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Drop in idle fleet signals possible rise in charter rates

A BIG reduction in the size of the idle containership fleet during the first half of June is fuelling hopes that charter hire rates will rise again.

Drop in idle fleet signals possible rise in charter rates

A BIG reduction in the size of the idle containership fleet during the first half of June is fuelling hopes that charter hire rates will rise again.

Drop in idle fleet signals possible rise in charter rates
29 June 2015 - 21:17

Drop in idle fleet signals possible rise in charter rates

A BIG reduction in the size of the idle containership fleet during the first half of June is fuelling hopes that charter hire rates will rise again.

Idle box vessel capacity reached its lowest level in five years on June 15 when capacity slid to 228,400 TEU, accounting for 1.2 per cent of the global containership fleet, from 334,000 TEU on June 1, reported IHS Maritime 360.

Strong demand for panamaxes and postpanamaxes for new Asia-US east coast and Asia-Mideast services is said to be responsible for sending the idle vessels back to work. "We were stunned to see a sharp drop like this as the charter market [quietened] over the past fortnight," said a Hamburg-based chartering broker.

Charter hire rates saw strong increases from February until April, but container vessels trended lower in June with much higher operating expenses than most segments. However, the chartering broker added that given the latest drop in slack charter ship capacity, charter rates are likely to rise again either before or after July and August.

Both postpanamaxes and maxipanamaxes are reported to have already showed a slightly firmer trend with fixtures of around 5,100 TEU.

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