will persist till 2013. The prediction was a result of data analysis that showed 1.3 million TEUs of vessels were laid up, more than 1.5 TEUs are due to be delivered by December 2010 and around 200,000 TEUs have been taken out of the market through slow steaming. The hope of excess capacity suggests that low charter rates may offer new entrants a chance to gain a foothold. However, Chairman of China Ocean Shipping (Cosco) has been quoted as saying that shipowners globally will cancel or delay 40 per cent of the newbuildings on order over the next year. Meanwhile, reports have it that new deliveries are continuing. OOCL recently received a 4,578-TEU vessel, the 11th in the series of 18 ordered from Samsung, and German shipowners Heinrich Juengerhans, Ottman Schiffhart and Reederel Marten have received three ships of 4244-TEUs, 4252 TEUs and 1304 TEUs. The ships may be deployed for the Far East trade, it is reported.

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