Spot rates for sub-panamax boxships are inching towards $10,000 per day as a shortage of ships in the classic and post-panamax sectors has led charterers to seek out smaller vessels.

This has resulted in a rate rally for smaller boxships in a market where sentiment is continuing to improve.

Improving rates

Brokers said leading feedership operator MCC Transport, the intra-Asian subsidiary of AP Moller-Maersk, has taken the 2,546-teu Spectrum N (built 2009) at $9,500 per day for six to nine months.

That compares with recent daily fixtures that have been consistently below $9,000 per day.

MCC Transport has also taken a pair of shallow-draught, Chittagongmax ships from Hong Kong-based Tribini Capital at improved rates.

The 2,700-teu wide-beam containerships Tribini Tai Hang and Tribini Tin Hau (both built 2016) have been fixed for five to seven months at $12,750 per day.

Creativity is the name of the game. With owners shunning shorter periods, we have seen charterers, in some cases, looking to combine multiple smaller vessels to meet demand

Clarksons broker source

The ships, which operate as the MCC Chittagong and MCC Ningbo, respectively, are among the biggest vessels to operate to the Bangladeshi port.

Their wide 35-metre beam enables them to carry about 400 teu of loaded containers more than smaller designs.

Growing confidence

A gradually improving market for smaller ships reflects the growing confidence among containership owners across the spectrum of vessel sizes.

Supply in the charter market is being restricted as vessels are removed to be retrofitted with scrubbers.

So far, that has mostly benefited the classic panamax and post-panamax sizes.

But the dearth of vessels in the segment means charterers are paying a premium to take ships, when they can be found.

One European shipbroker said the fundamentals of the market had changed completely, leading lines to pay more for longer periods.

Clarksons said operators of larger tonnage were having to be flexible.

“Creativity is the name of the game,” the broker said.

“With owners shunning shorter periods, we have seen charterers, in some cases, looking to combine multiple smaller vessels to meet demand.”

Smaller boxships, such as the 2,754-teu Tribini Tin Hau (built 2017), stand to benefit as larger vessels become scarce Photo: Tribini website

Another shipbroker said liner operators no longer distinguish between older and younger vessels in the larger boxship segment.

The shortage of vessels means some 15-year-old ships could be earning nearly as much as younger ones.

That is reflected in the expensive fixture by Japan’s Ocean Network Express of two large boxships.

The operator has taken the 6,500-teu Malleco (built 2009) at $23,800 per day for eight to 10 months and the 6,882-teu Cape Chronos (built 2015) at $25,200 for seven to five months.

Separately, the 6,892-teu Buxcliff (built 2001) is reported fixed for 11 to 13 months with Hong Kong-based Orient Overseas Container Line at $22,500 per day.

More for less

That is about $2,500 per day over last [deal] done and more than twice what the vessel would have obtained at the start of the year.

In the classic panamax sector, rates have mostly risen to about $13,000 per day, but some operators are paying out more for shorter periods.

Milaha Maritime & Logistics of Qatar is said to have agreed to pay $15,000 per day to charter the 4,275-teu ALS Fides (built 2009) for a month in the Middle East Gulf.