Eisbein weakens New Contex
(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.