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International Cooperation Department
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E-mail: ICDept@sisi-smu.org
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International Shipping |
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| International Liner Companies Start Chartering Chinese Domestic Trade Container Ships |
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Date:2024-05-29 Readers:
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Recently, the market for container shipping has encountered unprecedented challenges, with soaring freight rates and a serious shortage of capacity, resulting in the frequent occurrence of cabin bursts on some routes, and the emergence of the tension of ‘a box is hard to find’ and ‘a cabin is hard to find’. This market change makes the container ship charter rate reached the highest level in two years.
In order to cope with the surge in demand for capacity, some international liner companies began to focus on China's domestic trade container ship market.
According to foreign media reports, Duffy Line (CMA CGM) recently chartered Shishi Hengtong Shipping Co., Ltd's ‘Heng Hui 6’, which is a ship built in 2004, with a capacity of 5,060 TEUs, for a period of 18 to 20 months, with a daily charter rate of up to $28,000.
In addition, Safetrans Line, which specialises in Russian shipping routes, has also taken positive action by chartering the vessels Wan Xing Da and Chang Shun Jin Xiu from a Chinese shipping company, Fujian Wanda Shipping Co. The Wan Xing Da was built in 1997 and has a charter period of six to eight months at a daily rate of US$20,000, while the Chang Shun Jinxiu is a newer vessel with a capacity of 2,838 TEUs built in 2023 and also has a charter period of six to eight months at a daily rate of US$20,000, while the Chang Shun Jinxiu is a newer vessel with a capacity of 2,838 TEUs built in 2023 and also has a charter period of six to eight months at a daily rate of US$20,000. The charter period is also six to eight months, with a daily charter rate of US$26,000.
Another Singapore shipping company, X-Press Feeders, also leased a 1,912 TEU vessel ‘Zhonggu Bohai’ to China's leading domestic shipping company Zhonggu Shipping, which was built in 2019, with a charter period of three to five months and a daily charter rate of US$18,000. At the same time, China Valley Shipping also leased a container ship ‘China Valley Shenyang’, which was built in 2023 and has a capacity of 4,636 TEU, to Global Feeder Shipping, a feeder shipping company headquartered in Dubai, with a charter period of six to eight months and a daily rental rate of up to US$30,000.
According to industry analyst Linerlytica, the rise in charter rates and charter periods reflects the contradiction between the sharp increase in demand for chartering by shipping companies and the limited number of vessels available for charter. Even the original for China's domestic market of smaller container ships, but also in the current market to find a charterer.
Data shows that even small container ships below 1,200 TEU have faced strong chartering demand in the past three months. Although 600,000 TEU of new vessels will be delivered in the next two months, there are only a limited number of less than 10 new vessels available for charter. Therefore, Linerlytica expects all types of container ship chartering will still further increase.
In April this year, a total of 59 ships with a combined capacity of 342,200 TEUs were delivered from shipyards, setting a record for the highest number of new ship deliveries and new capacity in a single month. However, Linerlytica expects the capacity shortage will continue until October this year.
This round of container market sentiment of the significant rise, behind it implies a combination of factors. First and foremost is the traders of the concentrated shipments of the tide, this trend has significantly increased the demand for container ship capacity. At the same time, some ports in Asia are increasingly serious congestion problems, not only limit the release of effective capacity, but also exacerbate the situation of capacity constraints. In addition, the Red Sea crisis triggered by the long tail effect can not be ignored, it further aggravates the uncertainty of the shipping market.
Based on the current market situation, some industry insiders predict that, as traders continue to focus on shipments and the third quarter of the peak season, this year's shipping market may appear a super-long peak season. This means that capacity will continue to remain tight, thus pushing freight rates to remain at a higher level.
https://www.cnss.com.cn/html/hygc/20240529/353490.html
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