Press releases

(26.1.2018) The container market continues to develop in the way the new year started, with rising cargo volumes combined with a shortage of ships in most sizes and in most regions. The result is an improvement in rates accoss the board at a time such a trend would be least expected (even when the market was much higher than these days).

The New ConTex Index has gained a further 7 points on last week and now stands at 424. All the component rates were marked higher again, further evidence that the market recovery is uniform rather than patchy.

Another phenomenon is that each sector is experiencing fairly similar gains since last week, with rates being marked typically in the range of 0.7 to 2.2 percentage points higher. Once again the classical panamaxes (4250 TEUs) are recording the greatest improvement (2.2% basis 12 months and 1.9% basis 24 months). The smallest gains were seen in the 2700 TEUs (0.7% basis 12 months and 0.9% basis 24 months) but, even here, the improvements should be judged by the time of year.

(19.1.2018) This week the New ConTex moved another 6 points (=1,5%) up, which is confirming the overall trend in the market where the signs remain positive.Todays level of 417 points was last seen in  Autumn 2015 with 416 points on 15th October 2015! The Index is now continously going up since mid Novermber 2017 coming from 399 points. A year ago the ConTex remained around 300 points from mid October 2016 until end February 2017.

Every segment in the New ConTex is actually showing positive tendency compared to the week before. Highlighted in actual rates by the 1700 TEU size basis 12 mos evaluation with an increase of more than USD 200 daily as we expected already in our commentary last week. 

The biggest gain was actually seen in the Panamx (4250 TEU) evaluation for the 12 mos period with USD 252 daily = 3,1% on a Week-on-Week basis.

This general trend will likely continue, especially in the smaller sizes, as Owners successfully aim for an increase on hire levels compared to "last done".

(5.1.2018) The new tables of pilotage dues for all German sea pilotage districts are available under:

www.wsd-nord.wsv.de/Schiff-WaStr/Schifffahrt/Lotswesen/Lotstarifordnungen/index.html

(24.11.2017) The New ConTex remains stable now reported with 400 points means no changes compared to last week. The tonnage demand remains in majority of our reported segments high and some areas are even empty of tonnage like 1700 teu.

Only one position is left in the Caribs / Mediterranean Sea and Continent area are “sold out”. The comparison on Year – on – Year shows still positive figures between 8,2% growth (only) on the 1100 teu design and  80% on the 4250 TEU design.

It is worth to mention that the containership fleet has reached a new high of 21 Mteu in November, but the pace of growth has slowed in the last two years The slowdown was mainly due to increased scrapping activity in late 2016.

Although the year-on-year growth in total containership capacity is only 3.5%, the growth rate of the active fleet reaches 1 Mteu (9%) after taking into account the substantial reduction of the unemployed (idle) capacity.

(10.11.2017) The "69. Eisbeinessen" event has been successfully passed and we are entering now the dark season of the year. In the first week of November, the New ConTex had to accept crossing the level of 400 points again and is now evaluated at 398. This momentum is strongly supported by the negative trend of the Panamax rates, which are now 7,8% lower (m-o-m basis) for the 24 mos evaluation, resp. even 11,2% lower (m-o-m basis) for the 12 mos evaluation.
One exemption in the rate development is represented by the 12 mos evaluation of the 1700 TEU class. Contrary to all other evaluations these ships are earning on a w-o-w basis even 0,7% (USD 61,-) compared to what has been evaluated during the Eisbein week. For this particular segment, quite some demand has been seen recently, which is in particular trading areas also reflected in the rates achieved whilst fixing. A good part of the tonnage still becoming available during the balance of 2017 will likely be extended, i.e. it might be the case that we see further recovery at least in this class.

(3.11.2017) The New ConTex Index lost one point over the week to stand at 400. Although it is the "classical" panamaxes (4250 TEUs) which continue to be the chief cause of this decline, there seem to be some weaknesses developing elsewhere.

In fact all the component rates lost ground with the exception of the 2700 TEUs sector which managed a 0.5% gain on the week (basis 12 months) but only a barely detectable US$ 5 increase basis 24 months. As for those sectors which registered losses, it was a mixed picture with the geared 1100 TEUs and 2500 TEUs facing more challenging times again.

Given the public holidays around the globe this week and the annual Eisbeinessen in Hamburg, Owners should not be too alarmed at this stage; the next few weeks will be more important in judging what strength the market is in as we head towards the end of the year.

Happy Eisbein!!!
 

