Unexpected uptick in chartering activity of 4,100-4,500 TEUers in July
THERE has been a sudden unexpected increase in the number of handy panamax vessels ranging in size from 4,100-4,500 TEU being chartered during the second and third weeks of July, after nine ships were fixed or extended, and one more vessel is still on subjects.
This spurt in chartering activity comes after months of sluggish demand for ships of this size owing to severe oversupply of such vessels, notes Alphaliner. But the upsurge in activity has failed to produce any significant increase in time charter rates.
According to the report, Panamax units currently command charter rates of between US$8,500 and $9,500 per day, depending on the vessels' specifications, the trade routes it will ply and the duration of the employment period. "Such rates can only cover daily operating expenses, and are insufficient to cover capital costs," said the report.
It said Seaspan will charter to Hapag-Lloyd two 4,252-TEU ships, the Seaspan Dalian and the Seaspan Felixstowe, for two years at a "bargain" rate of $9,000 per day given they are modern ships. The vessels will be deployed on Hapag-Lloyd's Mediterranean-US trades.
"The German carrier will need to replace owned ageing ships of 2,800-3,300 TEU on its transatlantic services. These two units will help to keep its loop costs at a competitive level for the next two years," the report.
Taiwanese shipping line Yang Ming is chartering for two to three months the 4,380 TEU Moranto, a 'Daewoo 4400' type with 360 reefer plugs, at $8,500 per day, which is described as being at the low end of the market. The ship will join the carrier's China Gulf Express (CGX) service that covers the trade between the Far East and Middle East.
On the high end, NYK is chartering the 4,252 TEU JPO Volans, which is fitted with 550 reefer plugs for six months at a rate of $9,500 per day.
THERE has been a sudden unexpected increase in the number of handy panamax vessels ranging in size from 4,100-4,500 TEU being chartered during the second and third weeks of July, after nine ships were fixed or extended, and one more vessel is still on subjects.
This spurt in chartering activity comes after months of sluggish demand for ships of this size owing to severe oversupply of such vessels, notes Alphaliner. But the upsurge in activity has failed to produce any significant increase in time charter rates.
According to the report, Panamax units currently command charter rates of between US$8,500 and $9,500 per day, depending on the vessels' specifications, the trade routes it will ply and the duration of the employment period. "Such rates can only cover daily operating expenses, and are insufficient to cover capital costs," said the report.
It said Seaspan will charter to Hapag-Lloyd two 4,252-TEU ships, the Seaspan Dalian and the Seaspan Felixstowe, for two years at a "bargain" rate of $9,000 per day given they are modern ships. The vessels will be deployed on Hapag-Lloyd's Mediterranean-US trades.
"The German carrier will need to replace owned ageing ships of 2,800-3,300 TEU on its transatlantic services. These two units will help to keep its loop costs at a competitive level for the next two years," the report.
Taiwanese shipping line Yang Ming is chartering for two to three months the 4,380 TEU Moranto, a 'Daewoo 4400' type with 360 reefer plugs, at $8,500 per day, which is described as being at the low end of the market. The ship will join the carrier's China Gulf Express (CGX) service that covers the trade between the Far East and Middle East.
On the high end, NYK is chartering the 4,252 TEU JPO Volans, which is fitted with 550 reefer plugs for six months at a rate of $9,500 per day.