The specialised reefer fleet is shrinking and shows no signs of reversing in the future. However, the reefer containership fleet has increased by 6% year-on-year and is set to grow 20% by 2018, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast.

Consequently, with a capacity-restricted specialised fleet, there is no alternative but for cargo to be shipped by reefer containership – a trend that is accelerating with continued cargo growth. Seaborne reefer cargo grew 4.9% in 2014, all of which, and more, was carried by the reefer containership mode of transport.

Despite the significant increase in reefer containership capacity, cargo growth is also forecast to be strong. This will leave utilisation levels on the reefer containership fleet virtually unchanged over the next few years at 20.4 to 20.6 cargo tonnes per ‘000 cubic feet equivalent of reefer container capacity.

To ensure that containership operators remain competitive where super-slow and ultra-slow steaming has become common-place (as well as lengthy voyage times and trans-shipment services), many container carriers are focusing on reefer-intensive services to compete with the specialised mode.

“The specialised reefer fleet has an average age of 25 years,” said report editor Kevin Harding. “With little likelihood of new buildings, in the large size range at least, ongoing recycling is inevitable, as is a shrinking fleet. However, the containership order book is substantial and is expected to remain so.”