(27.10.2017) The New ConTex overall did not move compared to past 4 weeks but this is mainly due to adjustments of different segments and does not mean that there were no variations in the individual segments.

As seen recently the segments of 3500 TEU and above are facing a downturn especially the 4250 due to insufficient demand and spot positions that are piling up mainly in Asia where majority of the ships are concentrated, now the index is at USD 8,157 for 12 months down by USD 839 a month ago.

In the feeder segments the healthiest one seems to be the 1700 TEU which was pushed up by geared ships (although historically gls vsls had always achieved better rates in Asia) whom demand has increased amongst other factors due to the situation in Chittagong. For this size however also the Atlantic is well balanced and the index is showing a general positive trend that pushed rates up to USD 8,423 which is an increase of nearly USD 465 compared to few weeks ago.
2700 TEU seems amongst the more stable segments at the moment with rates achievable in the region of USD 9,350 for a period of 12 months and, although in Asia lately number of fresh orders have slowed down a bit the situation is well balanced and these ships are still in good demand.

(6.10.2017) The New ConTex remains stable and during the last week as the index improved one point now to 401. Almost all segments move sidewards as they are just marginally up or down compared to last week.  This shows that the supply and demand is basically balanced at the moment. Even on a month on month basis the changes are less then 2% on almost all segments/sizes except the 1700 Teu geared size for the 12 months evaluation which improved 4,1%, i.e. usd 322 during the past month evaluation.

Obviously this weeks general activity was a bit slower due to national holidays in China, but as aforesaid  there has been no effect visible on the index evaluations during the past week. Now having entered the last quarter of the year it will be very interesting to see what the rest of the year will bring to all of us. A year ago the market during the month just before the Eisbein Dinner on the first Friday in November slightly lost a bit by 7 points (2,3%) on the Index, but at that time the New ConTex was about 90 points less to what we have now.

(15.09.2017) New ConTex gained another point week on week as all sectors held their ground. How long this will last for is in hot debate. Are the cracks beginning to show? Looking ahead as we approach October and certainly into November there is potential for a build up of unutilised tonnage especially in the 4250 TEU and 2500s - 2800 TEU segments. That said the post-panamax sector has seen significant firming over the past couple of months. With limited options charterers are paying up, for example “Northern Javelin” (8411/6680 TEU) was extended by Hapag Lloyd for 5-7 months at USD 17,950pd and “Crete” (6969/4930 TEU) was taken by ZIM for 4-6 months at USD 17,000pd, respectively representing 47% and 61% increases on sisters fixed two months ago.
The panamax-max sector has been very quiet for a couple of weeks but KMTC extended wide-beam “Clemens Schulte” (5370/3680 TEU) for 5-7 months at USD 14,500pd, the highest done since October 2015. Meanwhile the babypanamaxes remained stable with owners saying they will settle for low/mid USD 9000s which is in line with last week's fixtures. Evergreen extended a couple of Aker CS 2700s: "Pona" (2741/2116 TEU) for 5-7 months and sister "Cape Melville" for 2 months, both at USD 9,500pd. These periods give them the flexibility to dove-tail the delivery of their own newbuilds into their services and phase out chartered tonnage over the next few months.
1700s in the Atlantic and Mediterranean remains almost USD 1,000pd lower than 1700s for Caribs trades. 1100s in the Med and UKC are currently in the low/mid USD 6,000s. Activity in the small feeder sizes in the UKC remains finely balanced with owners generally succeeding in squeezing a few hundred dollars/euros increase from charterers for any extensions/new business.

(01.09.2017) The New ConTex Index has continued its positive development and gained additional four points week-on-week. In total the Index rose by 15 points in August and now stands with 394 points at a level close to the market benchmark of 400 points. Likewise 50% of the incurred losses, since the downward trend from this year’s peak level of 410 points set in in mid May, have been recovered.

The driving force behind this development is the healthy demand for Post-Panamax tonnage which was exceptionally developed throughout the summer months. The tonnage scarcity in the larger segments continues to stimulate rates for the smaller sizes.

Accordingly the 4,250 Teu segment has increased by another 4.8%/3.8% week-on-week or remarkable 22.4%/18.6% month-by-month for a 12/24 months evaluated charter period. Volatility for this vessel type however is notably pronounced this year. For units with a capacity between 2,500 Teu and 3,500 Teu and a charter period of 12 months the Index indicates a steady upwards trend with increases of 1% to 1.3% last week. Rates for the remaining segments move mainly sideways with gains below 1%. With the upcoming of the traditionally busy fall season the positive development of the New ConTex Index is expected to continue.