New ConTex and the Coronavirus!
(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.