集装箱运输：市场动态影响租船和运费

In this episode of Capital Link's Shipping Sector Webinar Series, Mr. Sigurd Gjone Gabrielsen, Credit Research Analyst at Fearnley Securities, Mr. Evangelos Chatzis, CFO of Danaos Corporation (NYSE:DAC), Mr. Adamantios Catsambis, Commercial Manager at Eurobulk Ltd. / Euroseas Ltd. (NASDAQ:ESEA), Mr. Thomas Lister, CEO of Global Ship Lease, Inc. (NYSE:GSL), and Mr. Moritz Fuhrmann, Co-CEO & CFO at MPC Container Ships ASA (OTC:MPZZF) explored current trends and outlooks in the container shipping market, with panelists discussing charter rates, freight rates, and market dynamics.

The full discussion can be accessed through the link below:

Container Shipping: Understanding The Market Dynamics Shaping Charter And Freight

Strong Charter Markets vs. Softer Freight

Recently, there has been a disconnect between time charter rates and spot freight rates. As noted by Mr. Gabrielsen, the charter market has been very strong for over a year, with vessels being fixed way into next year, and even 2027. Mr. Chatzis confirmed this unprecedented forward activity. "We are almost at 100% charter cover for next year, and north of 75% for 2027," he stated, adding that he could not recall a December with this level of forward fixing.

Echoing this sentiment, Mr. Catsambis pointed to the growing divergence between freight and charter rates, highlighting that European liners, in particular, have been aggressively securing smaller vessel capacity several years in advance.

Geopolitical Disruptions

The prolonged disruption in the Red Sea has absorbed an estimated 10-12% of effective global capacity. The timing and impact of an eventual normalization remains to be seen. The panel viewed the situation not with alarm, but as a managed risk and potential opportunity.

According to Mr. Lister, this diversion has disproportionately affected larger ships on the Far East and Europe trades. Mr. Catsambis echoed this view, emphasizing that any return to normalcy will be measured and gradual.

Big Ships vs. Feeders

The container market is not a monolith. The large vessels (over 10,000 TEU) serve as strategic assets on major east–west trades and dominate the order book. The midsize and smaller feeder ships (1,000-8,000 TEU) are operationally flexible with a much lower order book and contend with an aging fleet.

Mr. Lister added that the orderbook to fleet ratio for the mid-size and smaller fleet is much lower (around 12-13%), and the existing trading fleet is aged. "There is roughly 6.5% of the existing fleet that is going to hit 25 years or older over the course of the next 3 to 4 years," he said, implying that there is potential for scrapping if the market softens.

Renewal, Consolidation, and Port Investment

Mr. Fuhrmann went on to explain the rationale behind their recent newbuilding orders, which were secured with long-term charters. The vessels are modern, eco-friendly, and designed to meet upcoming regulatory requirements, while the long-term charters provide predictable cash flow. By staggering employment profiles across three to seven-year periods, the company benefits from a major discount to replacement cost when factoring in long-term charter income.

Going forward, Mr. Catsambis believes that the industry may be ripe for consolidation. Smaller companies with older tonnage are at a disadvantage in the face of new regulations and the operational inefficiencies of legacy vessels become more pronounced relative to today's technologically advanced newbuildings.  

Disclosure: Capital Link is the investor relations advisor to Euroseas and MPC Container Ships and works with Global Ship Lease. This content is for informational purposes only and not intended to be investing advice. We would like to highlight that this is not a Capital Link article with our own editorial on the company. It is a company management interview. Thus, all comments in the article are theirs.

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.