Press releases

(20.3.2020) After another Week-on-Week decline across all segments, the new ConTex is back to levels of 12 months ago. While some feeder sizes were even down on Year-on-Year figures, all sizes above 2,700 TEU are still up on 2019 numbers. Regardless of this development, there was plenty of extension activity overall in different areas this week.

In the feeder sizes, demand for 1,700 TEU vessels is picking up in Asia and there is less spot tonnage around, while eco Bangkokmaxes are almost sold out for the time being. Asia is busy with feeders because of port congestions as the side effect of the travel restrictions implemented in some of the Asian countries such as China, Philippines, Malaysia and Indonesia. Nevertheless, the situation in the Far East is normalising by the week, while there is some uncertainty rising in the western Hemisphere. There are numerous port across the Continent and Mediterranean area, which have imposed restrictions on vessels calling said ports.

(21.2.2020) The Coronavirus problem may be "contained" for now but the effect it is having on the Container Market cannot be ignored. Volumes are clearly down and the operators are having to make significant adjustments. A number of sailings have been cancelled and land transport together with the backing-up of containers in the ports are causing major logistical headaches. No doubt when the crisis
fades away there will presumably quite a sharp recovery but, for now, the market is proving quite a challenge to many.

The previously announced changes to the composition of the New ConTex Index have now taken effect: 5700 and 6500 TEU ships are now included, charter periods of 6 months are additionally monitored for 1100 and 1700 TEU ships whilst the 2500, 2700, 3500 and 4250 TEUs are all now being assessed additionally for 12 months terms.

It comes as little surprise to note the New ConTex Index falling 7 points since last week, the Index now stands at 408. All the component rates have been marked lower this week with the exception of the 5700 TEUs which recorded a modest 0.2% increase. The largest decreases were recorded in the 3500-4250 TEU range, particularly so with the 4250 TEUs based on 24 months employment which registered a hefty 3.5% fall, symptomatic of the uncertainty in the market at the moment.

(23.1.2020) The situation at the charter market did not change much when compared to last week. Again, the New ConTex decreased by 2 points. Charter rates for feeder vessels with a capacity of 1,100 and 1,700 TEU moved more or less sideways. As fixing activity increased prior to Chinese New Year the 1,100 TEU vessels saw a slight upward movement of 0.2% during this week. However, most operators concluded shorter periods. The evaluation of the 2,700 and 3,500 TEU segments decreased by 0.5% and 0.7% over a period of 12 months, while demand for larger tonnage is still high due to the ongoing scrubber installations.

The demand for more or less all segments is expected to rise when the Chinese New Year festivities are coming to an end and all market participants are back at their desks. 

(20.12.2019) As usual, the activity just before Christmas is lowering and charter hire rates following the trend of the last weeks with a moderate decrease. All size segments are showing on w-o-w as well as on m-o-m basis red prefixes. On average we are talking about minus 0,5% compared to last week, resp. 1,1% less than last month. The contrary is the situation on y-o-y basis: here – with the exception of the 1100 TEU segment, which lost 3,5 % compared to end December 2018, all categories are ending the year 2019 higher compared to their levels one year ago. The Panamax segment is the leader of the list for both evaluated periods (12 and 24 months) with an increase of 36,6% (12) resp. 22,7% (24).  

All after all the New ConTex is ending the year 2019 at 436 points, which is a moderate increase of 24 points with last year December.

(8.11.2019) In another week of relatively quiet trading the New ConTex Index shed two further points and presently stands at 438. The market does seem to have "run out of steam" at the moment. A number of public holidays in various countries last week has no doubt contributed to this recent lethargy.

The smaller feeders are generally holding steady although some weakness was noted in the 1,100 TEUs with the sector being marked down 0.5% on last week. However the principle losses which caused the modest 2 point reduction were in the larger 3,500 and 4,250 TEUs classes with the 24 months rates being marked down 2.1% and 1.4% respectively. The 12 months components were marked down by lesser amounts, 0.4% lower on the previous week's readings in both cases.
Otherwise most sizes are finishing the week with modest increases.


