Container ship charter rates have risen by more than one-third since the start of the year.
That looks set to continue as demand for larger boxships has led to a shortage of tonnage, which is hauling up rates for smaller ships.
The market has soared as liner giants such as AP Moller-Maersk have snapped up tonnage.
The Danish carrier is estimated to account for one-third of recent market fixtures.
These include forward fixtures for delivery in the second quarter of 2024, according to Linerlytica.
Maersk shows no sign of letting up and has taken the 3,400-teu AS Nina (built 2010) for a year at $18,250 per day.
The deal includes a scrubber-sharing agreement with tonnage provider MPC Container Ships, according to broking sources.
Panamax fashion
Charter rates are also surging for traditional panamax boxships.
These remain in strong demand as a result of disruption in the Red Sea.
Classic panamax rates are close to $25,000 per day for 12-month periods, up from $18,000 at the turn of the year.
Those healthy terms have been secured by Chinese domestic liner operator Quanzhou Ansheng Shipping, with a fixture of the 4,380-teu Ren Jian 27 (built 2010) to South Korean liner operator KMTC.
Two weeks ago, Quanzhou Ansheng had chartered three other Ren Jian-type ships at rates of just $20,800 to $21,500 per day.
These benchmarks were surpassed by Maersk’s charter of the Costamare-owned, 4,258-teu Virgo (built 2009) at $22,500 per day.
The only way is up
Charter rates are up 33% this year, with the New Contex index climbing 170 points since the first week of January to 684 points.
Container shipping sources expect the market to tighten in the coming weeks.
The number of container fixtures concluded in January was at its highest count for almost three years.
That has reduced the availability of tonnage in the coming weeks.
The dearth of charter market vessels is most prolific in the larger container ship sizes.
There is talk of several vessels being under discussion for longer periods.
That is despite the pending arrival of a record number of newbuildings in the coming months.
The last significant fixture in the larger sizes was the 9,034 teu UASC Zamzam (built 2014), owned by Germany’s D Oltmann Reederei.
In January, the vessel was fixed for 36 months with Shipping Corporation of India at around $41,000 per day.
Demand is also strong for eco-container ships.
Cosco-affiliated Orient Overseas Container Line has fixed the 2,800-teu newbuilding Bright Tsubaki (built 2024) for 14 to 16 months at $19,000 per day, according to brokers.
The liner operator is also said to have taken the 2,800-teu Irenes Rainbow (built 2024) for a year at $21,000 per day in a deal that includes a scrubber premium.
