Leading boxship owners Peter Dohle and Zodiac Maritime are cashing in as lines concede to taking containerships at stronger rates for longer periods.
Germany's Peter Dohle has fixed one of its 5,500-teu wide-beam panamaxes for a lengthy period at a hefty premium.
The 5,527-teu Talassa (built 2005) has been taken by Wan Hai Lines of Taiwan for 18 months at $26,500 per day.
That is a big jump of around $4,000 per day higher than the last done deal, brokers said.
Similarly, Eyal Ofer's Zodiac Maritime has secured a four-year fixture for at least one of its two 6,622-teu vessels.
The shipowner will be paid $27,000 per day after fixing the Cardiff (built 2014) with France's CMA CGM.
The rate is nearly double the $15,000 per day the vessel earned in July for a short fixture with Wan Hai Lines.
12-year high
The chunky fixtures helped lift the boxship charter market to its highest levels in more than a decade.
The Howe Robinson Containership Index (HRCI), which measures rates for vessels from 700 teu to 8,500 teu, is coasting at its highest level in 12 years.
Around 20 weeks of straight charter rate rises have pushed the HRCI up to 931.6, its highest level since October 2008.
Similarly, Germany's New ConTex, which measures charter rates in the narrower 1,100-teu to 6,500-teu band, is just 5% beneath the levels it last reached in 2011.
The HRCI recorded its highest weekly increase of 34 points to finish at 545 on 29 October.
Rates have risen sharply due to a shortage of larger ships needed by lines to cope with unanticipated freight demand.
That has pushed up freight rates and the Shanghai Containerised Freight Index (SCFI) trading at levels last seen in August 2010.
The tightening market is leading lines to look toward securing tonnage for forward positions in the first half of next year.
"There are now no larger post-panamax vessel available within 2020, with attention now bound to turn to 2021," said shipbroker Clarksons. It described fixing and extension activity as "vigorous".
Unrelenting panamax
Rates for classic panamax boxships continue to rise and are on the verge of breaching the $20,000 per day.
The 12-month charter rate for a 4,250-teu vessel at $18,696 per day, around 36.6% higher than one year ago, according to New ConTex estimates.
But that benchmark appears to have already been surpassed due to strong demand and weak supply.
Germany's FA Vinnen is said to have fixed the 4,431-teu Merkur Archipelago (built 2009) with Maersk for 10 to 12 months at $19,750 per day.
Slightly larger vessels in this category have commanded more with Greek shipowner Dynacom obtaining $22,000 per day for the 5,100-teu Cornelia I (built 2010). The vessel has been fixed for 12 months with Hong Kong-based Orient Overseas Container Line.
In another strong fixture, Cyprus Maritime has chartered the 5,039-teu CSL Manhattan (built 2005) with Hapag-Lloyd for six months at $25,000 per day.
Smaller ships
The recovery in the charter market is finally beginning to lift rates for sub-panamax boxships.
Rates for vessels from 1,100 teu through to 2,800 teu have so far not benefited from the rally for larger vessels. But the 2,800-teu sector is beginning to secure 12-month fixtures at more than $15,000 per day.
German owner Laeisz fixed the 2,798-teu Porto (built 2010) for 16 to 18 months with Israeli operator Zim at $15,150 per day.
"The dynamics of the feeder market are becoming more similar to the larger sizes every week," according to the New ConTex commentary.
Owners of 1,700-teu vessels were "finding it easier to dictate delivery and period terms as well as obtaining higher rates".
Brokers do not expect the charter market to lose momentum in the coming days.
However, Clarksons sounds a note of caution and notes that some owners are prioritising longer period cover over higher spot rates.
That might indicate some uncertainty about the longer term, it suggests.
But the current market has resulted in lines looking to take ships in the first half of next year, according shipbroker Harper Petersen.
"Lines are trying to secure tonnage well in advance amidst the current supply squeeze," it said.
