New ConTex donw by three points
(26.5.2017) The New ConTex Index has lost ground for the first time this year, shedding 3 points to stand at 407. Whilst not unexpected because of the current weakness in the old panamax 4250 TEU class, it nevertheless comes as a small shock to those hoping the market would continue its upward trend even at a much slower pace that witnessed recently.
Although the 4250 TEUs have experienced the largest losses, being marked down 2.4% and 3.0% (24 months and 12 months respectively) since last week, all the sizes tracked by New ConTex have been marked lower. The 3500 TEUs have also begun to lose ground, contrary to the expectation of market watchers who had assumed that the scarcity of such units to the market would have maintained rate levels; unfortunately the demand for 3500 TEUs has fallen away sharply enough to overcome this scarcity. The 3500 TEUs have been marked 1.3% and 1.5% (24 months and 12 months respectively) since last week.