Shipowners back in the driving seat, with brisk business in the charter market

Containership brokers are reporting “brisk business”, although owners are reluctant to fix for longer periods against rising daily hire rates.

Reflecting the high demand for tonnage, Alphaliner’s idle fleet assessment has recorded a further 62 vessels with some 300,000 teu having found employment in the past two weeks.

The current 313 ships with 1.55m teu in hot or cold lay-up, representing 6.6% of the global fleet, is a vast improvement on the mid-May record of 524 vessels equating to 2.65m teu of idled tonnage.

The 11% of the laid-up global container fleet seeking employment in the midst of the coronavirus crisis saw charter rates plummet across all sizes, with some daily hires rates being taken by owners at well below operating costs to maintain cashflow.

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Source: The Load Star