Container ship tonnage providers are pushing for and getting longer periods as they benefit from a 10th straight week of charter rate rises.
The resurgent market has seen daily rates for traditional panamax boxships breach the $25,000 per day mark.
The rebound reflects strong demand as more vessels are diverted due to the Red Sea crisis.
China’s Quanzhou Ansheng Shipping has fixed two classic panamax boxships for 12-month periods at $25,500 per day.
The 4,300-teu Ren Jian 16 (built 2009) has gone to Emirates Shipping Line of Dubai and the Ren Jian 8 (built 2006) with French liner giant CMA CGM.
That is 20% more than what similar ships fixed for a month ago and 40% higher than vessels obtained at the turn of the year.
However, there are signs that charter rates have plateaued.
Hit the top
The New ConTex, which monitors charter rates for boxships up to 6,500 teu, hit 728 points this week.
That means it is approaching the level of March 2023.
Supply remains low for vessels of 5,500 teu, forcing operators to pay premium rates.
Tailwind Shipping Lines, the shipping subsidiary of German supermarket chain Lidl, has snapped up the 6,881-teu Kea (built 2013) for 36 months at about $39,000 per day.
The German liner upstart is also said to have sublet the 4,857-teu Wiking (built 2016) to Danish liner giant AP Moller-Maersk for two years at $29,500 per day.
Demand for tonnage “remains astonishing considering the influx of energy-efficient newbuildings vessel”, the New ConTex noted in its weekly commentary.
“Considering the ongoing shortage of prompt ships across the board and continued disruptions in the Red Sea, the short-term market outlook remains bright for owners,” it noted.
“However the current euphoria could change significantly once ships are again able to trade through the Suez Canal, with overcapacity expected to make its comeback.”
For smaller ships, owners are pushing for and getting longer periods.
Hapag-Lloyd has taken a handful of vessels for two-year charters including the 2,954-teu newbuilding Green Bay (built 2024).
The Eastern Pacific-controlled vessel is fixed at about $20,000 to $21,000 per day, say brokers.
That compares with a rate of about $16,500 per day in January for a short charter.
