A raid on the container ship market by The Pasha Group of the US has helped push charter rates to an all-time high.
The California-based company has scooped up a string of midsize container ships at rates that reflect a big jump in charter levels.
Around seven vessels in the 2,700-teu to 3,500-teu sector have been chartered or taken on extension by the operator.
That has helped push the boxship charter market — which peaked in October 2021 — up to fresh highs in a market where very few vessels are expected come open in the coming months.
Recent fixtures by Pasha include two vessels taken from Navios Maritime Partners for three-year periods.
The 3,500-teu Navios Spring (built 2007) is reported fixed for $60,000 per day and the 2,741-teu Protostar N (built 2007) for $48,000 per day, according to European brokers.
The company is paying a whopping $61,000 per day to take the 2,756-teu Cape Altius (built 2020) for a three-and-a half year charter from Athens-based owner Cape Shipping.
In addition, the Lomar Shipping-controlled, 2,190-teu Queen Esther (built 2016) is taken on extension for four years starting in October at $42,500 per day.
The Queen Esther operates in a three-ship container service from Asia to the US west coast.
Costco partnership
The chartered vessels are likely to be used to strengthen Pasha’s services from Asia to the US, said brokers.
These are reported to have been established in partnership with clients including US retailer Costco. But Pasha spokesperson Emily Sinclair cited customer confidentiality as meaning the company could not disclose details of charters.
Pasha’s charters include two vessels taken from Germany’s MPC Container Ships.
TradeWinds reported last week that the 2,824-teu Carpathia (built 2003) has been fixed to the US company for three years at around $41,000 per day.
Similarly, the 3,586 teu AS Nadia (built 2007), which trades as Nordspring, was fixed for a similar period at $61,000 per day.
All-time high
Several measures of the boxship charter market indicate it has surpassed the peak reached three months ago.
The Howe Robinson Containership Index, which tracks earnings for vessels from 700 teu to 8,500 teu, last week pushed through the 4,900 barrier for the first time.
Similarly, the German-produced New ConTex index is expected to breach its October peak in the coming days, according to a weekly report.
Charterers are being forced to take smaller container ships due to a shortage of larger ones, said brokers.
But the rally has also been strengthened by the re-entrance of freight forwarders securing vessels for short periods at extremely high rates.
For example, Italy’s RIF Line has taken the 1,805-teu Green Ocean (built 2019) on charter from Israel’s XT Shipping for six months at a massive $110,000 per day.
Pasha is best known for its role in the protected Jones Act trade linking Hawaii to the US mainland.
But Alphaliner believes the number of ships it has chartered suggests it is planning to establish a long-term, regular service in the transpacific.
This would be a continuation of the extra sailings the carrier has been providing between China and the US west coast since August 2021, the analyst wrote.
