Containership charter rates are rallying as ocean carriers scramble for tonnage in response to a stronger-than-expected rebound in cargo volumes as the industry emerges from its deepest recession.
A gearless Panamax vessel with 3,500 20-foot equivalent units capacity is earning $7,000 a day, up 19 percent from $5,450 in December and $425 above the 2009 average, according to London shipbroker Clarkson. The rally still leaves charter rates well adrift of levels seen during the 2006-2008 bull market. The $7,000 daily rate for a 3,500-TEU ship compares with an average of $26,125 in 2008 and the $29,958 peak in 2007.