New ConTex: + 5,4%
(14.8.2020) The Container market is recovering at a significantly faster rate than it declined when the COVID-19 crisis sparked a Global recession. Actually the Container Industry would appear to be experiencing a V-shaped recovery. The New ConTex Index gained a remarkable 19 points on its close last week and now stands at 368. This is, of course, still a low figure when set in a historical context but this is where we are. The list of open tonnage has shrunk noticeably in the last few weeks which points to a similar trajectory in the short term. However as the dreaded virus has not gone away nor a reliable vaccine yet discovered, the container industry, as with most others, has to remain cautious given the fragile health of the Global economy.
Taking a look at the New ConTex in more detail, the classical panamaxes (4250 TEUs) have scored the strongest gains with a hefty 12.4% gain basis 12 months on the previous week. The 5700 TEUs also fared particularly well (11.5% on last week) whilst the 6500 TEUs might have fared equally well but, as there are not many left to fix, evidence has been lacking. To summarise the fortunes of the smallers sizes, generally the smaller the ship the smaller the percentage gain. But it should be made clear that no size is struggling and all sectors are presently recovering lost ground.