Home » Breaking News, Maritime » Value of international boxships plunges

Global container lines are seeing the value of their fleets nosedive over the last year as the oversupply of ships has pushed down freight rates and the worth of steel on the water, according to the latest service from VesselsValue.com.

It said Danish AP Moller-Maersk, the world’s largest boxship owner, has seen the value of its container ship fleet fall 24 percent in the last 12 months. Its 222 vessels that are on the water at present are worth $9.1 billion against $12 billion at the start of November, 2010, said VesselsValue.com, an online ship valuation service for tankers, bulkers, and container ships.

MSC’s fleet of 202 boxships that are currently on the water is worth $6.9 billion compared with $8.4 billion 12 months ago.

The VesselsValue.com data indicate that the value of fleets today is approaching their value in November 2009, when the container ship market was experiencing its worst decline in history.

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