Container ship charter rates for smaller container ships are moving sideways after several months of falls.
That is helped by firming demand after several Asian operators unveiled plans for new services to be launched in the coming weeks.
That demand is reflected in longer periods and a slight uptick in charter rates for small ships as fixtures pick up after the Chinese New Year lull.
Most of the fixture activity in recent days has focussed on geared vessels below 2,000 teu, say brokers.
Demand has been strongest in the Caribbean where Florida-based King Ocean Services took two 1,100-teu vessels for up to 12 months at a premium rate.
The 1,118 teu Contship Air (built 2006) and 1,102-teu JSP Bora (built 2007) have been fixed for 11-to-13 months at $13,000 per day, according to various brokers.
A month ago similar vessels were being taken for shorter periods at up to $1,000 less.
Demand for smaller vessels is boosted by the needs of Asian liner operators.
Taicang Container Line is taking the 1,714-teu Ingenuity (built 2017) for four to six months for a rate in excess of $14,100 per day.
That compares with an inferior rate for non-eco designs like the 1,700-teu Haian Rose (built 2008), which was obtained $13,800 per day for a charter of similar length with Asian Seas Line of Hong Kong.
Similarly, the 1,810-teu Mellum (built 2010) has been taken by Doha-based Qatar Navigation (Milaha) for five months at $12,500 per day.
The fixtures lead some to question whether the charter market may be finding a floor.
Finding a floor?
Several potential charterers have unveiled plans to launch new Asian liner services.
Bangladeshi liner operator HR Lines is planning to launch a dedicated Bangladesh—Singapore service.
The Karnaphuli Group subsidiary will operate using the 1,092-teu HR Turag (ex-Maersk Arun, built 1999), which the company acquired last month from AP Moller-Maersk.
Singapore-based X-Press Feeders and Feedertech, an affiliate of DP World-owned Unifeeder, are planning a new Gulf-Red Sea service.
The two lines are launching a dedicated weekly service with three ships of between 1,700 teu and 2,000 teu.
Singapore-based Pacific International Lines (PIL) and Iris Lines of the Philippines will introduce in mid-February a weekly service between Thailand, the Philippines and Singapore.
The service will operate with the 1,118-teu Iris Paoay (built 2006) and 1,080-teu Kota Hapas (built 2002).
In other regions, Israeli carrier Zim said it plans to launch a new independent weekly service between the US East Coast and the West Coast of South America (WCSA), serving refrigerated cargoes.
