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Depressed market has broker saying panamaxes 'virtually unemployable'

BOX ship charter rates are at historic lows across most sizes in a time of weak demand, with brokers describing fixing activity as "very subdued".

Depressed market has broker saying panamaxes 'virtually unemployable'

BOX ship charter rates are at historic lows across most sizes in a time of weak demand, with brokers describing fixing activity as "very subdued".

Depressed market has broker saying panamaxes 'virtually unemployable'
03 October 2016 - 22:02

Depressed market has broker saying panamaxes 'virtually unemployable'
BOX ship charter rates are at historic lows across most sizes in a time of weak demand, with brokers describing fixing activity as "very subdued".
One broker told London's Loadstar that panamax containerships were "virtually unemployable" despite hire rates of US$4,500 a day, including free positioning, being offered by the brokers of desperate owners.
The Hanjin Shipping collapse added to charter market troubles, with a number of ships returned early to owners rising after defaults.
According to Alphaliner's latest idle fleet update, 24 ships operated by the South Korean carrier, with a total capacity of 152,500 TEU, had been added to the redundant pool as of September 19.
But there is much more to come: there are still 47 Hanjin operated vessels stranded at sea with cargo on board, many of which will join the idled fleet once they are discharged.
The number of containerships in hot or cold lay-up at anchorages around the world had risen to 344, for 1.2 million TEU or 5.9 per cent of the world cellular fleet.
And now with the Golden Week, more ships are likely to be idled as demand contracts.
Alphaliner reports that five former Hanjin-chartered VLCs (very large containerships) of 7,500-10,000 TEU have been released into a "muted market". 

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