The idle containership fleet has crept above 125,000 teu for the first time in 15 months, due to the removal of 12 ships linked to Iranian interests that have left the SeaLead fleet over the past 3 weeks. 4 of these ships are heading to Khor Fakkan, while the remaining ships are waiting for orders at Chinese and Malaysian anchorages after completing cargo discharge in China and Port Klang. 4 more ships are due to be redelivered by SeaLead in the coming week, with no immediate replacements to fil
The containership charter market remains very buoyant, although total fixture volumes are relatively low due to limited vessel availability. SeaLead has taken the over-panamax 6,078 teu BZ CHONGFU on a 24-month charter in a deal that was fixed before the inclusion of 16 of its chartered on the US OFAC sanctions list. The Singapore-based carrier is now very short of tonnage as it has terminated the charter of the 16 ships with a total capacity of 74,286 teu ranging in size from 2,400 teu to 6,900
MSC is believed to have fixed the 8,204 teu TSC DORADO and TSC LONDON that were released from detention in Malta in July after idling for the last 3 years. They will join MSC after completing drydock in Turkey. The removal of these 2 ships from the idle list has pushed the idle fleet to its lowest level in over 2 years. MSC has also taken the 8,827 teu VALIANT on 4 August for new 5 year charter on private terms after the ending its last charter to Hapag-Lloyd. It was part of a forward charter de
Charter rates have retraced all of their recent slump after the reversal of the US tariffs pushed the market back up to where they started in early April. Vessel availability in the larger sizes remains very limited with all open candidates over 4,000 teu including relet units already snapped up or withdrawn. Forward deliveries have stretched into September but with little clarity on market direction after the 90-day tariff truce ends in the US, only a few carriers are willing to commit forward
Charter rates managed to hold their ground despite the market turmoil, but there are cracks appearing with Maersk seemingly pulling back from their recent charter spree with a panamax 4,400 teu fixture failing subs and the ship was reportedly retaken at a lower rate. Although some charterers are holding off requirements for the time being, market demand remains keen with open ships still able to secure firm fixtures. The USTR 301 action announced on 17 April provided a reprieve for Chinese buil
The widening disconnect between faltering container freight rates and the continued strengthening of containership charter rates is unsustainable, with the ratio of the charter rate index to the CCFI currently at a historic high. Although charter rates and freight rates tend to move in tandem, there have been various periods in the past where they have diverged due to differences in demand and supply dynamics in the charter and freight markets. The Red Sea diversions have driven the widening di
The charter market remains very active with rates still holding very firm on very strong demand across all size segments. Last week saw notable gains in the Bangkokmax segment where demand has picked up especially for intra-Asia deployment. In the past week, Maersk and Hapag-Lloyd dominated the fixtures list as they continue to fill the open vessel slots in their new Gemini network. Maersk’s recent capacity additions have seen it breach its own self-imposed fleet cap of 4.3m teu that it has mai
Charter rates have resumed their tentative climb after the holidays in the Far East, with a shortage of prompt tonnage keeping rates at elevated levels across all size segments. Improved rates were recorded in the feeder sizes where most of the chartering activity have been focused especially in the Atlantic. There are limited deals in the larger sizes, with one notable fixture last week for the 4,957 teu X-PRESS BARDSEY on a short 2-3m charter to CMA CGM at a relatively strong rate of $63,000 t
Charter rates are still holding up with limited open tonnage available and several carriers still not fully covered for their immediate vessel requirements. Chartering activity slowed down last week due to the Lunar New Year holidays across most of Far East Asia, although European carriers have remained active with Maersk in particular still seeking to cover their requirements for the next 6 months. Maersk has fixed the 8,030 teu MANZANILLO BRIDGE on a 4 month charter at a hefty $100,000 per da
Fixture activity has remained brisk with both extensions and new charters still fuelling the charter market rally with rates still strengthening apart from the 1,100 teu and smaller segments where there is sufficient availability to meet existing demand. For larger sizes, including the 1,700 teu segment, vessel availability remains extremely tight in the short term and charter rates will remain firm until this situation changes. With all of the main carriers still retaining the Cape routing in