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Diana Containerships Inc. (DCIXV) Message Board

  • barrygeo barrygeo May 11, 2013 5:55 PM Flag

    Maersk on Panamax charter rates

    cut and paste the following to view the entire report:

    Container Market – Container Market – Weekly Report Weekly Report
    Chartering Market The activity this week was negatively influenced by the various holidays around the world

    ... I will quote one section of the report, which seems to be applicable to Diana's fleet:

    "In the Panamax segment, the details of the Evergreen fixtures emerged this week.
    'Holsatia', 'Osaka Tower' and 'Cosco Santos' with the latter being a sublet from Cosco,
    were all rumoured to have fixed for a period of 9-12 months at levels around USD 9,000,
    which is slightly below last done. Evergreen were also rumoured to have extended a 5000
    TEU ship at low USD 9,000 which is slightly up on last done levels. The 3500 TEU
    'Pescara' extended at strong USD 7300 for 5-7 months with ANL. It still seems like there is
    a positive sentiment in this segment, especially for 4200 TEU and widebeam vessels in
    Asia. However, the majority of employment possibilities around at the moment are for
    short periods only as liner operators are looking for panamax vessels to fill the gaps until
    they have they have finalised their cascading strategy. So for the coming weeks we expect
    rates to remain firm within this segment but the question is really if and for how long this
    will be the case."

    end quote. If I understand this correctly, it doesn't look good for Diana's fleet. The big liners will not be as interested in chartering the Panamax-size vessels once they've finished stocking their own fleets with the new, larger box ships. I had assumed the shorter charter rates DCIX got for the Sagitta and
    Centaurus was because DCIX management didn't want long term charters while the rates are so low. Turns out, the big liners don't want long term charters because they won't be needing to charter in the near future. (Or not as much)

    At least, that's the way I read it, and I could be wrong. GLTA

 
DCIX
2.33-0.0500(-2.10%)Jan 30 4:00 PMEST

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