Both Nippon Yusen KK (NYK) and Mitsui OSK Lines (MOL) have decided to draw back on their initial fleet expansion programme as the world continues to feel the pressure caused by the credit crunch.
‘NYK initially had plans to increase its own fleet as well as chartered ships, to 1,000 by 2010, but has decided to go the other way now, with new plans to shave off 200 vessels. The company will reduce its investment in new ships by 15 percent starting this fiscal year. Meanwhile MOL’s plan was to boost the number of ships in their own and chartered fleet by some 300 vessels to 1,200 by the end of fiscal 2012, however the company has now decided to downgrade its plans through 2009. Many shipping companies worldwide are cutting back on fleet expansions, however many continue to introduce new, fuel-efficient ships while concurrently retiring older ships.