Some observers have commented that a lower price
and cost environment could potentially undermine
the competitiveness of energy-efficient ships and
“eco-ship” designs and equipment (Ship & Bunker,
2014a). Others have argued that the benefits
generated from slow steaming, a major cost-cutting
measure implemented since 2008/2009, could be
eroded as ships resume sailing at faster speeds
(Journal of Commerce (JOC), 2014). While uncertainty
about the future of slow steaming remains, so far it
would appear that average operating speeds have
not increased, owing probably to the slower design
speed of eco-ships and the risk for profitability. Faster
speeds are likely to liberate excess capacity back
into some shipping markets and therefore undermine
the fundamentals of the market and the profitability
(Lloyd’s List, 2015a). It was noted that if carriers were,
for example, to speed up their services to remove one
week from transit times on the Asia–Europe container
route, they would be adding 2.5 per cent to the
existing capacity on the route (Lloyd’s List, 2015b).
To put this in perspective and based on information
obtained from Clarksons Research, it should be noted
that prior to implementing slow steaming, a typical
structure for a journey from the Far East to Europe,
for example, included eight ship services to maintain
weekly calls over a period of 56 days for full rotation
(28 days for one leg). With the implementation of slow
steaming, the number of ship services increased to ten
to maintain weekly calls, while transit times increased
to 70 days for a full rotation (35 days for one leg).