(20.09.2019) This week's New ConTex increased by 2 to 445 index points reflecting the ongoing positive trend for the segments above 2,000 TEU. Owners of tonnage in the segments below this mark still have to accept the persistent stagnation. Rates in the 1,100 & 1,700 TEU segments moved sideways once again as the supply & demand situation remains unbalanced. Backed by a solid number of fixtures recorded in the last weeks, the 2,500 TEU & 2,700 TEU segments registered a further improvement, increasing by 0,9% and resp. 1,5% w-o-w (12 m evaluation). In comparison, the recent fixture volume for the segments above 3,000 TEU is scarce. Taking into account the shortage of supply, this comes at no surprise. Nevertheless, the upward momentum for the 3,500 & 4,250 TEU segments remain alive. Tramp ship owners in the segments above 3,000 TEU are still benefiting from additional demand related to the wave of scrubber retrofits, which reached a new peak this week. According to market sources, a capacity of 465,000 TEU is currently out of service while undergoing scrubber installation at various shipyards.

(13.9.2019) With another 5 points on top of last week’s results, the New ConTex ends this week at a level of 443 points in total. This further improvement of the index is purely supported by the size segments as from 2500 TEU and above. The w-o-w changes for 1100 TEU with -$13 resp. +$2 for the 1700 TEU segment are precisely the same figures as in the week before.

However, this is also again underlining the present trend, i.e. it is only the bigger size tonnage, which is well demanded and consequently able to achieve enjoyable charter hire rates. Best-in-class is also again the 12 months-evaluation for the 3500 TEU vessels, which gained another 2,9% (equals to USD 311,-) and is now at a rate of USD 11.177,-.

The upward trend of the Baby-Panamax segment remains uninterrupted. With healthy evaluations in the USD mid 14K (for both 12 and 24 months evaluations), this segment stands even stronger on a y-o-y basis.

(23.08.2019) The positive development in the New ConTex value continued this week with another 1 pct agained and 4 pct month on month, however still around 14 pct less compared to about a year.

It continues to be driven by the larger segments where the lack of general post panamax tonnage force operators to look for smaller and often non-suitable tonnage driving up demand for in particular panamax tonnage which basically has been absorbed for the coming 4-6 months.

In fact the market appear, for once, to move in a rapid pace and the forecasted guidance is actually already below what is being concluded today.

Obviously there is a momentum to drive up demand for the smaller tonnage of 2700 and 3500 TEU, however sofar with very limited success and alternative tonnage options seems to be readily available and thus only a gradual marginal improvement has been seen during the last month and mainly in the AG area whereas other areas has been stable.

Smaller tonnage around 11-1700 TEU seems at best as drifting sideaways and in particular the atlantic side lack a proper demand with prospects being somewhat negative.

(26.7.2019) The New ConTex moved up from last week by further 5 points to finally 411 at then end of this week. Over the last month it's already a rise of 12 points.

The improvement is clearly been driven by the larger segments which is reflected by the Panamax size of 4250 TEU within the index. This size improved in the index evalation during the last week by usd 800 daily which is almost 7%. Over the last month it's actually usd 2.500 per day equalling to almost 25%!

All other sizes shown in the index rather move sidewards.

Looking at the Year-on-Year basis we do also see pretty much the same picture, showing the Panamax segment with a minus of less then 10%, but all other sizes are down by more then 20% upto 26,5%.

 

(05.07.2019) The charter market developments throughout the different segments did not change much when compared to the last weeks. Again, rates for smaller vessels moved sideways or decreased slightly, while the Baby-Panamaxes continued their positive impulses. The divergent rate movements across the classes offset each other, leaving the New ConTex at 399 points.
For more than 10 weeks now, the index moves in a range between 399 and 402 points. In a month-to-month comparison type 1,100 (-1.0%) and type 2,500 (-0.8%), both basis 12 months period, incurred the biggest declines. Type 3,500 (1.2%) and type 4,250 (5.4%) scored positive results and increased to $8.956 and $9.558 for a period of 12 months. So far, the traditionally calmer summer months had no significant negative impact on the market, and the current situation could continue over the next few weeks.