New ConTex under 400 points
(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.