Reefer market strong despite crisis

The shipping sector has generally suffered from the economic downturn, especially bulk and container sectors. However, the reefer market still showed a 10-15% increase in 2008 as the ageing fleet is in need of renewal. At the end of 2008, the total reefer fleet stood at some 992 units (with 8.5 million m3) 56% of which were at least 20 years old, which guarantees a high level of scrapping and a need for replenishment. 41 vessels with more than 390 000 m3 were scrapped in 2008. 16 new vessels were ordered for 2009 or later, 7 are to be delivered this year, another 5 in early 2010 and two more later. Half of these vessels account for over 17 000 m3 each. So growth lies ahead and it seems that the reefer industry will most likely escape the present economic crisis.