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Volatility in container rates continued, while charters move higher
Posted on February 16, 2022 |
- In 2021, container spot rates remained high due to increased demand and supply chain havoc from blank sailings, troubling shippers to book freight which exceeded demand than the carrier and port capacity.
- The rates began to cool down due to low peak season, and vessels returned from LA/Long Beach as sales demand dropped.
- The charter rate increased more than 300% from the vessel’s prior rate and is 20% higher than multi-year charters for 2 sister vessels in the fourth quarter of 2021 as the market for mid-sized and smaller containerships maintained positive momentum despite the low charter market season.
- Market conditions also pressured the rates as transit time from Chinese ports to the U.S. West Coast was 44 days compared to the 16 days of pre-pandemic time, transit times between Chinese ports and New York was 38 days in the first half of January 2022, which is unchanged since mid-2021 and up from earlier levels of 27 days.